家庭债务、金融素养与消费——基于CHFS数据的实证研究

Household Debt,Financial Literacy and Consumption:An Empirical Study Based on CHFS Data

负债最初源于平滑跨期消费的需要,势必会对消费产生影响。作为影响经济主体资产配置与借贷行为的重要因素,金融素养是否会在负债影响消费的过程中起到调节作用?为此,利用多年度中国家庭金融调查(CHFS)的微观数据,探讨家庭债务对消费的影响,并引入金融素养,分析其在家庭债务影响消费过程中的作用机制。研究结果首先验证了“负债性消费”现象在中国确实存在。金融素养对“负债性消费”具有显著的调节作用,且这种调节作用也会因家庭消费水平、户主年龄、家庭收入水平等的不同而产生差异。此外,相对于生存型消费,金融素养对发展与享受型消费的调节作用更为明显。基于实证研究结果,最后为扩大内需、促进消费高质量发展等提出了政策思路。

The debt is originally derived from the need to smooth the inter-period consumption,which is bound to have an impact on consumption.Existing studies have shown that financial literacy is an important factor affecting the economic allocation of assets and borrowing behavior of economic entities.Then,will financial literacy play a moderating role in the process of household debt affecting consumption?The micro-data of the multi-year China Household Finance Survey(CHFS)is used to explore the impact of household debt on consumption,and introduce financial literacy to analyze its mechanism in the process of household debt affecting consumption.The results show that debt can stimulate consumption,which proves the existence of debt-financed consumption phenomenon in China.Then,financial literacy plays a significant role in the process of debt-financed consumption.At the same time,the adjustment function also cause the difference because of the family consumption level,the head of the family age,the family disposable income level and so on.In addition,the regulation of financial literacy for the development and enjoyment consumption are more significant relative to subsistence consumption.Based on the empirical findings,the policy implications are proposed for expanding domestic demand and promoting consumption high-quality development.