关键词: 住房公积金, 信贷约束, 购房需求

Abstract: Housing provident fund plays an important role in China's housing system reform. It relaxes households' credit constraints and stabilizes the housing finance market. In this research, we use the housing provident fund credit easing policy implemented in 2015 as an exogenous shock to analyze the effect of the housing provident fund system on households' housing purchase behaviors. Using the empirical method of differenceindifference, we find that the current housing provident fund system mainly promoted the demand for households' multihouses, and increases the housing wealth gap between participated and nonparticipated households. The pertinence and diversity of housing credit policy need to be improved.

Key words: housing provident fund, credit constraint, housing demand