家庭负债异质性与影响因素解析:中国的微观证据

Household Debt Heterogeneity and Analysis of Influence Factors: Microeconomic Evidence in China

文章利用最新公布的消费金融调查数据,考察城镇家庭负债的异质性特征与影响因素,研究发现:资产持有量的增加,会显著地降低家庭负债意愿,其中资产投资属性越强,对负债意愿的影响程度越大,贡献大小依次为金融资产、房产及其他资产等;收入会显著增加家庭负债率,增加家庭收入对低负债家庭的影响小于高负债家庭,资产的增加会显著地降低家庭负债率;未来收入预期、少儿抚养比对家庭负债存在显著的正向影响;职业、性别、婚姻等变量对家庭负债的影响不大。文章研究结论为制定降低家庭财务脆弱性等相关政策,提供了决策参考。

Based on the latest published consumer survey data, this paper examines characteristics and influencing factors of the urban household debt heterogeneity and the results indicate that： the increase of asset holdings will significantly reduce house- hold debt willingness, among which the stronger the assets investment properties are, the greater the impact on household debt will- ingness is and the contribution changes in descending order in terms of financial assets, real estate and other assets etc. ; income significantly increases family debt ratio; family income increase has less impact on low debt family than that on highly-indebted fami- lies ; the increase of assets will significantly reduce the household debt ratio; future earnings expectations and children＇s dependency ratio have significant positive effect on the household debt ratio. Variables including occupation, gender and marriage etc. have no significant effect on household debt. The above conclusions provide decision-making reference for policies including reducing the vulnerability of family finance etc.