Abstract:Consumer finance is a new developing field of finance and economic research. This paper aims at providing a brief summary of this field.  First, we define the overall scope of consumer finance research and the main problems it studies.  Then, we survey the current landscape of the field from several perspectives such as: financial decisions of consumers, the behavioral description of their financial activities, the relationship of consumer finance and the financial environment, especially financial markets and governments' related policies.  Finally, we comment on the challenges and future developments of consumer finance research.
Key Words:Consumption; Consumer Finance; Consumer Behavior; Savings; Investments
JEL Classification:D11, D12, D91, D92, G22

Abstract:Based on the existing literature, this paper conducts cost-efficiency analysis of government investment in health insurance. The ratio of the corresponding increase in consumption and the government’s investment in health insurance is 2.36 for the New Rural Cooperate Medical System (NRCMS), 4.16 for the Urban Employee Medical Basic Insurance (UEBMI), and 21.9 RMB for the Urban Household Basic Medical Insurance (UHBMI). Overall, those effects would increase residents’ current consumption by 7%, which means that China's household savings rate would be lowered by 4.34 percentage points.
Key Words:Basic Medical Insurance; Uncertainty, Precautionary Saving
JEL Classification:D61, H51

Abstract:By employing Non-linear STR model of time series and panel Threshold regression model, this paper empirically analyses the effect of insurance consumption on economic growth in China, from both national and regional aspects. The empirical analysis indicates that the insurance consumption in current period strongly promote economic growth with the typical gradual and non-linear characteristics; To some extent, the insurance consumption in one lag period restraints the economic growth; The effects of both regional life insurance and regional non-life insurance consumption on economic growth take on double-threshold effects, however, the threshold of regional life insurance consumption to promote economic growth is obviously higher than that of non-life insurance consumption.
Key Words:Insurance Consumption; Economic Growth; STR Model; Panel Threshold Regression Model
JEL Classification:C51, C52, E61, G22

Abstract:The informal institutions such as the system of the culture, ethic and belief have importantly influenced the economic behavior of micro-economic agent. The paper analyzes the potential influence of the Confucian culture on the economic behavior of households’ consumption, saving and intergeneration support in China. We explain the role and meaning of the Confucian culture in the family which acts as a institution of economic interaction and inter-security, and also state the inborn faults of the family as a institution of support for the old. We use the data from year 1986 to 2008 empirically test the characteristics of households’ consumption involving the intergeneration support and confirm the non-stability and non-persistence of the family as a institution of support for the old. We realize the financial and ensuring system should be built and completed, the support for the old must be market-orientated. It divided out the economic function of the family which leads to the more unstable version of the relationship among the persons in the family and structure of family.
Key Words:Confucian Culture; Intergeneration Support; Ratio of Dependency; Supportive Institution for the Old
JEL Classification:D11，E11，E24

Abstract:This article studies the effect of Hukou system on household consumption of China. Based on the dataset of Chinese Household Income Project Survey (CHIPS), we find the marginal consumption rate of migrants is lower than that of urban residents by about 14.6 percentage points. Without considering the general equilibrium effects of the policy change, we estimate that, if restriction of Hukou were removed in 2002, average consumption of migrants would rise by 20.8%, and aggregate consumption would grow by 2.2%, which could compensate for about 47.1% in the decline in household consumption during 2002—2003. Using the estimates of our model, the migrants’ consumption constrained by the Hukou system can explain bout 40.8%—64.2% of the decline in household consumption during 2000—2005.
Key Words:Hukou System; Urban Migrants; Consumption
JEL Classification:E21, O15, O24

Abstract:How to choose their assets when the households construct their portfolio? Which market they will take part in? When do they take part in the markets? Why? The paper analyzed the effects of life cycle, wealth and house ownership on household portfolio composition across households with varying characters in China. Firstly, we found that the household portfolio do have a life cycle. Few very young households invest in risky assets. But the young households will have more interests on the futures even the futures are extremely risky. Secondly, we found that the house investment have significant impacts on the investment of liquid assets. The households have to reduce their investment on liquid assets for the holding of house. Thirdly, the current wealth of the households would have important effects on the probability of households’ stock market participation and the proportion of their wealth invested in risky assets. The participation rates of risk-free assets investment have an inverted U-curve pattern, which is first increasing and then decreasing with wealth level. The results show that the households make portfolio choices mainly based on the current wealth and have little consideration about their expected future incomes.
Key Words:Household Finance；Portfolio；Life Cycle; Wealth Effect; Housing
JEL Classification:G11，D91，D14

