Research On The Debt Behavior Of Chinese Households And The Education Level Of Head Of Households

At the end of the last century,the scale of household debt of all countries in the world has shown a trend of rapid expansion.In the past decade,the number of household loans in China has also grown rapidly.Although China is a typical high savings rate country,with the continuous increase in prices,the improvement of the quality of life,the change of consumption concept,and the stimulation of consumer credit,spending on housing,medical care and education is increasing,more and more.The traditional concept of household savings has changed in the subtle,the awareness of active debt has generally increased,and the allocation of household assets and liabilities has undergone earth-shaking changes.In recent years,research on family finance at home and abroad has achieved remarkable degrees,but mainly focused on household asset allocation and consumption decision-making,and research on household liabilities is still relatively small.This paper focuses on the impact of household education on household debt behavior.Families are influenced by many factors in choosing whether to hold liabilities and determine the degree of leverage.There are many uncertainties.Factors such as demographics,economics,and subjective feelings of the family can have an impact on household debt behavior.This paper uses the data of China Household Finance Survey(CHFS)in 2015 to conduct empirical research.First of all,this paper analyzes the education situation of residents,and then divides into four groups according to the level of education,and analyzes the differences in debt behavior among families at different levels.Then use the Logistics model,the Tobit model,the Quantile Regression and the Mlogit model to regress the overall sample and the families with different education levels,analyze the factors affecting whether the family holds the debt and the degree of family leverage,and compare the differences between different groups.Through research and analysis,this paper has obtained the following conclusions:Firstly,on the whole,the education level of Chinese residents is relatively low,and there are few talents with high educational level.There are obvious disparities between men and women,urban and rural areas and regions.Second,with the improvement of the education level of the head of households,the household debt ratio increases,the average borrowing amount increases,the average asset-liability ratio decreases,and the borrowing demand gradually concentrates on real estate,and the proportion of banks on the borrowing channel gradually increases.Third,the education level of the head of household has a significant negative impact on the possibility of household holding liabilities and the degree of debt.In the choice of debt channels,with the increase of household education,it is more inclined to the bank channel,rather than the private or mixed channels.Fourth,the age,family size,income and expenditure of the head of household have a significant impact on household debt willingness and debt degree,and the impact direction is the same.Compared with the unemployed,unmarried and urban households,the working,married and rural households have a greater possibility of holding debt and the degree of debt.Housing assets have a positive impact on household debt willingness and a negative impact on the degree of debt.Fifth,under the control of education level,the demographic characteristics,family economic situation and subjective attitude factors have obvious differences in the impact on debt behavior.