就业异质性与家庭杠杆率——来自CFPS的证据

Employment Heterogeneity and Family Leverage Ratio:Based on Evidence from CFPS

利用Tobit模型,结合2016年中国家庭追踪调查(CFPS)的数据,考察就业性质对家庭杠杆率的影响。研究发现:家庭杠杆率受户主雇佣性质、工作行业性质以及工作单位性质影响。此外,家庭杠杆率还同家庭人口、消费支出、婚姻状况紧密相关。低杠杆家庭可通过培养金融意识,适当提高杠杆以改善福利;金融机构需对不同就业性质的家庭提供差异化服务,以提高其福利水平。同时,还需对不同就业性质家庭的金融风险实施差异化监测与预判,以防控宏观经济风险。

Based on the Tobit model and the data from the China Family Panel Survey(CFPS)2016,this paper examines the impact of employment on household leverage rate.The results show that the household leverage rate is influenced by the nature of employment,industry and company.In addition,the rate is also closely related to the household size,consumer spending and marital status.Low-leverage families can improve their welfare by developing financial awareness and properly increasing leverage.For financial institutions,they need to provide differentiated services to the families of different employment nature to improve their welfare,and at the same time conduct differentiated monitoring and prediction of financial risks to prevent macroeconomic risks.