The Impact Of Asset Allocation Structure On Household Debt In China

In recent years,the extent of household debt in China has been less than that of some western developed countries,but household debt has risen steadily,and both family consumption loans and operating loans have increased.At present,the proportion of real estate in China's household assets allocation is too high,while the proportion of financial assets is relatively low,and the family has some irrationality in the allocation of assets.The exploration of family finance in China is still in its early stage,and the research on the relationship between household debt and household assets allocation structure is less.At the same time,most of the family financial research is macro analysis,because micro statistics are difficult and low availability,which hinder the family financial breakthrough at the micro level.With the continuous development of China's economy,household income is gradually increasing,and the assets and liabilities of the family are constantly changing,so the relationship between them will become more and more complex,which needs further investigation.Family assets allocation and family debt are closely related and influence each other,so it is of theoretical and practical significance to study both of them.The difference of household assets allocation structure will lead to different debt structure,debt scale and debt leverage ratio,in which debt leverage is mainly used to reflect the family's debt risk.The purpose of this paper is to use micro data,through the research on the family asset allocation structure,proportion analysis of family assets,and the impact on household debt is divided into two aspects,namely the impact is not influenced and the family debt leverage of household debt,so as to analyze the influence degree of deficiency of family asset allocation structure and the the assets of the household debt,put forward reasonable proposals of family asset allocation structure.This paper can be divided into five parts: the first part is the introduction,this paper takes the theoretical and practical value of the topic as the breakthrough point,expounds the basic ideas,and briefly describes the shortcomings and innovation points of the article.The second part is a comparative analysis,by comparing the structure and scale of China's family assets and liabilities with the United States and Japan,the paper analyzes the differences between China and developed countries,and makes a simple analysis of the reasons.From the macro perspective,this paper compares the allocationstructure of household assets and the gap between debt structure and developed countries,and highlights the irrationality of China's family assets allocation structure and debt structure.The third part is the model,based on the previous studies analyzed and our family status based on the model is established on two aspects: Analysis on domestic debt structure of China's household asset allocation had no effect on household debt using the Probit model,analysis of each family assets are the influence of the debt analysis;the influence of family asset allocation of household debt leverage ratio using Tobit model.The fourth part is empirical analysis.The data analysis of CFPS shows that gender and educational background have almost no effect on family debt,while income and four types of household assets allocation ratio have different effects on family debt and household debt leverage.The fifth part is the conclusion and policy recommendations,through the empirical study of the conclusions of the study,to our family asset allocation and debt size of practical policy recommendations to help our families reasonable allocation of assets and control of household debt leverage ratio.Based on previous studies of household finance,this paper analyzes how household asset allocation affects household debt and uses CFPS micro data.Investigation on family data at present in our country is not perfect,and the CFPS from the beginning of 2008 the ongoing investigation,high reliability data,the most desirable new data for 2014,based on 2014 data of CFPS.In addition,this paper introduces the concept of family debt leverage,debt leverage is used to analyze the macro economic analysis and financial enterprises,through the study of family debt and household debt leverage ratio is affected by the family asset allocation,further explains the family asset allocation effect on household debt effect.At the same time,through the calculation of debt leverage ratio,we can analyze the degree of risk of family debt,and make reasonable recommendations for the allocation of household assets.In the empirical aspect,this paper chooses two different regression models to study the two aspects of debt,aiming to analyze the influence of asset allocation on family debt more comprehensively.