Analysis Of Rural Household Debt And Its Influencing Factors In China

In realizing the party's first hundred-year goal of building a well-off society in an all-round way,the Party Central Committee has been vigorously developing inclusive finance,and the promotion of rural inclusive financial development must be based on the accurate grasp of the characteristics of demand.Studying the influence of family characteristics on the rural household debt behavior in China is of great theoretical and practical significance for the government and financial institutions to plan and implement more effective financial poverty alleviation measures according to the characteristics of rural household capital demand,carry out broader inclusive finance,and achieve the overall well-off society.In recent years,domestic and foreign research on family finance has achieved remarkable results,but related researches mainly focuse on the relationship between household debt and macroeconomic growth from a macro perspective,but influencing factors for household debt,especially for rural households,involve very little research.The research uses the 2013 China Household Finance Survey(CHFS)data,firstly selects variables based on literature review and related theoretical review,builds Probit and Tobit regression models on this basis,and finally uses regression models to investigate and analyze the factors affecting the family's debt and household debt level.The research results show that the proportion of rural households holding liabilities in China is 53.54%,which is higher than the urban level,but the average household debt scale is only one-third of the urban level.In the rural households with liabilities,the distribution of liabilities is Pyramid type,more than half of household debts are below 10,000 yuan,91.01% of household debts are below 100,000 yuan;64.87% of rural household debts are from private lending,and the most dominant use of liabilities is to purchase and build houses and production activities,accounting for 78.18% of rural household debt,while rural households have almost zero financial investment liabilities and credit card liabilities;total household expenditure,total household assets,productive and operational assets,financial assets,family size,age,physical condition,and the risk attitude of the head of household significantly impact the debt of rural households;total household income and expenditure,total household assets,productive and operational assets,houses,vehicles,financial assets,gender,the working conditions and the educational level of the head of the household have a remarkable influence on the level of debt measured by total household debt;total household income and expenditure,total household assets,productive and operational assets,financial assets,family size,age,the marital status,the physical condition and the risk attitude of the head of the household have striking consequences for the degree of debt measured by the household debt ratio.Finally,the study proposes relevant policy recommendations for government and financial institutions.