本文基于多年度中国家庭追踪调查(CFPS)数据，检验了债务杠杆对家庭消费的直接和间接影响，评估了不同家庭负债类型对消费支出和消费升级的影响，以及这种影响的地域性差异。结果显示，债务杠杆的攀升会显著抑制家庭消费支出的增加，但会强化财富效应，而且债务杠杆对财富效应的强化作用主要来自于住房杠杆。债务杠杆对于生存型消费支出和发展与享受型消费支出均有挤出作用。从债务类型看，住房债务对生存型消费支出和发展与享受型消费支出均有挤出作用，非住房债务仅对发展与享受型消费有挤出作用。就债务杠杆对消费影响的地域性差异而言，从消费总量看，中西部地区家庭住房杠杆对消费的抑制作用较东部地区家庭更加强烈；从消费结构看，住房杠杆只会挤出东部地区家庭的发展与享受型消费，但会挤出中西部家庭的生存型消费和发展与享受型消费。这表明增加债务杠杆尤其是住房杠杆并不能有效地提振消费，反而会抑制消费支出与消费升级，增加家庭收入与家庭资产才是提升消费的根本之策。

Based on China Family Panel Studies (CFPS) data, this paper empirically examines the direct and indirect effects of household leverage on household consumption, and evaluates the differential effects of different household debt types on consumer spending and consumption upgrading, as well as the regional differences of such effects. The results show that the increase of household leverage will significantly restrain the increase of household consumption, but will strengthen the wealth effect on consumption. Housing debt can squeeze out both types of consumption, while non-housing debt can only squeeze out development and enjoyment consumption. In terms of the regional differences in the impact of family leverage on consumption, the restraining effect of household housing leverage on consumption in the central and western regions is stronger than that in the eastern regions. The results implicate that the increase of household leverage, especially the housing leverage, cannot effectively boost consumption, but will restrain consumption expenditure and consumption upgrading. Increasing household income and household assets is the fundamental solution to improve consumption.