中国城镇居民家庭资产—负债现状与成因研究

Urban Household's Assets and Liabilities in China:Facts and Causes

利用2009年"中国城镇居民经济状况与心态调查"数据,本文细致考察了中国城镇居民家庭资产—负债的现状与成因。描述性统计表明,家庭资产随着户主年龄、教育程度和家庭收入水平提高而上升,家庭负债则恰恰相反,家庭资产—负债存在明显的地域差异。实证研究发现,户主的年龄、受教育程度和健康状况以及家庭收入和人口规模不仅是家庭是否拥有资产/负债最重要的决定因素,也是家庭资产负债额的重要影响因素;进一步研究表明,家庭净资产也主要受到这些因素的影响,但其影响程度因家庭净资产量不同而不同。本文进而研究了家庭资产—负债状况的稳定性,发现户主年龄较小、教育水平较低和健康状况较差以及人口规模较大的家庭更容易受到金融市场不利冲击的影响。

Using China urban household survey data collected from 41 cities in 2009,this paper documents the stylized facts of the Chinese urban household's assets and liabilities and explores the causes behind them. Descriptive statistics show that household assets increase with household head's age,education level and family income levels,while household debts decreases with those characteristics. Household assets and liabilities exhibit significant regional differences. Empirical study reveals that the household head's age,educational level,health status,household income level and family size are not only the key determinants of household assets/liabilities choices,but also the most important factors that affect the amount of assets and liabilities hold by households; Further study shows that household net worth are also mainly affected by these factors,but their effects varies across different families. We further study the financial pressure of different households and find that families with large size and whose household heads are younger,less educated or with poorer health are more vulnerable to adverse financial market shocks.