Research On Micro Influence Factors Of Household Debt Behavior

Since the 21 st century,China's implementation of policy to expand domestic demand,the variety of financial instruments,the change of residents' consumption idea and improvement of our family life quality have important influence on the rise of household debt demand.The CHFS Report shows that in 2013,50.2 percent families hold debt investigated in China,34.7 percent families borrow from informal channels,exceeding the proportion of households with bank loans.At the same time,the debt behavior of different families is often accompanied by the difference of family micro factors.Therefore,the study of the impact of family micro factors on domestic debt behavior(including debt willingness,debt degree,borrowing channels),has important theoretical and practical significance for in-depth understanding and the financial credit consciousness and regulating household debt behavior.At home and abroad in recent years,the study of family finance has acquired significant research achievements,but the related research mainly concentrated in family financial activity and household consumption credit and family financial asset allocation,the study of household debt behavior has less been involved.This study based on CHFS data(2013),by adopting the combination of qualitative and quantitative research methods.First of all,selecting the original variables and putting forward research hypotheses on the basis of literature and theoretical review.Secondly,building the Probit,Tobit and multivariate Logistic regression models on the basis of factor analysis.Lastly,analyzing the micro influence factors of household debt willingness,debt degree and borrowing channels through these above models.The results show that the main micro influence factors of China household debt behaviors including the family properties,family assets allocation,family development dynamic,head of the household characteristics,family expectations and family perception.Among them,the family properties,family allocation and family perception have significant relationship with household debt willingness,debt level and borrowing channels selection;Family expectations and householder's characteristics have significant effect on household debt degree and the choice of household borrowing channels;Family dynamic only affect household debt willingness.This research not only further demonstrates the existing contradiction conclusions about household debt behavior influence factors research,but also explored new micro influence factors of household debt behavior,and make the research more lending channels to choose strips and systematic,providing countries a decision-making model to reduce household debt risk,and complete the financial credit policy.