为厘清房贷与居民消费之间的长期关系。本文从居民资产负债表的角度展开研究。本文利用2014到2020年全国住房公积金报告数据，对房贷对消费的作用进行分析，发现其具有明显的促进作用。房贷作为负债的主要来源，房贷缓解了家庭的信贷约束，而有助于促进消费。但也由于带来的还款压力，不利于消费。金融资产减少了家庭的流动资金而抑制消费，但也增强了家庭的对未来经济的信心而促进消费。从微观角度，运用全国住房公积金报告数据，回归结果和工具变量的估计结果均表明，房贷对消费总体上具有上促进的作用。

To clarify the long-term relationship between housing loans and residents' consumption. This paper studies from the perspective of residents' balance sheet and income distribution. Using the national housing provident fund report data from 2014 to 2020, this paper analyzes the effect of debt on consumption and finds that it has an obvious promoting effect. As the main source of debt, housing loans alleviate the credit constraints of families and help promote consumption. However, due to the repayment pressure, it is not conducive to consumption. Financial assets reduce the family's working capital and inhibit consumption, but also enhance the family's confidence in the future economy and promote consumption. From a micro perspective, using the national housing provident fund report data, regression and the estimation results of instrumental variables show that housing loans can improve consumption on the whole.