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

摘要： 住房公积金制度作为一项政策性住房金融制度，能够缓解家庭购房金融约束、稳定住房金融市场，成为实现“房住不炒”的重要政策工具。本文以2015年实施的住房公积金信贷宽松政策作为外生冲击，从财富效应的角度研究了住房公积金制度对不同家庭购房行为的影响。利用双重差分的实证研究方法，本文发现目前住房公积金主要促进了缴存家庭的多套房需求，加大了缴存家庭与非缴存家庭的住房财富差距。住房信贷政策的针对性与多样性急需提升。

关键词: 住房公积金, 信贷约束, 购房需求