Household Debt And Housing Property Research On The Influence Of Subjective Well-Being

The Chinese people's financial concept has been changing with the development of the times,the elderly Chinese people love to save money,be afraid of debt and prudent consumption,but today's young people are more willing to consume and loan than the older generation because of their higher income and faster asset appreciation,the financial status of part of the Chinese people have changed from "afraid of debt" to "high debt".At present,more and more families dare to suffer high debt,which is based on assets continue to rise and income is rising.But once the asset valuation decline,family income fell,the family debt will not sustainable,then the high debt will become the burden of the family,so that the selectivity of households is greatly weakened.For example,the mortgage loans.And also the subjective well-being of households will be affected.As an important part of family debt,housing loans must impact on it.In order to understand the relationship between family debt,housing property rights and subjective well-being,and solve the problems of them three.This paper is based on utility economics,financial leverage theory,life cycle theory and liquidity constraint theory.First puts forward four theoretical hypotheses,and establishes multiple linear regression models to test the theoretical hypotheses,the following results are obtained:Family debt is negatively related to subjective well-being;Housing property right is positively related to subjective well-being;Under the premise of the same family debt rate,people who own housing property rights have higher subjective well-being than those without property rights;Gender,age,education level,marital status,economic expectation and subjective well-being are positively correlated.Risk attitude and stock participation are negatively correlated with subjective well-being.Marital status and risk attitude are contrary to the original hypothesis.Comparing the regression analysis results with the theoretical hypotheses,we find that the first three theories are in agreement with each other,while the fourth hypothesis is partly established,but it doesn't affect the research content of this paper.The following suggestions are given through the conclusion of the study:From the perspective of individual family,we should not be over indebted,do not consume blindly,invest rationally and consume rationally;From the perspective of financial institutions,we should first standardize their own management,standardize credit marketing,innovate financial products and develop diversified financial markets;From the perspective of the government,the government should increase the supervision over financial institutions and regulate the operation of the financial industry.The government should also stick to specific problems and make specific analysis of different credit policies for residents in different regions and household registration.The innovation of this paper is mainly from the perspective of family debt influence on subjective well-being of the housing property and add this variable,here is the housing property as research variables between household debt and subjective well-being,in order to observe the cross effect of household debt and housing property.