公积金制度对住房财富不平等的影响效应分析——基于CHFS数据的实证研究

住房公积金制度对住房财富积累具有较强的中介效应，其再分配机制对住房财富水平有显著影响。为此，结合中国家庭金融调查数据，引入结构方程模型和不平等回归分解法，对其影响路径进行系统性研究发现：我国住房公积金制度对高收入和高社会地位群体的住房财富积累具有稳定的正向再分配效应，对住房财富不平等的贡献较高。按照公积金的代际支付转移及分配差异的负反馈循环机制，这种不平等远未达到其最大影响。未来通过政策调整和结构优化，在公积金制度公平性和财富分配方面还蕴含着巨大的改善空间。

Analysis of the Effect of Differences in Housing Provident Fund Use on Housing Wealth Inequality—An Empirical Study Based on CHFS Data

The housing provident fund system has a strong mediating effect on housing wealth accumulation, and its redistributive mechanism has a significant impact on the level of housing wealth. Combining the data from the China Household Finance Survey and introducing structural equation modeling and inequality regression decomposition, a systematic study of the impact paths finds that China''s housing provident fund system has a stable positive moderating effect on the accumulation of housing wealth in high income and high social status groups, and contributes to housing wealth inequality at a higher level. According to the negative feedback loop mechanism of Inter-generational transfer payments and distributional differences of the provident fund, this inequality is far from reaching its maximum impact. In the future, through policy adjustment and structural optimization, there is still huge room for improvement in the fairness of the provident fund system and wealth distribution.