Household debt and happiness: evidence from China Household Finance Survey
Household debt and happiness: evidence from China Household Finance Survey
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家庭债务与幸福：来自中国家庭金融调查的证据
DOI：
10.1080/13504851.2019.1610706
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发表时间：
2019
影响因子：
1.6
通讯作者：
张婷婷
中科院分区：
文献类型：
--
作者：
刘志峰;钟雪仪;张婷婷
本文利用中国家庭金融调查数据，研究了家庭负债对幸福感的影响。基于有序logit模型的实证结果表明：（1）家庭总债务会显著降低家庭幸福感;（2）不同类型的债务对幸福感的影响是异质的，住房债务和教育债务是这种负效应的主要来源，而其他类型的债务对幸福感的影响不显著;（3）不同来源的住房债务对幸福感的影响不同，只有非银行住房债务显著降低了人们的幸福感;风险态度在负债与幸福感的关系中起着重要作用，风险厌恶程度高的家庭在借钱时幸福感较低。
Using the China Household Finance Survey Data, this article studies the effect of household debt on happiness. The empirical results based on the ordered logit model show that (1) total household debt will significantly reduce family’s happiness; (2) the effect of different types of debt on happiness is heterogeneous, and housing debt and education debt are the main sources of this negative effect, while other types of debt have no significant effect; (3) the different sources of housing debt have different effects on happiness, and only nonbank housing debt significantly reduces people’s happiness; and (4) risk attitude plays an important role in the relationship between debt and happiness, where families with a high degree of risk aversion have lower happiness when borrowing money.