近年来，我国城镇家庭部门债务持续较快增长，城镇家庭部门的债务风险及其影响受到了政策和学术层面的广泛关注。本文在对我国城镇家庭持有的两类主要债务（耐用消费品债务和信用卡债务）现状分析的基础上，基于社会地位寻求和当期偏好倾向的视角，从理论和实证两方面分析了我国城镇家庭此二类债务增长的原因，并分析了城镇家庭债务对其主观幸福感的影响。主要研究内容和发现包括：

首先，采用中国家庭金融调查（CHFS）已公开的2011、2013、2015和2017年四轮调查数据，计算了各收入组、各地区城镇家庭所使用耐用消费品的信贷参与率、债务总额、债务可支配收入比、债务资产比和债务偿付比率五个债务负担指标，采用CHFS2011、2013和2015年三轮调查数据计算了各收入组、各地区城镇家庭信用卡的信贷参与率、债务总额和债务可支配收入比三个债务负担指标，分析了各收入组、各地区城镇家庭所使用耐用消费品的五个债务负担指标和信用卡的三个债务负担指标的变化趋势，比较了不同收入组、不同地区城镇家庭所使用耐用消费品的五个债务负担指标和信用卡的三个债务负担指标在各调查年份的差异。研究发现：整体而言，纵向上，各收入组、各地区城镇家庭所使用耐用消费品、信用卡的各个债务负担指标呈上升的趋势，横向上，可支配收入最低一组、西部地区城镇家庭面临着更大的债务压力，为研究城镇家庭此二类债务增长的成因提供了基础。

其次，基于社会地位寻求，从理论和实证两方面分析了社会地位寻求对城镇家庭所使用耐用消费品债务的影响及其作用机制。研究发现：控制个体和家庭特征的条件下，社会地位寻求对城镇家庭所使用耐用消费品的债务具有显著正向影响；社会地位寻求对城镇家庭所使用耐用消费品的银行债务的影响要大于其非银行债务的影响；家庭所在区（县）的收入差距和社会交往都会强化社会地位寻求对城镇家庭所使用耐用消费品债务的正向影响；社会地位寻求对城镇家庭所使用耐用消费品债务的正向影响在低收入组和西部、中部地区城镇家庭中表现得更为明显。

再次，基于当期偏好倾向，从理论和实证两方面分析了当期偏好倾向对城镇家庭信用卡循环债务的影响及其作用机制。研究发现：控制个体和家庭特征的条件下，当期偏好倾向对城镇家庭持有的信用卡循环债务具有显著正向影响，而且当期偏好倾向通过促进家庭即时性消费对信用卡循环债务产生影响；当期偏好倾向对城镇家庭持有信用卡循环债务的影响在低收入组和西部地区城镇家庭中表现得更为明显。

最后，在文献综述的基础上，提出了家庭债务影响主观幸福感的研究假设，从城镇家庭调查年份的借贷行为、每月债务偿付金额、债务剩余期限和债务成本四个角度分析了城镇家庭债务对其主观幸福感的影响。研究发现：控制个体和家庭特征的条件下，城镇家庭每月债务偿付金额、债务剩余期限和债务成本均对其主观幸福感有显著的负向影响，而城镇家庭调查年份的借贷行为对其主观幸福感的正向影响并没有得到实证结果的支持；家庭受访者及其配偶健康人数的增加会弱化每月债务偿付金额、债务剩余期限和债务成本对其主观幸福感的负向影响，而家庭月均医疗支出的增加则会强化三者对主观幸福感的负向影响；每月债务偿付金额、债务剩余期限和债务成本对其主观幸福感的负向影响在低收入组和西部地区城镇家庭中表现得更为明显。

根据如上的研究结论，本文最后提出了防范城镇家庭债务风险和提升城镇家庭主观幸福感的政策建议。

本文的主要贡献：首先，基于CHFS调查数据分别计算了五个衡量城镇家庭所使用耐用消费品的债务负担指标和三个衡量城镇家庭信用卡的债务负担指标，有助于从微观家庭的视角，更全面地认识我国城镇家庭债务的变化趋势和可能存在的风险；其次，从理论和实证两方面研究了社会地位寻求和当期偏好倾向对城镇家庭所使用耐用消费品债务和信用卡循环债务的影响，并探究了社会地位寻求和当期偏好倾向对城镇家庭此二类债务影响的作用机制，拓展了我国城镇家庭债务增长成因的研究范畴；最后，国内相关文献主要分析了家庭债务总额对其主观幸福感的影响，本文从家庭债务总额之外的多个视角探究了城镇家庭债务对其主观幸福感的影响及其作用机制，进一步丰富了家庭债务影响主观幸福感的文献。

