首页|合理负债促进共享发展:基于消费不平等的经验证据

合理负债促进共享发展:基于消费不平等的经验证据

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本文基于我国居民家庭整体消费不平等高企的现状,利用CHFS面板数据探究了中国家庭负债对消费不平等的影响.发现合理的家庭负债规模扩大会显著降低家庭消费不平等,促进共享发展.进一步讨论发现负债规模扩大会导致家庭面临财务脆弱性问题,并由此对消费不平等产生异质性影响,只有当家庭的月偿债额低于或等于阈值时,家庭负债才有助于降低消费不平等.机制检验发现,合理的家庭负债规模扩大会通过降低家庭收入不平等,以及缓解暂时性收入冲击对消费产生的负面影响进而显著降低家庭消费不平等.异质性分析发现,平滑消费动机的负债、社会地位消费品负债、住房负债的规模扩大均有助于降低家庭消费不平等,而投资类负债对消费不平等的影响并不显著;高金融素养家庭、创业家庭的负债一资产比上升对消费不平等的抑制作用显著更大,且只有户主健康的家庭其负债规模扩大才有助于降低家庭面临的消费不平等程度.
Reasonable Household Debt Promotes Shared Development:Empirical Evidence Based on Consumption Inequality
In recent years,the overall consumption inequality of Chinese households has shown an expanding trend,and consumption inequality in China has been close to or even higher than income inequality in some years.Analyzing the influencing factors behind consumption inequality and taking targeted measures to curb the widening of consumption inequality among residents is of great practical significance for accelerating the construction of a new development pattern of"dual circulation",promoting high-quality economic development in China,improving residents'well-being,and achieving shared development among residents.The conclusions drawn from existing research on the impacts of debt on consumption inequality are inconsistent and current research on nonlinear effects has not calculated a specific"turning point".In addition,few studies empirically test the mechanism of household debt on consumption inequality from the perspectives of income inequality and income shock.This article is based on CHFS panel data from 2015 to 2019,using the consumer relative deprivation index to measure consumption inequality at the household level,and using the one-period lagged borrowing cost as an instrumental variable for household debt,exploring the impacts of Chinese household debt on consumption inequality.This article empirically tests the heterogeneous effects of reasonable and excessive debt from the perspective of financial fragility and calculates the threshold for excessive debt for each household.It is found that household debt only helps to reduce consumption inequality when the monthly debt repayment of the household is below or equal to this threshold.The mechanism test shows that a reasonable increase in household debt scale can significantly reduce household consumption inequality by reducing income inequality faced by households and alleviating the negative impact of temporary income shocks on household consumption.Heterogeneity analysis reveals that the increase in the debt for consumption-smoothing motivation,the debt for social-status goods,and housing debt all contribute to reducing household consumption inequality,while the debt for investment has no significant impact on consumption inequality.The increasing debt-to-asset ratio of households with high financial literacy and entrepreneurial backgrounds has a greater inhibitory effect on consumption inequality,and only the increase in the debt of households with healthy heads of households can help reduce consumption inequality.The thresholds for excessive debt vary due to household heterogeneous characteristics.This article has the following marginal contributions.(1)It analyzes the heterogeneous effects of reasonable and excessive debt on consumption inequality from the perspective of financial fragility for the first time,providing a new perspective for studying household consumption inequality in China and calculating the threshold for excessive debt.(2)This article is the first empirical study in China to explore the mechanism of household debt affecting consumption inequality from the perspectives of income inequality and temporary income shocks.Using Chinese household data,this article verifies the important conclusions drawn from the life cycle-persistent income theory and the precautionary savings theory,providing new perspectives for the mechanism research of debt affecting consumption inequality.(3)This article conducts heterogeneity tests from the perspectives of different debt motivations,financial literacy,health status,and whether households are entrepreneurial,providing empirical evidence for a profound understanding of the debt behavior of Chinese households and seeking policy measures to alleviate household consumption inequality.

household debtconsumption inequalityrelative deprivation of consumptionfinancial fragilityincome inequality

易行健、杨雨佳、杨碧云

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广东外语外贸大学金融学院

广东金融学院数字经济和金融强国建设研究院

家庭负债 消费不平等 消费相对剥夺 财务脆弱性 收入不平等

国家自然科学基金面上项目国家社会科学基金一般项目国家社科基金项目国家自然科学基金面上项目广东省自然科学基金面上项目

7227303623BJL12722VRC002720730362023A515011909

2024

10.11778/j.jnxb.20240914

暨南学报(哲学社会科学版)
暨南大学

暨南学报(哲学社会科学版)

CSSCICHSSCD北大核心
影响因子：0.69
ISSN：1000-5072
年,卷(期)：2024.46(8)