当代经济科学2025，Vol.47Issue(5)：129-143,15.DOI:10.20069/j.cnki.DJKX.202505009
住房公积金制度如何影响家庭金融脆弱性?
Does the Housing Provident Fund System Alleviate Household Financial Vulnerability?
摘要
Abstract
According to calculations based on data from the 2021 China Household Finance Survey(CHFS),19%of Chinese households remain in a state of financial vulnerability.This implies that enroute to achieving common prosperity,China must address not only the vulnerability of rural households to poverty recidivism,but also systematically enhance the financial resilience of ordinary households when confronting critical livelihood pressures—particularly healthcare,education,and housing expenditures.As an institutionalized housing security mechanism in China,the Housing Provident Fund(HPF)system serves as a critical policy instrument for mitigating residential financial burdens and elevating living standards through enhanced housing accessibility.Within this context,understanding the impact of China's current HPF system on household financial vulnerability has significant practical implications and policy reference value. Based on data from the 2015-2021 CHFS,this paper empirically examines the impact of the HPF on household financial vulnerability and its transmission mechanism using the Probit model.To address endogeneity concerns in benchmark estimations,this study employs a dual identification strategy.First,time-invariant unobserved heterogeneity is absorbed via two-way fixed effects.Second,community-level HPF participation rates serve as an instrumental variable for household contributions,mitigating simultaneity and omitted-variable biases through plausibly exogenous within-group variation. Empirical findings document that HPF participation significantly reduces household financial vulnerability.Mechanism analysis shows that the HPF provides lower-cost housing financing options for Chinese households,reduces housing loan repayment pressure,and significantly enhances housing loan repayment capacity,thereby significantly mitigating household financial vulnerability.Housing heterogeneity analysis reveals that the HPF has a stronger mitigating effect on financial vulnerability among homeowners,single-unit property owners,and households with mortgages.Additionally,the HPF significantly alleviates financial vulnerability among households with low human capital,migrant populations,residents in central and western regions,and those below the 40th percentile of per capita income distribution. Relative to extant literature,this study makes three contributions.First,existing literature contains limited research on the role of the HPF in household financial health.This paper focuses on household financial vulnerability,providing empirical evidence for understanding the relationship between China's housing security system and household financial conditions.Second,this paper examines the mechanisms through which the HPF affects household financial vulnerability by constructing three indicators:housing financing methods,housing loan repayment pressure,and housing loan repayment capacity,supplementing existing literature.Third,there is little discussion in existing literature about whether the HPF system is inclusive.This paper analyzes the impact of the HPF on financial vulnerability among relatively disadvantaged groups from the perspectives of human capital,migrant populations,regional differences,and income disparities. This study is expected to provide empirical evidence and decision-making references for relevant government departments to formulate policies for reforming and improving the HPF system,accelerate the pilot process of gig workers'participation in the HPF system,and help achieve the goals of"Housing for All"and"Common Prosperity"at an early date.关键词
住房公积金/家庭金融脆弱性/住房保障制度/住房融资方式/家庭住房压力/共同富裕Key words
housing provident fund/household financial vulnerability/housing security system/housing financing methods/household housing pressure/common prosperity引用本文复制引用
郭润东,尹志超..住房公积金制度如何影响家庭金融脆弱性?[J].当代经济科学,2025,47(5):129-143,15.基金项目
国家社会科学基金重大项目"中国家庭经济风险测度、成因及外溢性研究"(21&ZD087). （21&ZD087）