In recent years, China's urban household debts continue to grow rapidly, and the risk of urban household debts and its impact on household itself and society have attracted more and more policy and academic attention. After analyzing the actualities of durables debts and credit card debts which are the main two kind debts that urban households bear, this paper theoretically and empirically studies causes of the two kind debts from perspectives of social status seeking and present-biased preference respectively. In addition, this paper studies the impact of urban household debts on subjective well-being. The research contents and main findings include:

Firstly, utilizing data from the four avaibable waves (2011, 2013, 2015 and 2017) of China Household Finance Survey (CHFS), this paper group urban households by disposable income and reigon respectively and calculate five debt-burden indicators that are credit participation rate, sum of debts, debt to disposable income ratio, debt to asset ratio and debt servicing to disposable income ratio of durables in use for each group in each wave, utilizing data from the three avaibable waves (2011, 2013, and 2015) of CHFS, this paper group urban households by disposable income and region again and calculate three debt-burden indicators that are credit participation rate, sum of debts and debt to disposable income ratio of credit card for each group in each wave, then analyzes the trend of five debt-burden indicators of durables in use and three debt-burden indicators of credit card of urban households in each income group and each region group, and compares each debt-burden indicator of durables in use and each debt-burden indicator of credit card of urban households in different income groups and different region groups respectively in each wave. The research finds that, the five debt-burden indicators of durables in use and the three debt-burden indictors of credit card of urban households in each of the income group and region group increase in general longitudinally, and debt burden for urban households in lower income group and west reigon are larger laterally, which lay the foundation for studying the causes of increase for debts of durables in use and credit card debts of urban households.

Secondly, based on the perspective of social status seeking, this paper analyzes the impact and its mechanism of social status seeking on debts of durables in use that urban households bear theoretically and empirically. The research finds that, controlling characteristics of individuals and households, social status seeking has a significantly positive impact on debts of durables in use; the impact of social status seeking on bank debts of durables in use is greater than that on non-bank debts of durables in use of urban households; the income disparity of county that households live in and social network of households will strengthen the impact of social status seeking on debts of durables in use of urban households; the impact of social status seeking on debts of durables in use of urban households is greater for urban households in lower income groups, west and middle region groups.

Thirdly, based on the perspective of present-biased preference, this paper analyzes the impact and its mechanism of present-biased preference on credit card revolving debts that urban households carry over theoretically and empirically. The research finds that, controlling characteristics of individuals and households, present-biased preference has a significantly positive impact on credit card revolving debts that urban households carry over; present-biased preference affects credit card revolving debts that urban households carry over through instantaneous consumption; the impact of present-biased preference on credit card revolving debts that urban households carry over is greater for urban households in lower income groups and west region groups.

Finally, based on literature review, this paper proposes research hypotheses on household debts affecting subjective well-being and analyzes impacts of borrowing behavior in the survey year, debt servicing to disposable income ratio, left months before debts become due and cost of debts on urban households’ subjective well-being. The research finds that, controlling characteristics of individuals and households, debt servicing to disposable income ratio, left months before debts becoming due and cost of debts have significantly negative effect on urban households’ subjective well-being, the positive effect of urban households’ borrowing behavior in the survey year on subjective well-being has not been supported by empirical results; the number of interviewee and his or her spouse that are health will reduce the negative impacts of debt servicing to disposable income ratio, left months before debts becoming due and cost of debts on subjective well-being, while monthly medical expenditure will strengthen the ngative impacts of that on subjective well-beijing; impacts of debt servicing to disposable income ratio, left months before debts becoming due and cost of debts on subjective well-being are greater for urban households in lower income groups and west region groups.

Based on the research conclusions, this article puts forward recommendations for reducing urban households’ debt risk and improving their subjective well-being.

The main contributions of this paper are as follows: firstly, based on the data from CHFS, five debt-burden indicators of durables in use and three debt-burden indicators of credit card of urban households are calculated, which is conducive to understanding trends and potential　risk of urban household debts more comprehensively from micro household perspective; secondly, the impact of social status seeking on debts of durables in use that urban households bear and its mechanism, the impact of present-biased preference on credit card revolving debts that urban households carry over and its mechanism are analyzed theoretically and empirically, which expands the research scope on the causes of increasing debts held by urban households in China; thirdly, different from relevant research literatures that mainly analyze the impact of households’ total outstanding debt on subjective well-being, the impact of urban household debts on subjective well-being is analyzed from multiply perspectives, which further enriches literatures about the impact of household debts on subjective well-being.