面对居民消费困境，城市房价扮演了何种角色是学界长期争论的重要议题。本文基于电商消费大数据证实在住房市场转型期（2013—2017年），房价上涨显著抑制了消费并拉大了消费差距。本文进一步基于社会转型视角，探索并揭示了土地财政模式形塑房价—消费关系的双重社会逻辑：其一，土地财政与房价的交互强化通过增加居民围绕购房需求的信贷和储蓄压力，扭曲了房价—消费关系；其二，土地财政模式脱嵌于民生建设的失衡格局进一步加剧了房价—消费关系的扭曲。这些发现对理解消费困境和加强民生建设的政策调适有理论与经验意义。

The role of urban housing prices in China's persistent household consumption dilemma has long been a contentious academic issue. Using big data from e-commerce platforms, this study shows that during China's housing market transition from 2013 to 2017, rising housing prices significantly suppressed consumption and exacerbated consumption disparities. It further explores under the perspective of soial transition theory and reveals how the land finance regime shapes the housing price-consumption relationship through dual social mechanisms: First, the mutual reinforcement of land finance and housing prices increased household debt and savings due to widespread housing demand, and thereby distorts the housing price-consumption relationship. Second, the structural imbalance arising from land finance's decoupling from public welfare development intensifies this distortion. These findings offer theoretical and empirical insights for addressing consumption stagnation and strengthening people's livelihood construction policy reforms.

本文得到国家社会科学基金项目“网络社会的结构巨变与社会韧性问题研究”（21BSH053）的支持。

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