中国居民家庭负债决策的群体差异比较研究  

A Comparative Study of Group Differences among Debt Decision-making of Chinese Households

作　　者：吴卫星[1] 徐芊[1] 白晓辉 

机构地区：[1]对外经济贸易大学应用金融研究中心,北京100029 [2]安永华明会计事务所,北京100738

出　　处：《财经研究》2013年第3期19-29,86,共12页Journal of Finance and Economics

基　　金：国家自然科学基金(71073020);国家社会科学基金(11AZD010;12BJY153);教育部新世纪人才支持计划(NCET-10-0337);北京市哲学社会科学规划项目(10BaJG344);北京奥尔多投资咨询中心(www.aordo.org)"中国居民风险与风险管理"研究项目的阶段性研究成果;对外经济贸易大学杰出青年学者培育计划项目的资助

摘　　要：居民家庭债务虽然能平滑消费,但过度负债会对宏观经济稳定产生负面影响,同时负债的群体间差异也可能造成居民家庭财富分布差距的扩大。为了研究中国居民家庭负债的群体间差异,文章根据负债规模将样本分为三组,采用Tobit模型分析了客观因素和主观感受对这三类家庭负债决策的影响方式和影响程度。研究发现只有较高负债规模家庭的家庭负债与家庭收入呈正相关关系,而在其他群体中收入并不是显著影响负债规模的因素;各样本家庭的家庭负债比例也有显著差异,导致负债比例差异的成因在不同家庭之间显著不同;此外,人口统计学特征、财务状况和主观态度对不同债务规模的家庭具有不同的影响方式。Household debt could help residents to smooth their consumption,but over-indebtedness may bring about negative effects on the macroeconomic stability and group differences among household debt are likely to result in the increase in the gap of household wealth distribution. In order to study the group differences among Chinese household debt, this paper sorts the sample into three groups by debt scale and employs Tobit model to analyze the effects of objective factors and subjective feelings on the debt decision-making of these three groups from the perspective of way and degree. It shows that only the household debt is positively related to household income in households bearing higher debt, and in other groups income is not the significant factor affecting the debt scale. Household debt percentages differ radically, leading to the significant differences of the reasons for diversified debt percentages among households. In addition, demographic char- acteristics,financial situation and subjective attitudes affect households with different debt scales in different ways.

关 键 词：家庭债务 家庭收入 群体差异 

分 类 号：F832[经济管理—金融学]