【摘要】 本文使用2017年中国家庭金融调查（CHFS）数据，利用断点回归（RDD）方法估计了退休对家庭消费的影响。实证结果显示退休后家庭显著减少家庭消费，而购房行为强化了退休对家庭消费的挤出效应。可能的机制解释为近年来中国房价不断上升，为了增强婚姻市场竞争力，父母倾向于帮助子女购房，因而退休后家庭房贷压力增加，流动资产减少，购房行为进一步挤出了退休家庭消费。房贷压力增加和流动资产的减少对不同类型消费均存在挤出效应，该效应具有异质性，对可选消费的挤出效应高于必需消费。本文提出，应从房价调控入手，推行差异化的住房调控政策，在消费和住房领域合理分配信贷资源。更多还原

【Abstract】 Based on the CHFS data, this paper conducts an empirical research to examine the relationships among retirement, consumption, and house purchasing behavior. By means of regression discontinuity design, this paper aims to estimate the impacts of retirement on household consumption and house purchasing behavior. The changes found in house purchasing behavior before and after retirement suggest new evidences to explain ’ the retirement consumption puzzle’. The classical life-cycle theory assumes that consumption is characterized by smoothness and continuity. The presupposition of life-cycle theory is that households maximize lifetime utility efficiency through rational planning of consumption, whereas in reality, households tend to have bequest motive to their children. Particularly, in the highly family-oriented Chinese society, In order to enhance children’s competitiveness in the marriage market, parents often help their children purchase houses after retirement, when the pressure of life is reduced. This behavior leads to a bound in consumption before and after retirement, and disrupts the smoothness and continuity of the theory. This paper provides empirical evidence to support the aforementioned statement. Western scholars have also found bounds in household consumption before and after retirement by using empirical data, and call such a phenomenon ’the retirement consumption puzzle’. In their view, there will be significant changes on lifestyle before and after retirement, which have major impacts on consumption structure. This paper gives a different interpretation from Western scholars by utilizing Chinese data. Primarily, in China, retirement dramatically decreases household consumption, as a result of changes in lifestyle and, more significantly, scaled back intentions on other purchasing from the bequest motive. Moreover, China has a forced retirement policy and comparably stable mortgage rates, making the research results more robust.After retirement, the house purchasing need for their married children is considerably increased, and parents generally fund their children with mortgage relief or down payment. This results in a rise in mortgage pressure and a decline in liquid assets for retired household, hence reducing spending. The debt from rigid spending and the pressure from down payment result in a drastic fall in consumption. In terms of the consumption breakdown, the crowding out effect of house purchase is heterogeneous, with a stronger scale-back on discretionary expenditure than on necessary consumption.This paper has significant policy implications. Retired households are supposed to enjoy their golden late years.Yet, the excessive-priced housing and their children’s mortgage exert both mental and financial pressure on their retired lives, which eventually results in their consumption downgrading. Also, as the past few years have seen a rapid increase in the housing price, property becomes a significant indicator of wealth. The growth in debt reduces consumption as household purchases property for their children’s weddings. Thus, there is a reversed linkage effect between the reduction in household consumption and the increase in debt. The primary reason lies in that since the housing price has increased rapidly over the past decade or so, households purchase houses for not only residential demand, but also investment demand.更多还原