DOI: 10.17026/dans-228-c5dt
title: Research on the Impact of Housing Provident Fund Payment on Migrant Workers' House Purchase

description: Owning their own housing not only helps migrant workers to obtain basic public services in the places where they enter, and thereby better integrate into the urban society; moreover, in Chinese traditional culture, self-owned housing often means "home" for individuals and families. Therefore, the solution and improvement of migrant workers' housing problem will help to realize their own survival and development needs, and also help to promote the process of citizenization. China's current housing provident fund system is an important part of the current basic housing security policy. Employers and individuals make compulsory contributions in accordance with a fixed contribution ratio, thereby completing the accumulation of funds for housing provident funds. Employers and individuals who pay the provident fund can enjoy the preferential policy of deduction before income tax. At the same time, depositors can apply for a provident fund loan within a certain amount and with a loan interest rate lower than the market interest rate when buying a house, so as to improve the ability to buy a house by reducing financing costs. So, What factors will affect the behavior of migrant workers' deposit? Has the housing provident fund deposit promoted the purchase of housing by migrant workers? What is the specific impact of housing provident fund deposit on different migrant workers? This article will answer these questions one by one. On the basis of discussing the internal mechanism of the housing accumulation fund system, this paper empirically analyzes the influencing factors of the housing accumulation fund and the influence of the housing accumulation fund on the housing purchase by migrant workers. Moreover, this paper also discusses the heterogeneous impact of migrant workers who deposited. The main research conclusions are as follows: (1) The proportion of migrant workers who deposited was only 13.14%, which was very low. The characteristics of individual, employment and flow all have an important impact on the deposit behavior of migrant workers. (2) For all migrant workers, the rate of buying houses in the inflow areas is only 21.04%. The proportion of migrant workers with housing provident fund who bought houses in the inflow area was 17.39% higher than that of migrant workers who did not pay the housing provident fund. Housing provident fund deposits have significantly increased the probability of buying houses for migrant workers, with a marginal effect of approximately 5.73%. Due to problems such as self-selection and omission of variables, migrant workers' housing provident fund payment behavior is often obviously endogenous. Therefore, based on the Probit model, this paper uses two research methods of PSM and IV-Probit model to correct it. It turns out that the above conclusion is not only still valid, but the marginal effect has also increased. (3) Compared with the effect of housing provident fund on the purchase of new and old migrant workers, the housing accumulation fund deposit has a stronger effect on the new generation of migrant workers. The housing accumulation fund deposit does promote the purchase of housing by middle-income migrant workers, but it does not have a significant impact on the purchase of housing by migrant workers in the lowest income group and the highest income group, that is, it presents the institutional effect of "mending the middle at both ends ", not simply" loathing the poor and loving the rich ". At the same time, it also shows that it is difficult for low-income migrant workers to enjoy the most basic system welfare of housing accumulation fund. In addition, the impact of housing accumulation fund on the purchase of housing by migrant workers is different between different administrative levels of cities, its impact The effect is most obvious in provincial capitals and sub-provincial cities, and has no significant effect in megacities. The research conclusions show that the housing provident fund deposit can significantly increase the probability of migrant workers buying houses in the inflow areas. However, at present, the proportion of migrant workers who contribute to the housing provident fund is very low, and there are significant differences in characteristics between migrant workers who deposited and those who did not. Especially low-income migrant workers can hardly enjoy housing provident fund due to the limitation of payment conditions and loan thresholds. The most basic benefits. Therefore, To provide decision-making reference for the reform of housing accumulation fund system and the improvement of living conditions of migrant workers: on the one hand, it is necessary to improve the force to increase the support scope of the housing provident fund system; on the other hand, we should make clear the functional orientation of the housing provident fund, increase the support for public housing, scientifically and reasonably design the loan policy, relax the conditions, and increase withdrawals or loans for low income migrantworkers. Finally, strengthen the employment security of migrant workers to improve the participation rate of them and their units.