School of Business, Jiangsu Second Normal University, Nanjing, China.
School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing, China.
PLoS One. 2024 Sep 12;19(9):e0306138. doi: 10.1371/journal.pone.0306138. eCollection 2024.
What kind of impact does the government's housing support expenditure have on residents' consumption? This is a topic that deserves in-depth study and is of practical significance. This study constructs provincial equilibrium panel data based on China's guaranteed housing construction and financial expenditures on housing support data from 1999-2009 and 2000-2021. It applies the systematic GMM method to estimate the impact of government housing support expenditures on residents' consumption. The study found that whatever form of expenditure on housing support contributed to the total consumption of urban residents, while the impact on the consumption structure had different results. Based on the divisions of consumption structure, the results of the increase in government housing support expenditure on the consumption structure of urban residents are different. An examination of different forms of housing support reveals that the predominantly secure form of housing construction has a positive effect on all consumption structure divisions. Whereas the predominantly monetary subsidy form has a significant positive relationship with housing, necessity, and durability consumption expenditures, it has a weak or even negative relationship with non-housing, non-necessity, and non-durability consumption expenditures. The research in this paper makes up for the lack of current literature examining the economic effects of housing support from the perspective of consumption structure and provides a theoretical basis and policy reference for constructing a multi-level gradient housing support system.
政府住房支持支出对居民消费有何影响？这是一个值得深入研究的课题，具有现实意义。本文基于中国保障性住房建设和住房支持财政支出数据（1999-2009 年和 2000-2021 年），构建了省级均衡面板数据，运用系统 GMM 方法估计了政府住房支持支出对居民消费的影响。研究发现，住房支持支出的任何形式都有助于城镇居民总消费，而对消费结构的影响则有不同的结果。基于消费结构的划分，政府住房支持支出增加对城镇居民消费结构的结果也不同。对不同形式的住房支持的考察表明，以保障性住房建设为主的形式对所有消费结构划分都有积极影响。而以货币补贴为主的形式与住房、必需品和耐用消费品支出呈显著正相关，与非住房、非必需品和非耐用消费品支出呈弱相关甚至负相关。本文的研究弥补了当前从消费结构角度考察住房支持经济效应的文献不足，为构建多层次梯度住房支持体系提供了理论依据和政策参考。
