摘要
本文基于中国家庭追踪调查的面板数据,实证检验家庭负债对消费及其升级的影响。研究结果发现:家庭负债增加对家庭消费性支出有显著负向影响;家庭负债对于不同类别家庭消费的影响存在异质性,对于生存型消费影响不显著,对于发展与享乐型消费有显著的抑制作用,表明家庭负债的增加阻碍家庭消费结构的优化升级;家庭负债对消费及消费升级的抑制效应对于拥有一套房的家庭非常显著,对于拥有多套房家庭的影响较小;无房家庭负债的增加在一定程度上反而促进消费的升级。
This paper presents an empirical test on the impacts of household debt on consumption and consumption upgrading based on the panel data of the China Family Panel Studies.The results of the paper show that the household debt has an sinificant and negative effect on the expenditure of household consumption;the impacts of household debt on different types of consumption are heterogeneous——insignificant on survival consumption,and inhibitory on developmental and hedonic consumption,which implies that the increasing household debt hinders the optimization and upgrading of consumption structure;the inhibitory effect of household debt on consumption and consumption upgrading is especially significant for families with one apartment,and not significant for families with more than one apartment;on the contrary,the increase in debts of no-property families could promote the consumption upgrading to a certain extent.
作者
张自然
祝伟
ZHANG Zi-ran;ZHU Wei
出处
《金融论坛》
CSSCI
北大核心
2019年第8期34-44,共11页
Finance Forum
基金
教育部人文社会科学研究青年项目(16YJC790143)的资助
关键词
家庭消费
家庭负债
消费升级
生存型消费
发展与享乐型消费
household consumption
household debt
consumption upgrading
survival consumption
developmental and hedonic consumption