An Empirical Research On Chinese Urban And Rural Consumers' Household Overindebtedness

In recent years,as the rapid increase on the consumer credit,China has also appeared the problem of excessive debt,especially in urban areas,the phenomenon of excessive debt at home has become increasingly common.Although,for a long time,China is a typical high-saving rate country,but in the stimulus of the consumer credit,and accompanied by a sustained rise in the price level,and the increase total consumption expenditure proportionofpension,medical,housing,education and other personal expendi-ture,paying attention to consumption and ignore the phenomenon has been more common.Excessive debt once formed,will not only harm consumers,may lead to debtors face mental anxiety and the pressure of life,but also endanger the financial stability,the resulting financial pressure,thereby affecting the financial markets and the stability of social order.Studying of over indebted households behavior has both theoretical and practical significance.In fact,in some of the developed countries,the phenomenon has been more common,some countries have introduced laws and regulations to regulate the behavior of consumer credit,and use legal norms to prevention and control of excessive debt behavior.In this paper,based on the definition of excessive debt and quantitative indicators,the formation mechanism of excessive debt behavior to comb the related literature at home and abroad,expounds the existing measuring methods of excessive debt,as well as the influence factors of excessive debt behavior,such as irregular financial institutions management,economic shock,the family financial lack of knowledge and cognitive bias and social demographic factors,and describes the framework and the research hypothesis of the theory of this study.This paper analyzes the deficiency of the existing literature,on the basis of existing research,based on the perspective of family financial in the definition of excessive debt and determine on the basis of the quantitative indicators,analyzes the family influence factors of excessive debt behavior,and based on the survey data--CHFS,empirical analysis,combing home excessive debt behavior formation mechanism in our country.This sort of definition and quantitative indicators of excessive debt,the factors affect the behavior of over-indebted,expatiating the method to measure the current excessive debt,and the influencing factors analysis of excessive debt behavior,such as financial institutions,the informal sector,economic impact,knowledge and cognitive bias and social demography and so on,and introduces the framework and research hypothesisof this study.Based on the definition of over-indebted households behavior,and to determine theindicators and indicator combination of this measure of excessive debt,and expounds the calculation method.Combined with the statistical data of CHFS,the factors are classified according to the background of social network factors,risk factors,risk preference,creditfactors,social factors such as population,then CHFS was China family data and compared to France,an international other countries over debt,compared to the similarities and differences between countries some influence factors of excessive debt.Then,based on the descriptive analysis of these factors,using Logit model to analyze the influencing factors of over-indebted households behavior,the main conclusions of this study are:the background of risk and risk preference is an important influence factor of urban and rural residents of excessive debt behavior,and social networks as a complementary system of social security system,to resist the economic disadvantage impact and smooth household consumption,plays an important role,especially in the rural areas.In addition,an important factor in the level of financial knowledge and some socio-demographic factors also influence the behavior of excessive debt.Finally,according to the conclusions of this paper,respectively,from the micro level and macro level policy recommendations and opinions.