地位寻求与城镇家庭购买耐用消费品借贷行为的研究

Study on the Status Seeking and Debt Behavior of Urban Households

本文在构建带有地位关注特征效用函数的基础上,利用2017年中国家庭金融调查数据,建立Probit模型,估计了城镇家庭地位寻求对其采用借贷方式购买耐用消费品行为的影响程度。研究发现:对于购买了耐用消费品的城镇家庭而言,其所在社区家庭持有耐用消费品的平均价值越高,则其采用借贷方式购买耐用消费品的可能性也就会越大。稳健性检验结果与基准模型的回归结果是一致的,这一结论验证了理论模型的推导结果。进一步探讨作用机制后发现,城镇家庭的社会交往频繁程度越高,对社会地位寻求的动机也就越强,借贷购买耐用消费品的可能性也就越大。本文的研究结论不仅为我国城镇家庭债务特别是耐用消费品债务的增加提供了更多的解释和经验证据,而且也对我国政府降低全社会的负债率和金融风险具有重要的参考价值。

Proposing a theoretical model that status seeking is introduced in the utility function,utilizing the data from the China Household Finance Survey in 2017,and constructing the Probit model,we estimate the impact of status seeking for urban households on their behavior of buying durables by means of external financing.The empirical results show that for urban households who have bought durables,there exists a positive relationship between the average value of durables held by other urban households in the community that they live in and the probability of buying durables in debt,which verifies the conclusion of the theoretical model.Furthermore,we find that social interactions of urban households underlay this relationship.The conclusion of this paper not only provides more interpretation for the increase of debts in urban households in China,but is of value for the government to control the leverage rate and the financial risk of the society.