工商业经营者家庭负债特征及其异质性研究——来自CHFS的证据  

Research on the characteristics and heterogeneity of householddebt of industrial and commercial owners——Evidence from CHFS

作　　者：谢绵陛[1] 李钢 XIE Mianbi;LI Gang(Jimei University,Xiamen 361021 China)

机构地区：[1]集美大学财经学院,福建厦门361021

出　　处：《新余学院学报》2025年第1期39-50,共12页Journal of Xinyu University

基　　金：国家社会科学基金项目“城镇家庭债务的形成及其对经济增长与金融稳定的影响机制研究”(20BJY238)。

摘　　要：基于2013年至2021年五期中国家庭金融调查(CHFS)面板数据,通过构建面板logit双向固定效应模型,研究哪些因素对家庭是否负债产生影响,并构建面板线性双向固定效应模型,分析对家庭负债规模造成影响的因素,深入探究工商业经营者家庭的负债特征。研究发现:(1)与其他类型家庭相比,工商业经营者家庭的负债几率更高,特别是投资性负债。收入水平的增长对其总负债规模、消费性和投资性负债规模均具有显著的正向促进效应;(2)收入水平的增长对工商业经营者家庭持有负债几率具有负向抑制效应,并且在受教育程度越高和地区经济发展水平越高的工商业经营者家庭中表现更加明显;(3)收入水平的增长对工商业经营者家庭持有负债规模具有正向促进效应,但在高等教育程度工商业经营者家庭中表现为负向抑制效应。Based on the panel data from the China Household Finance Survey(CHFS)from 2013 to 2021,this paper constructs a panel logit two-way fixed effects model to study which factors affect whether a household is in debt,and constructs a panel linear two-way fixed effects model to analyze the factors that affect the size of household debt,and deeply explores the characteristics of household debt of industrial and commercial owners.The findings are as follows:(1)Compared with other types of households,households of industrial and commercial owners have a higher probability of debt,especially investment debt.The growth of income level has a significant positive promoting effect on the total debt scale,consumption and investment debt scale;(2)The increase in income level has a negative inhibitory effect on the probability of debt-holding in industrial and commercial households,and this effect is more obvious in the industrial and commercial households with higher levels of education and regional economic development;(3)The increase in income level has a positive promoting effect on the scale of debt held by industrial and commercial households,but shows a negative inhibitory effect in households with higher education levels of industrial and commercial households.

关 键 词：工商业经营者家庭 家庭负债 CHFS 

分 类 号：F832[经济管理—金融学]