An Empirical Study on the Impact of Family Leverage on Residents' Subjective Well-Being In China

doi:10.11885/j.issn.1674-5094.2020.03.25.04

Abstract

Abstract: Based on the data from the 2017 China Household Finance Survey (CHFS),this paper constructs an empirical model with family leverage as the core variable, in order to to explore the impact of family debt expansion on residents' subjective well-being. It is found that:family leverage has a significant negative correlation with residents' subjective well-being, so the family's leverage behavior could obviously reduce members' well-being; consumption and health are the influencing factors of happiness, and also one of the channels for family leverage to affect happiness; consumption expenditure has a significant inhibition effect, and family leverage will strengthen this effect. Therefore, while guiding and encouraging residents' debt consumption to boost domestic demand and stimulate the economy, the state should pay attention to easing the social pressure brought by high debt and effectively transform the achievements of economic development into the well-being of people..

Key words: family leverage, subjective well-being, consumption, saving, domestic demand

CLC Number:

F832.4

Zhou Hong, Wu Yuyu. An Empirical Study on the Impact of Family Leverage on Residents' Subjective Well-Being In China[J]. 西南石油大学学报(社会科学版), 2020, 22(5): 14-20.

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