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
APA StyleTian, G. (2022). Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect. Sustainability, 14(23), 16271. https://doi.org/10.3390/su142316271