Analysis On The Behavior Characteristics And Influencing Factors Of Household Debt In China

In the year of 2007,subprime mortgage crisis broke out in USA,thereupon it lead to the break out of worldwide financial crisis,which prompted people to think deeply about what caused it.The researches on domestic households balance,the behavior characteristics of household debt,the reasons of its growth and the affecting factors,etc.,had been getting more and more attention because of financial crisis.These researches are of great significance on making better arrangement of households assets,improving behavior of loan for consumption,establishing more reasonable economic policy,and more innovation for financial products.Drawing on the present concepts of households debt,researches of its measurement method,researches of its behavior characteristics,which factors would affect it,and combining with the characteristics of China's households,this paper analyzed the behavior characteristics of households debt from macroscopic and microscopic view point.Also,this paper researched the factors which could affect whether there is debt or not in China's household by building Probit-model,and analyzed the factors which will affect the degree of households debt.The conclusions are as follow:From macroscopic view point,the general scale of China's households debt are expanding constantly,most of the households debt is loan from financial institutions.And most of credit requirement for households consumption is long-termed,especially on home mortgage.Other loan types are very low-proportion.From the perspective of microeconomics,according to the date of Chinese Households Financial Survey(CHFS),it shows that the higher the households' income,the younger the head of households,the better educated the head of households,the higher risk the head of households prefer to take,the higher the proportion of house property and financial assets occupied in net assets,will lead to higher lever of households debt.Finally,empirically analyzed the households debt by building Probit model,it shows that the higher the households' income,the younger the head of households,the better educated the head of households,the higher risk the head of households prefer to take,the higher the proportion of house property and financial assets occupied in net assets,will lead to the higher probability of occurrence of households debt.The analysis via built Probit model also shows that the higher the households' income,the younger the head of households,the better educated thehead of households,the higher risk the head of households prefer to take,the higher the proportion of house property and financial assets occupied in net assets,will lead to the higher degree of households debt.