金融素养能降低家庭债务负担吗--基于CHFS数据的实证研究

Can Financial Literacy Reduce the Household Debt Burden?Empirical Evidences from CHFS Data

基于2015年中国家庭金融调查数据,以家庭自评偿债能力作为主观债务负担指标,以家庭实际偿债所需期限与债务平均到期期限的差值作为客观债务负担指标,实证考察了金融素养对家庭债务负担的影响以及作用机制。研究发现,金融素养能够显著降低家庭主观债务负担和客观债务负担,并对实际偿债所需期限有着显著的负向影响,对债务平均到期期限有显著的正向影响。进一步分析发现,金融素养可以通过增加家庭偿债资金、改善家庭借贷负债结构来降低家庭债务负担。本研究为理解金融素养与家庭债务负担的关系提供了新的证据,有助于了解影响家庭债务负担的因素,从而为防范金融风险提供了有益参考。

Based on China Household Financial Survey data in 2015,this paper takes the self-assessment solvency as the subjective debt burden indicator,and the difference between the actual debt repayment period and the average debt maturity period as the objective indicator to analyze the financial impact on household debt burden and the mechanism. It is found that financial literacy can significantly reduce both the household’s subjective debt burden and the household’s objective debt burden;the financial literacy has a significant negative impact on the actual debt repayment period and a significant positive impact on the average maturity of the debt. Further analysis indicates that financial literacy can reduce the household debt burden by increasing household debt repayment funds and improving household debt structure. This research provides new evidences for understanding the relationship between financial literacy and household debt burden,which helps to understand the factors affecting the household debt burden,and offers a useful reference for preventing financial risks.