学历差异与房贷风险——来自违约成本和金融分析能力的证据  

Education Attainment Gap and Mortgage Risks:Evidence from Default Cost and Financial Analysis Capability

作　　者：况伟大[1,2] 余家玮 KUANG Wei-da;YU Jia-wei

机构地区：[1]中国人民大学商学院,北京100872 [2]中国人民大学国家发展与战略研究院城市与房地产研究中心

出　　处：《吉林大学社会科学学报》2023年第1期100-118,237,共20页Jilin University Journal Social Sciences Edition

基　　金：国家自然科学基金面上项目(71673284)。

摘　　要：住房抵押贷款是家庭获得住房的关键资金来源,也是银行资产安全的重要影响因素。现有文献表明借款人特征影响贷款风险,但未深入研究教育背景对房贷发放及其风险的影响。使用2005年1月至2015年12月中国某城市住房公积金贷款数据,基于借款人的违约成本和金融分析能力,考察其学历差异影响房贷发放及其风险的机制。实证研究发现,相比于低学历借款人,高学历借款人具有更高的贷款量、更低的提前还款和违约风险,表明高学历有利于降低房贷风险;相比于低学历借款人,高学历借款人在债务支付困难和违约成本上升时违约风险更低,在权益为正和贷款利率上升时提前还款风险更高,表明高学历借款人有更高的违约成本和更强的金融分析能力。Mortgage is not only the key fund to acquire home, but also the crucial factor for bank safety. The prior studies find borrower feature affect mortgage risks, but fail to explore the impact of education background on mortgage origination and risks. Based on default cost and financial analysis capability, this research exploits the mechanisms of borrowers’ educational background on mortgage origination and risks. Using the database of home provident funds in a city in China from January 2005 through December 2015, we find that the borrowers with higher education attainments acquire more mortgage and have lower default and prepayment risks than those of the borrowers with lower education attainments. It suggests that education attainments mitigate mortgage risks. Moreover, we find that the borrowers with higher education attainments have lower default risks under low repayment affordability and high default costs while take higher prepayment risks at the presence of positive home equity and higher interest rate. Hence, the borrowers with higher education attainments have higher default cost and financial analysis capability.

关 键 词：学历差异 住房抵押贷款 违约成本 金融分析能力 违约风险 提前还款风险 

分 类 号：G521[文化科学—教育学] F299.23[文化科学—教育技术学] F832.479[经济管理—国民经济]