【作者】 王晓婷；

【导师】 康书隆；

【作者基本信息】 东北财经大学 ， 金融工程， 2020， 硕士

【摘要】 中国住房公积金制度出现于中国经济体制由计划经济向市场经济转型的重要时期,至今已经有近30年的历史,职工个人和单位长期缴存,有效解决了政府和企业缺乏住房资金带来的住房供给不足的问题,推进了我国住房商品化的进程。自1998年停止住房实物分配以来,公积金制度转变为个人信贷支持计划,为缴存者提供低于商业贷款利率的公积金贷款,减少了家庭的购房支出,提升了城镇居民的住房消费能力,而缴存者能否获得公积金贷款的支持直接影响了公积金制度的利益分配。一直以来,住房公积金制度运行中存在“存贷不匹配”的不公平现象,尤其在当前企业负担较重的情形下,公积金制度的“存废”引发了社会各界的普遍关注,住房公积金制度设计的不足限制了企业的发展与居民福利水平的提高。为此,研究制约公积金制度运行效率的因素,对改革公积金制度,提振居民消费、降低企业负担、促进经济高质量的发展具有重要的现实意义。本文首先利用中国家庭金融调查数据(CHFS),梳理典型事实,研究发现公积金管理机构通过提高公积金贷款门槛,进而提高家庭的借贷约束,以缓解公积金的流动性压力,由此扭曲了缴存家庭的贷款行为。在此基础上,本文进一步通过构造使用贷款购买首套住房的公积金缴存家庭的混合截面,并控制贷款年份、观测年份与地区虚拟变量,以识别贷款类型对首付比例、借贷约束对贷款类型选择的影响。研究结果表明:缴存家庭中使用公积金贷款的首付款比例显著高于使用商业贷款的首付款比例,而且两种贷款方式首付款比例的差异在公积金贷存比高的省份更显著。这表明公积金管理机构由于面临较高的公积金流动性压力,提高了缴存家庭购房借贷约束;此外,借贷约束降低了缴存家庭获得公积金贷款的可能性,面临借贷约束的缴存家庭使用公积金贷款的概率下降近31.5%,且实证结果稳健可靠。同现有文献相比,本文的创新之处在于:首先,本文基于微观家庭调查数据和省级层面宏观数据,实证研究了公积金缴存者购买首套住房的贷款行为选择差异,揭示了公积金运营机构通过提高公积金贷款门槛,缓解流动性压力,从而降低缴存家庭公积金贷款的可得性。而研究制度内缴存者的贷款选择差异,有助于降低制度内外因劳动力市场地位差异导致的样本异质性,减少了估计偏误,同时还弥补了现有文献微观基础不足的缺陷;此外,本文从公积金制度的设计层面探讨了缴存家庭贷款行为扭曲的原因,为中国公积金制度改革提供了理论依据与实证证据;最后,本文的研究丰富了借贷约束的相关研究。不同于以往借贷约束对住房消费择时的影响,而本文的结果显示,公积金贷款较高的首付款比例要求,提高了家庭面临借贷约束的程度,扭曲了公积金缴存者的贷款行为,使其被迫选择成本更高的商业贷款。本文的政策含义在于:从住房公积金制度的融资模式改革为出发点,建议通过市场化的手段,扩大公积金供给的规模,缓解公积金的流动性压力,不仅有助于降低公积金贷款门槛,提高家庭获得公积金贷款的可能性,而且在资金充足的条件下,各城市还可以依据房价上涨的程度,灵活调整公积金贷款的最高额度,提高公积金贷款对居民购房的支持力度。特别在我国企业税负较重的背景下,有助于进一步减轻企业负担。更多还原

【Abstract】 China’s housing provident fund(HPF)system emerged in an important period of China’s economic system transiting from a planned economy to a market economy.HPF has been established for nearly 30 years.The long-term deposits of individual employees and enterprises have effectively solved the housing shortage caused by the government and enterprises’ lack of housing funds.And it has also promoted the process of housing commercialization in China.Since the cessation of physical distribution of housing and the implementation of the monetization of housing distribution in 1998,the HPF system has been transformed into a personal credit support plan,providing depositors with HPF loans lower loan interest rates than commercial loan,reducing household purchase expenditures and increasing urban residents’ housing consumption capacity.Whether the depositors can obtain the support of HPF loans directly affects the benefit’s distribution of the HPF system.For a long time,there has been an unfair phenomenon of "mismatch between deposits and loans" in the operation of the HPF system.Especially enterprises facing heavey burden,the preservation or abolition of the HPF system has aroused widespread concern from all walks of life.The shortcomings of HPF system have limited the development of enterprises and the improvement of residents’ welfare.Therefore,studying the factors and mechanisms that restrict the operating efficiency of the HPF system has important practical significance for reforming the HPF system,for example,boosting household consumption,reducing the burden on enterprises,and promoting high-quality economic development.Firstly,this paper uses China household Finance Survey data(CHFS)to collate stylized facts,and finds that the HPF management institutions improve the borrowing constraints of households by raising the loan threshold of HPF loan,so as to relieve the liquidity pressure of HPF,thus distorting the lending behavior of households.On this basis,this paper further constructs the pooled cross-sectional data of households using HPF loans or commercial loans to buy houses,and controls the dummy variables of loan year,observation year and region to identify the influence of loan type on the down payment ratio and borrowing constraints on the choice of loan types.The results show that the proportion of down payment for the first home purchase by HPF loan is significantly higher than that by commercial loan,and the difference of down payment proportion between the two loan types is more significant in the provinces with high HPF loan-deposit ratio.This indicates that the HPF management institutions are faced with high pressure of HPF liquidity,which increases borrowing constraints of housing purchase.In addition,borrowing constraints reduces the possibility of households to obtain HPF loans.It leads to a decrease in the probability of HPF depositing households using HPF loans by about 31.5%.All empirical results are stable and reliable.Compared with the existing literatures,this paper has the following innovations.First,based on the micro household survey data and the provincial-level macro data,this article empirically studies the difference between the loan behavior choices of HPF depositors to purchase the first house.It further reveals the HPF management institutions raise the HPF loan threshold to relieve liquidity pressure,thereby reducing the availability of HPF loans.The research on the difference in loan selection of depositors within the system helps to reduce the heterogeneity of samples caused by the differences in labor market status inside and outside the system,which reduces estimation bias and makes up for the shortcomings of the existing literature on the micro-foundation.In addition,This article explores the reasons for the distortion of household loan behavior from the design level of the HPF system,and provides theoretical basis and empirical evidence for the reform of China’s HPF system.Finally,the research in this article enriches the relevant research on borrowing constraints.Different from the influence of previous borrowing constraints on the tenure cchoice,the results of this article show that the higher down payment ratio requirement for HPF loans increases the degree of households facing borrowing constraints and distorts the lending behavior of HPF depositors,they are made to choose higher-cost commercial loans.The policy implications of this article are as follows.Starting from the reform of the financing model of the HPF system,it is recommended to expand the supply of HPF through market-oriented means and ease the pressure on the liquidity of the HPF.This will not only help lower the HPF loan threshold,increase the family’s access to HPF,and under the condition of sufficient funds,cities can also flexibly adjust the maximum amount of HPF loans and increase the support of HPF loans for residents to purchase houses according to the degree of housing price rising.Especially in the context of a heavier tax burden on enterprises in China,reform will help to further reduce the burden on enterprises.更多还原