人格特征与家庭负债  

Personality Traits and Household Debt

作　　者：周利 冯大威 Zhou Li;Feng Dawei(School of Economics and Finance,Guangdong University of Foreign Studies,Guangzhou 510006,Guangdong,China;Research Institute of Industrial Economics,Jiangxi University of Finance and Economics,Nanchang 330013,Jiangxi,China)

机构地区：[1]广东外语外贸大学金融学院,广东广州510006 [2]江西财经大学产业经济研究院,江西南昌330013

出　　处：《金融发展研究》2020年第2期32-42,共11页Journal Of Financial Development Research

基　　金：2015年度国家社科基金重大项目“新常态下建立多点支撑的消费增长格局研究”(15ZDA013);2018年教育部课题“资产价值变动、家庭债务对居民消费的影响研究:微观机理与实证检验”(18YJC790238)。

摘　　要：基于家庭追踪调查数据以及文献中普遍接受的“大五”人格分类法,本文实证分析了个体人格特征对家庭负债的影响。回归结果显示,不论是对于是否负债、负债规模还是负债比重,外向性的估计系数始终统计为负,而严谨性、顺同性和神经质这三个人格特质的估计系数显著为正,开放性的影响则基本不显著。进一步地,顺同性特征明显、神经质程度高的个体更有可能过度负债。在使用2014年的人格特征变量对2016年的家庭负债进行回归以及尝试Lewbel(2012)异方差工具变量法进行内生性问题的纠正后,估计结果依然与基准回归结果相一致。异质性回归结果显示,男性更加严谨,女性则更加外向;农村地区居民的顺同性大于城镇地区,且相较于农村地区,城镇地区居民的神经质特征更为明显。最后,本文从社会资本和金融素养两个方面验证了人格特征对家庭负债行为的影响机制。Based on household tracking survey data and the generally accepted"The Big Five Personality"in the literature,this paper empirically analyzed the impact of individual personalities on household debt.Results show that the coefficient of extroversion was always negative no matter the dependent variables was whether the household did borrow or not,unpaid debt amount and the ratio of debt and household income.The coefficients of the three personality traits of rigor,compliance and neuroticism were significantly positive,only the openness was basically non-significant.Furthermore,individuals with obvious compliance and higher neuroticism were more likely to be over-indebted.After using the personality traits in 2014 to regress the household debt in 2016 and trying to correct the endogeneity with the Lewbel(2012)heteroscedastic instrumental variable method,the estimated results were still consistent with the baseline regression results.Heterogeneous regression results show that men were more rigorous,while women were more extroverted;people in rural areas were more compliant than those in urban areas,and compared with people in rural areas,households in urban areas were more neurotic.Finally,this paper explored the two mechanisms of personality characteristics on household debt behaviors from the perspectives of social capital and financial literacy.

关 键 词：人格特征 家庭负债 异方差工具变量法 

分 类 号：F830[经济管理—金融学]