A Study On The Influence Of Housing Finance Policies On Households’ Housing Purchase Behaviour

General Secretary Xi Jinping has repeatedly emphasized that the core of achieving high-quality development is to adhere to people-centered development.In his important discussion on urban construction,he clearly pointed out that adhering to the people-centered development idea should coordinate the economic and living needs of urban layout.Housing finance is a trading activity of various housing credit funds based on housing credit.Since the 1990 s,China has promulgated a series of policies to promote the rapid development of real estate industry and real estate finance business.After the 2008 financial crisis,the financial systemic risk caused by housing has attracted more and more attention of scholars and policy makers.Correctly handling the relationship between government regulation and market development and giving full play to the function of financial policy in the allocation of financial market resources has always been an important field of economic research.Solving the shortage of house purchase credit funds and meeting the housing needs of residents is an effective way to promote the stable and healthy development and virtuous cycle of the housing consumption market.From the perspective of residents’ housing financial credit allocation,housing loan is the main form of residents’ family debt.However,due to the high proportion of down payment,a considerable number of families’ demand for leverage is suppressed.At the same time,house prices are greatly affected by policies,and policies such as purchase and loan restrictions affect the realization of family debt.Therefore,housing finance policy plays an important role in meeting the demand of residents for house purchase funds,and plays an important role in policy regulation for the sustainable and stable development of the real estate market.So,the related family housing finance and policy operation have also attracted wide attention.From the demand side,the cognition of the participants in the housing market on housing is affected by the housing attribute.If the cognition is misplaced,it will lead to the imbalance of the housing market,ranging from largescale abnormal fluctuations in house prices to a large waste of social resources and a serious negative impact on the real economy,which requires the full play of the leverage role of housing finance.From the perspective of capital supply,housing financial policy,as an important financial support channel for family house purchase,can effectively stabilize the market and prevent the further spread of financial risks when the housing market is unbalanced or its housing investment attribute is prominent,and the real estate market fluctuates extremely,resulting in the financial crisis.It can be seen that the housing financial policy not only regulates the stable development of the housing market,but also plays an important role in ensuring and supporting family housing consumption.Based on this,this paper studies family house purchase behavior from the perspective of housing financial policy,discusses the internal relationship between housing financial policy and housing market subjects,combined with qualitative and quantitative methods,deeply analyzes the impact mechanism of down payment ratio and housing provident fund policy on family house purchase behavior.The main research contents are as follows:Firstly,it analyzes the background and connotation of commercial and policy housing financial policies.On the basis of combing the evolution process of housing financial policies at home and abroad,combined with the research on the current situation of housing financial policies,housing provident fund policies and family housing consumption theory,this paper discusses the relationship between variables such as income level and housing attributes,analyzes the development obstacles and government response measures of housing finance at different stages,and analyzes its implementation effect and fit with the housing market from the evolution of housing financial policies,And clarify the impact mechanism of China’s housing financial policy on the real estate market.Secondly,based on the family optimal housing choice model,this paper deeply discusses the impact of relevant factors on the behavior of house purchasing families.Under the framework of partial equilibrium of the family sector,by constructing the behavior decision-making model of whether the family purchases a house,this paper analyzes the core factors affecting the family purchase behavior from a theoretical perspective,depicts the heterogeneous family purchase choice behavior,and expounds the relationship between housing financial policy and family purchase decision.On this basis,taking the benchmark interest rate as an example,this paper analyzes the influence path of external policy in the supply and demand market.Finally,based on the micro data at the family level,this paper comprehensively investigates the impact of the down payment ratio,housing provident fund policy and social capital in housing credit on family house purchase behavior,that is,taking the down payment ratio and housing provident fund as key financial instrument variables,studies its impact mechanism and transmission path on family house purchase decision,and defines the effectiveness and heterogeneous impact of housing finance on family house purchase decision.It is found that there is a significant negative correlation between the down payment ratio and family purchase decision;The housing accumulation fund system has a significant positive effect on consumer house purchase or investment house purchase;The higher the level of urbanization and the better the coverage of housing financial security system,the more families prefer to choose formal credit channels with higher financing costs.The main conclusions of this paper are as follows: first,the family’s house purchase decision is the result of its optimal choice under the existing conditions.Whether to buy a house or not depends on which choice brings the greatest utility,and the down payment ratio,mortgage interest rate and other factors closely related to the housing financial policy determine the maximum utility that the family can obtain when choosing to buy a house.Second,there is a significant negative correlation between the down payment ratio and the family’s purchase behavior.Reducing the down payment ratio will promote the family’s housing purchase intention.At the same time,it is found that the adjustment of the down payment ratio policy has little effect on the purchase behavior of families with low asset level and low-income level,but it has a more significant effect on middle asset level and middle-high-income families,which is also consistent with the minimum down payment ratio threshold mechanism and reserved consumption mechanism proposed in this paper.In addition,the empirical test found that there were significant differences in the policy adjustment of down payment ratio between families with private loans and families with loan records.Third,the provident fund system has a positive role in promoting family house purchase behavior,but this role has obvious regional differences.The degree of impact on the behavior decision-making of house buyers in the western region is the most obvious,followed by the eastern region.In the process of studying housing consumption and investment decision-making separately,this paper also finds that the provident fund system has a more significant role in promoting housing consumption in the East and West than in the central region.The main innovations of this paper are as follows:Firstly,Few articles use micro-panel data to study the interactive impacts and transmission mechanism of different financial policy tools and household purchase behavior.Compared to previous studies,this paper provides new ideas and empirical evidence for family house purchase behavior from the perspective of financial policy,it’s helpful for a more comprehensive understanding of the transmission path of different forms of financial instruments to house purchase decisions,and it can provide theoretical basis and empirical evidence for the efficient allocation of housing finance and the long-term stable development of the real estate market.Secondly,some papers studied the residents’ choice of house purchase from the supply,or studied the problem of household asset allocation from the demand,however,there is a lack of systematic research.So,to build a partial equilibrium model of family housing selection,and analyze the theoretical mechanism of family house purchase decision-making from the maximization of family housing utility.and at the same time conducts a theoretical analysis of the core factors that affect household purchase decisions,and clarifies the relationship between housing financial policies and household purchase decisions.On the basis,taking the benchmark interest rate as an example,this paper systematically analyzes the impact path of the housing supply and demand market on external policies,and it can provide theoretical support and empirical evidence for the relevant research.Finally,based on the theory of household home purchase behaviour,the extent to which two typical housing finance policy instruments affect household home purchase behaviour is further clarified.Specifically covering mortgage downpayment ratio policies and housing fund policies,the study not only analyses how the policies affect household home-purchasing behaviour through measurement methods,but also provides an in-depth analysis of the differences in the impact of these policies on heterogeneous households,achieving a unification of theory and evidence and enriching the study of household home-purchasing behaviour.