Abstract: In the context of rising housing prices and declining fertility rates in the past few years in China, the article first builds a model to explain the relationship between housing prices and family fertility decisions from a theoretical perspective. Then, from an empirical point of view, based on the panel data from 2010-2018 China Family Panel Studies, it is found that the urban housing prices in the counties where the family is located have a significant negative impact on their current fertility decision. Such impact also differentiates among sub-groups. Moreover, after the Chinese government carrying out the “two-child” policy, the negative impact becomes even stronger than before. In terms of the mechanism, housing prices have a crowding-out effect on fertility, and it can also affect fertility through reducing women's self-identity and increasing the cost of raising children. In addition, high housing prices have an inhibitory effect on marriage, which further exacerbates the negative impact on the fertility rate.

摘要： 在中国近些年房价不断上涨而生育率持续走低的背景下，着重考察房价对家庭生育决策的作用机制。首先，通过构建模型，从理论角度阐述房价与家庭生育决策的关系。然后，在实证角度上，基于2010~2018年中国家庭追踪调查（CFPS）面板数据，借助Probit回归模型分析发现，家庭所在区县的城镇房价会对其当期的生育决策产生显著的负面影响，且该影响在不同人群中存在明显的异质性。在政府实施两孩政策后，该负面影响也较生育政策调整前更为强烈。在影响机制方面，高房价对生育决策的影响存在消费挤出效应。高房价对生育的影响还存在着降低妇女自我认同、变相增加养育子女成本等其他机制。此外，高房价还对婚姻有抑制作用，会进一步加剧房价对生育水平的负面影响。

关键词: 住房价格, 生育决策, 挤出效应