城镇家庭债务对居民幸福感的影响——基于CHFS面板数据的实证分析

On the Impact of Urban Family Debts on a Sense of Happiness:Based on the Empirical Analysis of CHFS Panel Data

目前,我国呈现出家庭各项贷款余额增速攀升而居民幸福感增速缓慢的背离局面。作为缓解居民收入约束、平滑消费的重要手段,家庭债务究竟是促进还是抑制了居民幸福感的提升?为了对该问题进行深入探究,论文采用多年度中国家庭金融调查数据(CHFS)对城镇家庭债务与居民幸福感之间的关系进行实证分析。首先,基于全样本,发现与无债务家庭相比,负债家庭居民的幸福感更低。其次,对于负债家庭而言,债务主要通过降低居民婚姻可能性、恶化居民健康水平、加剧家庭财务脆弱性三个方面降低了负债家庭居民的幸福感。最后,从户主特征的角度看,债务规模的增加更多地降低了户主年龄为31-55岁阶段、学历为本科以下家庭居民的幸福感;从家庭特征来看,债务规模的增加更多地降低了中等收入以及小型化家庭居民的幸福感。根据实证研究结果,从优化负债结构、提升居民幸福感的角度提出可参考的政策优化思路。

At present the Chinese households’loans are soaring while their sense of happiness seems to grow slowly.As an important means relieving the residents’income constraints and smoothing consumption,do family debts promote or inhibit the people’s sense of happiness.To seek an answer to this query,we adopted the multiple-year Chinese household financial survey(CHFS)data for an analysis as to the relationship between urban family debts and the residents’sense of happiness.First,based on the whole sample we found that compared with the debtless families the debts-shouldering families have a lower sense of happiness.Second,for the debts-owing families,their debts-incurring reduction of happiness sense mainly came from marriage expenses,worsened health,and increased family finance fragility.Finally,in terms of household heads mostly debts increase happened to those aged 31-55,receiving an undergraduate education or even below,and in terms of families debts increase reduced the sense of happiness of families with medium incomes or small families.The empirical research shows the need of optimizing the debts structure and improving people’s sense of happiness.