“不患寡患不均”——基于消费相对剥夺的家庭负债对居民主观幸福感影响研究

"To Worry More about Inequality than Scarcity"——Research on the Influence of Household Debt on Residents'Subjective Well-Being Based on Relative Deprivation of Consumption

近年来,“负债消费”已经成为诸多中国家庭消费新模式,随之而来的是家庭部门杠杆率的攀升,这是否能够切实提高我国居民主观幸福感,值得深入探讨。通过使用2017年和2019年的CHFS混合截面数据,综合考察了家庭负债影响居民主观幸福感的消费相对剥夺和健康渠道效应。研究发现:家庭负债可以通过缓解消费相对剥夺提高居民主观幸福感,但因为负债恶化居民健康状况降低幸福感的负向效应,这种正向效应被掩盖了;负债缓解消费相对剥夺提升幸福感的正向效应,主要发生在享受型消费中,且主要是非住房负债发挥了作用。此外,该正向效应主要发生在财富水平和教育程度较低的“弱势群体”,且主要发生在非一线城市。研究拓展了负债影响居民幸福感的理论分析,政府和有关金融机构应“扬长避短”,完善信贷产品供给结构和配套政策,发挥负债对于建设“幸福中国”的积极作用。

In recent years,"consumption through debt"has become a new mode of consumption for many Chinese households,which is accompanied by an increase in the leverage ratio of the household sector.Whether this can effectively improve the subjective well-being of Chinese residents is worthy of in-depth discussion.Using the CHFS mixed cross-sectional data in 2017 and 2019,this paper comprehensively examines the effects of relative deprivation of consumption and health of the impact of household debt on residents'subjective well-being.The results show that household debt can improve residents'subjective well-being by alleviating the relative deprivation of consumption,but this positive effect is masked due to the negative effect of debt reducing well-being through deteriorating residents'health.The positive effect of debt improving well-being through alleviating the relative deprivation of consumption mainly occurs in enjoyment-oriented consumption,and non-housing debt plays a major role.At the same time,the positive effect mainly occurs in the"vulnerable groups"with lower wealth level and education level,and mainly occurs in non-first-tier cities.The research expands the theoretical analysis that debt affects residents'well-being.Government and financial institutions should"make best use of the advantages and bypass the disadvantages",improve the supply structure of credit products and supporting policies,and give full play to the positive role of debt in building"Happy China".