Research On The Impact Of Housing Loan On Subjective Well Being Of Residents

Since the reform and opening up,China has embarked on the road of economic development.At present,China’s GDP has steadily surpassed Japan,Britain,Germany and other old capital countries,ranking second in the world after the United States.However,the negative impact of this economic development road is becoming more and more severe.Since 2008,the rising house prices have made the leverage ratio of residents in China rising.In particular,in recent years,the leverage ratio of residents in China has increased to a level similar to that of some developed countries.The most obvious one is the increasing number of households with housing loans and the increasing proportion of housing loans in household asset allocation.Housing loan is originally used to smooth the huge intertemporal consumption caused by high house prices,so it will inevitably have a huge impact on the objective quality of life and mental health of residents.Especially at present,the country takes "housing without speculation" as the basic positioning,making the national house prices stagnate.In this context,this impact is deeper.Therefore,the housing loan problem has become an important factor affecting the quality of life and mental health of Chinese families.This paper uses subjective well-being as a comprehensive psychological indicator to represent their quality of life and psychological feelings,and uses CFPS data of Chinese family tracking survey in 2018 to analyze the heterogeneity of different subjective wellbeing of different characteristic groups by using ordinal logistic method,aiming to explore different characteristics(urban and rural different,urban and rural different,urban and rural different,urban and rural different The present situation of subjective well-being of groups with different education levels and different income levels provides a scientific basis for the government to help the supporting objects in accordance with local conditions.Through the empirical study,it can be concluded that the subjective well-being of rural,low education level and low-income families is the most sensitive to housing loan,and its negative impact is far greater than that of housing loan on the subjective well-being of urban,high education level and high-income families.This also shows that rural,low education level and lowincome families are the objects that the government needs to help and support in order to improve the subjective well-being of domestic residents.Furthermore,in order to help the government to find ways to improve the subjective well-being of mortgage families,that is to find the focus to improve the subjective wellbeing of residents.We need to understand the transmission mechanism of the impact of housing loans on Residents’ subjective well-being,so this paper continues to use multiple mediating effects to explore the transmission path of the impact of housing loans on Residents’ subjective well-being,in order to find an effective transmission path and effective mediating variables,and provide accurate operation objectives for the government to improve residents’ subjective well-being.In order to find effective mediators,this paper considers the impact of quality of life without psychological significance on Residents’ subjective well-being according to the existing research and views of predecessors as well as the economic meaning of reality,and for the first time puts forward some consumption that can improve residents’ quality of life,namely development and hedonic consumption(education,entertainment,leisure,leisure,etc.)Culture,tourism and other consumption sum and take logarithm)and cash liquidity constraints(cash and total deposits and fixed deposits corresponding to the sum and take logarithm)these two special variables represent the quality of life without psychological significance.And through the multi-intermediary effect to explore whether these two intermediary variables are the mortgage on the residents’ subjective well-being effect of the effective intermediary variables,aiming to study the mortgage by affecting this non-psychological quality of life and thus the impact on the subjective well-being of residents.From the empirical analysis of multiple mediating effects,we can see that cash liquidity constraints and development and hedonic consumption are indeed effective mediating variables.Through the path of development and hedonic consumption,families will greatly increase the development and hedonic consumption due to housing loans,and the increase of development and hedonic consumption will enhance residents’ subjective well-being,Finally,it will weaken the direct negative impact of housing loans on Residents’ subjective well-being.Through the path of cash flow constraint,families will dry up their cash flow constraint to a certain extent because of the housing loan,and the drying up of cash flow constraint will weaken the subjective well-being of residents,and ultimately enhance the direct negative impact of housing loan on the subjective well-being of residents.Therefore,the government can focus on these two intermediary variables,and actively take some policies to control these two variables to ultimately improve the subjective well-being of residents.Finally,this paper selects the variable in CFPS data which has a strong relationship with whether or not to own a house loan,that is,"when I consume,I will borrow according to my own situation" as the tool variable of house loan,and discusses the endogeneity of the results of ordinal logistic regression analysis.The results are consistent with the original results,The results of ordinal logistic regression analysis and ordinal probit regression analysis are consistent.The above two tests strongly prove the robustness of the original results.