| At present,housing and credit have an increasingly significant impact on the economy and consumption.On the one hand,the real estate market is developing rapidly and the proportion of housing assets in household assets keeps increasing.Data show that in 2017,housing accounted for 77.7% of the total household assets in China,far higher than the 34.6% in the United States.At the same time,the housing credit in domestic credit accounted for more and more heavy,the China financial stability report(2019),according to a report at the end of 2018 department of housing loan balance of 47.9 trillion yuan,up 18.2% from a year earlier,2019 loan types of housing loan is the main credit in the family,is the important position of housing in China’s urban household wealth.On the other hand,in the process of rapid urbanization in China,there have been great changes in the energy consumption pattern and consumption of urban and rural households.As an important part of the terminal energy consumption,household energy consumption is not only an important aspect of the national implementation of energy conservation and emission reduction,but also related to the overall strategic picture of the national sustainable energy development.In recent years,the rapid growth of commercial housing sales area has significantly promoted the living energy consumption of urban residential areas.Previous studies on energy consumption have focused on macro-impact indicators such as national economic development level and urbanization level.At the micro level,it mainly focuses on household income,population size,education and other influencing factors,while the influence of housing wealth,credit constraint,and household asset structure on household energy consumption is worth further study.Starting from the background of urban residential housing differentiation,this paper studies the impact of urban household housing differences and credit constraints on household energy consumption.Based on the theories related to wealth effect and liquidity constraint,this paper USES China Household Tracking Survey(CFPS)data to explore the impact of housing differences and credit constraints on household energy consumption.Results show that the urban residents housing differences significant impact on household energy consumption,promote the household energy consumption credit constraints,especially the indirect energy consumption,the consumption of food and clothing live line and cultural and educational entertainment project,significant positive influences on the assets of breeding and housing,housing property income have promoting effect on household energy consumption.Housing assets have a significant wealth effect on household energy consumption.The trend of increasing energy consumption is driven by the housing appreciation of multi-home households,and the results of the instrumental variable test are still stable.The research considering the spatial distribution shows that the energy consumption level of households with property rights in the developed areas in the central and eastern regions is significantly higher than that in the western regions.It is further proved through the intermediary effect test that the influence of total housing assets on household energy consumption is the intermediary effect of the income from residential assets.The study found that housing characteristics play an important role in reasonable control of household energy consumption,and housing price rises and credit constraints have special significance in influencing household energy consumption in The Context of China.The paper suggests that a more appropriate energy regulation policy should be formulated by considering the impact of household asset structure,credit and asset income on household energy consumption.This study provides a new theoretical perspective for the formulation of housing price control,market purchase restriction and other real estate policies,and also provides empirical evidence for the establishment of a linkage mechanism between energy policy and real estate policy,which is conducive to the implementation of multi-channel regulation of energy. |
