Research On The Influencing Factors Of Household Multiple Debt Behaviors In China

The consumption concept of Chinese families has changed a lot since 1978.In the past,the behavior of household consumption in China followed the principle of "live within your means".With the gradually influence of western culture and the increasingly perfect development of financial market,the financial activities of households are increasingly rich,that more and more households begin to consume in debt.According to data released by the people's bank of China,by the end of August 2019,Chinese household sector debt stood at 52.18 trillion yuan,up 16.23 percent year on year and up 8.28 times compared with the same period in 2008.Reasonable debt,on the micro side,can smooth cross-term consumption,but also can make the household asset appreciation,that improve the long-term utility of the household,on the macro side,can boost economic growth.In an environment that debt is increasingly accepted by people,multiple debt behaviors of households are gradually emerging.For example,households may hold two or more kinds of mortgage,auto loan,education loan and medical loan,or they may borrow from banks and relatives at the same time,and hold multiple loans.Multiple liabilities can be used as a predictor of excessive household debt,and a series of articles by foreign scholar Atif r.Mian & Amir Sufi showed that the financial crisis in 2008 was related to excessive household debt.Therefore,in the context of the rapid rise of household debt in China,it is necessary to study the multiple debt behavior of households.This article,by combing the domestic and foreign related research results,selected the financial literacy,risk preferences,family characteristics,household income and region as the independent variable that influence the liabilities behavior of family,used the CHFS2015 data to generate multiple debt index 1,multiple debt index 2 and multiple debt measure 3,for the purpose of understanding the behavior of multiple debt.The main results are as follows: ?the higher the financial literacy is,the probability of multiple liabilities and the scale of liabilities will increase,so the probability of multiple liabilities will increase;?the higher the degree of family risk preference is,the probability of multiple loans and the debt scale will increase,so the probability of multiple debt behavior of the family will increase;?the family demographic characteristics significantly affect the multiple debt behavior;?the higher the household income is,the probability of borrowing from banks and relatives and the debt scale will increase,while the probability of participating in multiple loans will decrease;?for families in the eastern region,the probability of holding multiple liabilities,borrowing from dual channels and holding multiple loans,the ratio of liabilities to assets will decrease;for families in the western region,the probability of holding multiple liabilities,borrowing from dual channels,the scale of liabilities will increase,while the probability of borrowing multiple loans will decrease.So the probability of multiple liability behavior of eastern families is lower,while the probability of multiple liability behavior of western families is higher;?households in rural areas are more likely to hold multiple liabilities,borrow from dual channels,and hold multiple loans,as well as their debt scale.So the probability of multiple liabilities is also increased.