The Effect Of Credit Constraints Of The Automobile Consumption Credit On The Family Car Consumption

Since 1907, theforeign-developed auto industry has led the auto finance industry experienced a hundred years of development, making automobile consumption creditoccupy an important positionin the field of automobile consumption. According to statistics, the proportion of car financing in developed countries is usually 50% to 80%, the proportion of home loan to buy a car in the United States reached 92%, the UK 80%, Germany 75%, Japan 47%, while in China the ratio is less than 20%.In this paper, we use the data fromthe"China Household Financial Survey" to research the automobile consumption creditconstraints in the automobile consumption market, as well as the influence on household automobile consumption.First, we are concerned about the status quo of the family car consumption. Combing through 2013, "Chinese family financial investigation" of data we analyze the different characteristics of the family consumer behavior and car auto loan behavior. Found that when families buy a car, there are 26.60% of the households buy a car through a loan demand, of which there are auto loan demand for 12.57% of the families are not being met, we believe that this type of household consumption by car credit constraints. Further according to the different sources of credit, and the auto loan auto loan into formal channels and informal channels auto loan, credit constraints defined formal channels automobile consumer loans and non-formal channels of automobile consumption according to "China Household Financial Survey" questionnaire structure credit constraints loans were studied two channels of automobile consumption credit constraints, and found that there are auto loan demand family has 31.43 percent of household automobile consumption credit constraints facing informal channels, there are 16.73% of families faced with non-formal channels automobile consumption credit constraints.Then, for automobile consumption credit constraints faced by families, asking what kind of family are more susceptible to automobile consumption credit constraints? So, from the perspective of family heterogeneity establish whether the family automobile consumption credit constraints faced by Probit binary choice model to analyze the factors that household automobile consumption credit constraint that the probability of impact. Found that households headed by age on the probability of household automobile consumption credit constraints positive influence, and this influence weakened with age; there is no work and family than working families more vulnerable to automobile consumption credit constraints; families facing car there are significant regional differences in consumer credit constrained than the central region of the western region family households are more vulnerable to constraints, while the eastern region families are less likely to be bound, indicating the financial sector underdeveloped western region, the development of automotive financial services in the western region is not yet mature while auto loan demand in eastern family more easily met, since the imbalance of regional economic development in the eastern, central, western, making the development of automobile consumption credit geographical presence of uneven development issues; physical health and risk-headed preferences have a significant effect on whether the household faced automobile consumption credit constraints, headed healthy family less susceptible to automobile consumption credit constraints, and household appetite for risk are more susceptible to automobile consumption credit constraints; the economic situation of families terms, household income and an increase in assets of all auto loan demand has been met family for help.Further, since the family is facing formal channels and non-formal channels of automobile consumption credit constrained, and these circumstances are quite different, we distinguish between sources of credit research automobile consumption credit constraint mechanism. Found that households headed by younger consumer loans easier to obtain car loans through formal channels, while older-headed households are more likely to meet the needs of the family car consumer loans through informal sources of credit; auto loan credit constraints are the two channels when the obvious, the East and West regional differences, and such regional differences in household faces formal channels of automobile consumption credit constraint was especially evident once again illustrates the development of automobile consumption credit business, especially the development of formal channels of automobile consumption credit business Status of the affected area larger economy, in the development process should be balanced in different regions; in our typical urban-rural dual economic structure, there are obvious differences between urban and rural areas of automobile consumption credit constraints formal channels, rural households are more vulnerable regular automobile consumption credit constraints, rather than formal channels of automobile consumption credit constraints; in addition, the regular automobile consumption credit constraints are significantly negative effect on household income and assets and other quantitative indicators, rather than regular automobile consumption credit is constrained by the head of the household work status, effect of education level, family size, marital status qualitative indicators, visible in the informal automobile consumption credit market demand for loans who prefer to study easily observed qualitative indicators, and formal automobile consumption credit market more dependent on quantitative indicators.Then, we naturally want to know, what kind of impact do automobile consumption credit constraints cause on family car consumption? Consumption of empirical research automobile consumption credit constraints on the family car on the discovery, whether automobile consumption credit constraints, regardless of the channel or channels to distinguish automotive consumer credit constraints, have a significant negative impact on the family car consumption, and non inhibition of automobile consumption credit constraints formal channels of auto consumption is stronger than formal channels, compared to consumer credit in China's automobile market share of automobile consumption credit heavier formal, non-formal channels of automobile consumption credit needs further development and standardization. And, the impact of automobile consumption credit constraints sub-channel effect is weaker than the family car consumption credit constraints, regardless of the channel, automobile consumption credit automobile consumption credit and informal channels of formal channels complement each other. Deeper, for automobile consumption credit constraints on car consumption affect the results heterogeneity analysis, found in various regions of the three regions, urban and rural, education level, income levels, household automobile consumption credit constraints on automobile consumption is the effect of the impact different, in the eastern part of the family, city or family, or less educated families, low income level or family car automobile consumption credit constraints on households spending inhibition stronger.At last, for the above research results, we make some policy suggestions to promote the healthy development of automobile consumption credit business in our country, and give full play promote automobile consumption credit automobile industry economic development.