Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect
Abstract
:1. Introduction
2. Data Interpretation and Model Setting
2.1. Data Source and Variable Definition
2.2. Estimation Method
3. Empirical Results
3.1. Benchmark Results
3.2. Robustness Test
3.3. Test Results of Sub-Indexes
3.4. Mechanism Analysis
3.5. Heterogeneity Analysis
4. Conclusions and Suggestions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Sample Size | Mean | Standard Error | Minimum | Maximum |
---|---|---|---|---|---|
Leverage | 33,415 | 0.192 | 2.19 | 0 | 194.617 |
Dfi | 33,415 | 5.713 | 0.091 | 5.573 | 5.934 |
man | 33,415 | 0.757 | 0.429 | 0 | 1 |
age | 33,415 | 55.407 | 12.847 | 19 | 80 |
age2 | 33,415 | 3234.95 | 1393.426 | 361 | 6400 |
eduyear | 33,415 | 9.17 | 4.002 | 0 | 22 |
rural | 33,415 | 0.567 | 0.495 | 0 | 1 |
marriage | 33,415 | 0.97 | 0.17 | 0 | 1 |
health | 33,415 | 0.395 | 0.489 | 0 | 1 |
risk | 33,415 | 0.054 | 0.226 | 0 | 1 |
asset | 33,415 | 12.749 | 1.729 | 0 | 21.465 |
income | 33,415 | 10.289 | 2.281 | 0 | 13.239 |
overcons | 33,415 | 10.016 | 1.598 | −0.693 | 13.225 |
finance | 33,415 | 2.18 | 1.115 | 1.057 | 6.368 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Leverage | Leverage | Leverage | Leverage | |
Dfi | −0.648 *** | −0.495 ** | 0.549 *** | 0.503 *** |
(0.178) | (0.181) | (0.126) | (0.168) | |
man | −0.026 | −0.009 | −0.009 | |
(0.036) | (0.034) | (0.034) | ||
age | 0.001 | 0.022 ** | 0.022 ** | |
(0.006) | (0.008) | (0.008) | ||
age2 | −0.000 | −0.000 *** | −0.0003 *** | |
(0.000) | (0.000) | (0.000) | ||
eduyear | −0.017 *** | 0.009 | 0.009 | |
(0.005) | (0.006) | (0.006) | ||
rural | −0.022 | −0.147 *** | −0.146 *** | |
(0.035) | (0.049) | (0.049) | ||
marriage | −0.063 | 0.184 | 0.184 | |
(0.138) | (0.140) | (0.140) | ||
health | −0.135 *** | −0.053 ** | −0.053 ** | |
(0.029) | (0.020) | (0.020) | ||
risk | 0.149 | 0.148 | ||
(0.090) | (0.090) | |||
asset | −0.237 *** | −0.237 *** | ||
(0.039) | (0.039) | |||
income | 0.007 * | 0.007 * | ||
(0.004) | (0.004) | |||
finance | 0.006 | |||
(0.011) | ||||
_cons | 3.895 *** | 3.469 *** | −0.400 | −0.146 |
(1.024) | (1.009) | (0.624) | (0.913) | |
N | 33,415 | 33,415 | 33,415 | 33,415 |
R2 | 0.001 | 0.003 | 0.026 | 0.026 |
2SLS Model | Tobit Model | |
---|---|---|
(1) | (2) | |
Leverage | Leverage | |
Dfi | 0.564 ** | 0.503 *** |
(0.230) | (0.168) | |
Controls | √ | √ |
K-Paap rk LM statistic | 11.650 [0.0006] | |
K-Paap rk Wald F statistic | 30.247 [0.000] | |
N | 33,415 | 33,415 |
R2 | 0.026 |
(1) | (2) | (3) | |
---|---|---|---|
Leverage | Leverage | Leverage | |
cov | 0.746 *** | ||
(0.190) | |||
use | 0.366 ** | ||
(0.143) | |||
dig | 0.554 | ||
(0.388) | |||
Controls | √ | √ | √ |
N | 33,415 | 33,415 | 33,415 |
R2 | 0.026 | 0.026 | 0.026 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Overcons | Leverage | Income | Leverage | |
Dfi | 0.802 ** | 0.441 ** | 1.147 *** | −0.307 |
(0.337) | (0.161) | (0.412) | (0.249) | |
overcons | 0.078 *** | |||
(0.015) | ||||
income | −0.019 *** | |||
(0.004) | ||||
Controls | √ | √ | √ | √ |
N | 33,415 | 33,415 | 33,415 | 33,415 |
R2 | 0.155 | 0.028 | 0.133 | 0.003 |
(1) Urban Areas | (2) Rural Areas | (3) High Assets | (4) Low Assets | (5) Low Educational Level | (6) High Educational Level | |
---|---|---|---|---|---|---|
Leverage | Leverage | Leverage | Leverage | Leverage | Leverage | |
Dfi | 0.641 *** | 0.299 | −0.068 ** | −0.101 | 0.610 ** | 0.244 * |
(0.212) | (0.266) | (0.028) | (0.397) | (0.240) | (0.135) | |
Controls | √ | √ | √ | √ | √ | √ |
N | 21,366 | 12,049 | 16,707 | 16,708 | 22,232 | 11,183 |
R2 | 0.024 | 0.037 | 0.082 | 0.038 | 0.032 | 0.013 |
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Tian, G. Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect. Sustainability 2022, 14, 16271. https://doi.org/10.3390/su142316271
Tian G. Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect. Sustainability. 2022; 14(23):16271. https://doi.org/10.3390/su142316271
Chicago/Turabian StyleTian, Geng. 2022. "Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect" Sustainability 14, no. 23: 16271. https://doi.org/10.3390/su142316271