Borrowing Choices And Subjective Well-being: Degree Measurement And Impact Analysis

The family financial system is an important part of the overall financial behavior,Households' choice of borrowing partly affects the country's overall economic direction,and can also directly reflect the degree of influence of the economic policy on family finances.Therefore,the research on household lending has been a hot topic in economics Subjective happiness is an individual's subjective evaluation of current living conditions,which directly reflects the individual's satisfaction with life.The individual's happiness is equivalent to the utility of micro-individuals.It can be used as a reference for the study of microeconomics.Family lending acts as a link between family income and consumption,and its effect on subjective well-being has rarely been studied.In this context,this paper summarizes and analyzes the current research situation at home and abroad and a theoretical study on family loan choice and subjective well-being is also carried out.Based on this,it is based on the“China Household Income Survey(CHIP)Database "(2013),after a certain selection and analysis of variables,the authoritative Logit method and propensity score matching method(PSM)are used to study the influence of Chinese family loan choice on subjective well-being,and And the degree of its influence has been carefully interpreted and deeply analyzed.Firstly,it studies the influence of loan behavior on subjective well-being.Therefore,subjective well-being is the result variable and whether there is loan behavior as the core processing variable to establish the measurement model.In further analysis,the loan behavior is subdivided into planning loan behavior.The core processing variables of the second model use the ordered Logit method to estimate the above model.Then,in order to remove the selective bias existing in the estimation,the PSM is used to construct a counter factual framework for the matching estimation.Fin ally,the robustness test is carried out to verify the validity of the results.After analyzing the relevant data of CHIP database,the results show that:(1)Lending behavior has a negative impact on subjective well-being,but the impact of lending behavior on people's happiness should consider the background and initiative of lending behavior.For those with lending behaviors,planning lending behavior will have a positive impact on subjective well-being;(2)The influence of borrowing behavior on subjective happiness is studied in different groups.There are differences in employment status between the influence of loan and planning loan on subjective happiness.In the sample of people whose employment status is employer,the influence of borrowing behavior on subjective happiness is significant,but it is not significant in the sample of people whose employment status is other.For the group with borrowing behavior,the effect of planning borrowing behavior on subjective well-being is significant in the sample of other groups with employment status,which is not significant in the sample of the group with employment status as employer.(3)The influence of loan and planning loan on SWB is different in workplace.The influence of borrowing behavior on SWB was significant in the work place in the population sample of hometown,but not in the population sample of work place in hometown.For the group with borrowing behavior,the effect of planning borrowing behavior in the sample of other groups in the work place is significant,but not significant for the group sample in the city where the work place is.Finally,a series of policy Suggestions and measures are put forward on the basis of the conclusions obtained.