Research On The Influence Mechanism Of Micro Factors On Household Debt Behavior

In recent years,with the rising real estate prices,the scale of consumer credit of Chinese households has gradually expanded.According to the latest data of China Household Finance Survey(CHFS)in 2015,31.910% of the 32054 households surveyed hold debt,and the households holding debt have a large scale of debt.China's households have a relatively serious financial illiteracy.At the same time,it is found that most households are deeply affected by traditional culture,and financial literacy and conceptual culture can influence the economic related behaviors of actors through different effects,including individuals and collectives.Therefore,it is of great significance to study the influence of financial literacy and concept culture on the willingness and degree of family debt.Based on this,with the help of 2015 CHFS data,this paper reviews the relevant theories and research results,selects the required variables,and gives the research hypothesis.In the process of empirical research.This paper first selects small-scale household debt data,constructs a two-part latent variable model that fits the data,and tries to explore the relationship between financial literacy,concept culture and household debt behavior.Secondly,it selects national household debt data,constructs two-part spatial econometric model,and then can further study household debt behavior.At the same time,considering the geographical location,this paper explores and analyzes the spatial effect of family debt behavior.The empirical results show that the factors influencing household debt management behavior include not only the gender of the head of household,marital status and other common micro factors,but also the two potential factors of financial literacy and concept culture.Firstly,13 observable explanatory variables,such as the age of the head of household,have a significantimpact on the debt behavior of Chinese families.Secondly,there is a significant positive correlation between the family's financial literacy and concept culture and the family's debt willingness and debt degree,and there is a correlation between the family's financial literacy and concept culture.The higher the family's financial literacy level,the family's concept will be displayed.Thirdly,the family debt behavior among the provinces and cities affects each other,and its spatial dependence is strong.The contribution of this paper is to verify the existing research conclusions on family debt behavior,and explore other factors that affect family debt behavior,and take the spatial effect into account,making the research results more comprehensive and accurate.It can provide theoretical basis for the government and related departments to make relevant policies,and also lay a foundation for households to make reasonable debt behavior decisions.