个体信贷与可视性消费行为——基于借出方视角

Study on Individual Credit and Visible Consumption Behavior from Lender＇s Perspective

本文首次基于借出方视角,引入非完全信息下的表征理论,研究个体在权衡地位显示和还款风险后的可视性消费决策。使用中国家庭追踪调查数据构建平衡面板,结论显示：借款比例增加会使得借出方改变可视性消费,衣着支出减少,住房支出增加,均用于隐藏真实经济状况,影响消费结构。进一步探讨作用机制后发现,家庭共享理念、收入公开程度以及还款风险均显著作用于借出款比例对于可视性消费的影响,而信贷发展则有助于缓解这种影响。

We introduce a signal theory model with incomplete information from the lender’s perspective and study the visible consumption decision when balancing the status and payment risks.We use Chinese Family Panel Studies to build a balanced panel,and find that residents will change visible consumption to hide consumption status,such as less clothing expenditure and more housing expenditure,which has an impact on the consumption structure.We also find that income-sharing concepts,income disclosure and repayment risk all significant affect the influence of loans on visible consumption,whereas credit development helps mitigate the influence.