Abstract:The performance of consumer financial behavior is final acts on the types of financial products and financial services, high net worth individual's financial behavior is the focus of theory and practice community.Based on consumer financial decision-making process，this paper constructs the personal financial planning decision Conceptual model，then presents eleven factors of consumer financial behavior.We build a personal financial planning analysis model，design Indexes and scales for empirical study.Finally，according to the financial behavior survey results of high net worth indicidual, we make the significant test of factors about financial behavior of high net worth individual, and form the basis of financial consumer market segments.
Key Words:HNWI; Personal Financial Planning; Financial Consumer Behavior; Consumer Finance
JEL Classification:C91, D14, D31

Abstract：Information asymmetry is one of the major reason for credit risk in the credit card market.In this case, it is importance to establish a reliable model for risk identification by statistical analysis, data mining and other high-tech. This is the first application of the RFC in the credit risk assessment, and the empirical evidence reveals that RFC does outperform the SVC and Logistic model.the result has important implication for the enriching credit risk assessment system and enhancing risk management. Evidence found that variables of occupation, age, population in family, the amount of credit card, education, family income have a significant effect on credit card default risk,but variables of gender, marital status has not significant effect on the credit risk.
Key Words： Information asymmetry; Credit Card; Credit Risk; Random Forests
JEL Classification：C45，C53，G32

Abstract: Credit card use frequency is the number of the card being used by the cardholder per unit time, which measures the activeness of the cardholders behavior. Based on the empirical analysis on the determinants of the credit card use frequency in China from the perspectives of life-cycle and consumer attitudes, we found that: firstly, Life-cycle factors play an important role in cardholders use pattern, cardholders who are married and have children are less active in credit card use. Secondly, the high-profile social status expressed by the credit card significantly increased the use frequency. In addition, cardholders personal income, profession and living area also showed a significant effect on the use frequency.
Key Words：Life-cycle; Consumer Attitude; Credit Card; Use Frequency
JEL Classification：D12, G21

Abstract：In this paper, we utilize a unique unbalanced panel of monthly data on household income and consumption to analyze the characteristics and determining factors of urban conspicuous(visible) consumption in China. First, making use of two-sample t test, we investigate whether individual characteristics such as gender, age, occupation, industry and income affect conspicuous consumption. Second, we conduct fixed-effect regressions and find that the determining factors of conspicuous consumption include the number of retirees and unemployed in the household, household head's industry and occupation. Possibly the most interesting finding lies in the observation that individuals employed in the public sector and especially those who have a leadership role have a higher share of conspicuous consumption than those otherwise.
Key Words：Conspicuous Consumption; Visible Consumption; China
JEL Classification：D10, D12, D14

Abstract：In recent years, housing price of China has been growing, it remains so high that brings great pressure to common people. As a guarantee policy, housing accumulation fund system plays a very important role in improving the purchasing power of people as well as their housing conditions, still there are some problems. How to better improve housing accumulation fund system has always been of great concerned to the government, which relates to a problem that how to formulate a reasonable capture puts scale of housing accumulation fund. This study systematically did some theoretical and empirical analysis focus on the impact factors of housing accumulation fund capture puts scale in China. Hope that these analyses can contribute to better understand and improve the housing accumulation fund system in China.
Key Words：Housing Accumulation Fund; Capture Puts Scale; Determinants; Empirical Evidence
JEL Classification：H55, H75

Abstract: To meet a rapid growth in personal household consumer finance (PHML), we examine the major factors that influence default risks in PHML. We build a four-dimensional analytical framework, measure abnormal points and select characteristic values using nonparametric random forest algorithm, and construct logistic regression model on default risks in PHML. The results indicate that the eight out of 17 variables are significant. The findings offer new analytical methods and guide financial institutions how to guard against the risks in conducting PHML businesses.
Key Words: Consumer Finance; Personal Housing Mortgage Loan; Default Risk; Nonparametric Random Forest Algorithm; Logistic Regression Model
JEL Classification：F29, C45