Dissertations / Theses on the topic 'China Household Finance Survey'

The emerging field of household finance, which studies the welfare benefits of financial markets for households and how effectively households use this market, is of significant importance for both academics and policy makers. However, studies in this new field remain scarce. Using data from a national representative survey that is unique for its combination of abundant household characteristics and heterogeneous individual preferences, attitudes and believes, and for its inclusion of investment behaviour and performances, this thesis pioneers a positive household finance study in developing countries by systematically investigating Chinese householders’ investments in the stock market. Moreover, this is the first study to regard the psychological concept of ‘trait anxiety’ (which refers to a person’s inherent propensity to feel anxious) as negatively associated with stock investment return performance. This thesis comprises three main studies. In the first study, I investigate the reasons households participate in the stock market. I find that the evidence from China is systematically consistent with previous studies, which mainly focus on developed countries. That is, the poor and the less educated are less likely to hold equity in their final portfolios; and variables reflecting cost, constraint, preference and expectation play a statistically significant role in stock market participation. I also investigate the stock market participation problem from the new perspective of job satisfaction. Discontentment with one’s job, especially on job salary motivates stock investment activity. Satisfaction with hours of work and job stability boosts the probability of participation. Individual investment performance plays an increasingly important role in household wealth accumulation and financial well-being. Then in the second study I examine the performance of the households that participate in the stock market. First, the evidence from China on this issue is also consistent with that from developed countries. Investors that are poor, less-educated and facing high information costs underperform significantly. Moreover, two so-called ‘investor mistakes’ also undermine stock investment outcomes in China. Second, I study investor performance form a new angle, preference for information screening with respect to resources, and find that investors who rely on their own analysis when making trading decisions earn more. These investors are usually wealthier, have more financial knowledge and are more likely to be male. My third study further explores determinant of investment performance by identifying a more fundamental, intrinsic and stable heterogeneity that is embedded in human personality, i.e., trait anxiety, which reflects people’s innate propensity to feel anxious. I find that investors who are more prone to anxiety have significantly inferior investment performance in terms of stock market return rate, after controlling for many other relevant factors. This finding is robust across investment periods of both half a year and three years, and across regressions using different proxies for trait anxiety.

This thesis presents three empirical studies on household finance. The thesis is inspired by the following phenomena: (1) the development of household finance; (2) the importance of enhancing financial inclusion; (3) the rising prevalence of obesity in western countries; (4) the global ageing challenge. Using the China Household Finance Survey, I investigate the determinants of financial inclusion, focusing on the role played by informal finance. I test the extent to which financial inclusion affects households' consumption. My findings suggest that enhancing financial inclusion in China may play an important role in rebalancing the economy towards domestic consumption. Using the China Health and Retirement Longitudinal Study, I investigate the extent to which households' consumption profile changes after health shocks. My findings suggest that non-medical consumption is generally insured against health shocks in China. Using the Survey of Health, Ageing and Retirement in Europe, I find a positive association between financial stress and bodyweight in Europe. I find that individuals are more likely to respond to self-perceived financial stress than to objective levels of debt. Thus, policies aimed at improving citizens' ability to cope with financial stress may play a role in tackling the obesity epidemic in Europe.

China is fast becoming an ageing society and this is raising important issues for public health. This study employs nationally representative datasets, the China General Social Surveys and the China Health and Retirement Longitudinal Study, to investigate the relationship between different health outcomes and social capital among older people in China (45 and over). First, the analysis uses binary logistic regression to confirm a significant positive association between subjective measures of individual health and wellbeing and individual-level social capital (measured by social trust, social interaction and membership of organisations and social groups). Second, the analysis combines Difference-In-Difference and Propensity Score Matching to simulate a quasi-experiment designed to identify the causal relationship between social capital and objective health (measured by cognitive function, mental health and physical health). Third, the analysis uses a multilevel modelling strategy to investigate the interrelationships between income inequality, community-level social capital, individual-level social capital and health outcomes. This part of the analysis finds evidence that social capital at the community-level can reduce to some extent the negative association between income inequality and health. Together, the results provide new evidence of the relationship between health, social capital and the distribution of household wealth among older people in China.

The nature of employee retirement plans has changed dramatically over the past fifteen years as employers have been replacing traditional defined benefit retirement plans with defined contribution plans like the 401(k) plan. This dissertation is focused on the impact that 401(k) plan have on household asset accumulation. The first essay looks at how much asset accumulation can be attributed to 401(k) plans as opposed to other factors such as demographics and saver type characteristics. Overall, the conclusions are consistent with recent research that says these plans induce a reshuffling of assets rather than being funded through a reduction in consumption. Controlling for cohort effects reduces the amount of wealth attributable to 401(k) eligibility to a negligible (and statistically insignificant) amount. The second essay considers the impact that borrowing against the assets in 401(k) plan might have on household asset accumulation. Most personal finance advice warns against borrowing against a retirement plan because of the potential negative impact on retirement wealth. This is especially true for borrowers who are also undisciplined savers and do not or cannot maintain their retirement plan contributions during loan period or who separate from their employers before the loan is repaid. For good savers a retirement plan loan only has a modest impact on retirement wealth. Only modest make-up contributions would need to be made to mitigate the impact of a retirement plan loan. It seems that many borrowers may be using retirement loans because they are in financial difficulty. It also appears that borrowers are trying to maintain their retirement savings, but their asset accumulation within broader measures of wealth is below that of households that do not have outstanding 401(k) loans.

Magister Philosophiae - MPhil
Background: In South Africa, many students are not able to register at higher education institutions after receiving their high school diploma. The majority of those who do register do not even complete their tertiary studies. The purpose of this research project is to investigate and analyse higher education institutions’ enrolment and dropout within the Gauteng province, South Africa. Data and Methods: Large-scale secondary data from the General Household Survey (GHS, 2012), obtained from Statistics South Africa were used. The Statistical Package for Social Science (SPSS) and the Statistical Analyst System (SAS) software package were utilised for quantitative analysis. The numerous local and international pedagogical studies synthesised in this research show that finance, unplanned pregnancies, orphanhood and transport to the higher education institutions are some of the main concerns that affect the enrolment rate of students. Further variables such as gender, race, ethnicities and the type of institution have also negatively affected the enrolment rate of students, particularly in sub-Saharan Africa. Results: According to the ICEF Monitor 2015, current higher education enrolment in Sub-Saharan Africa is 8%. The UIS Fact Sheet 2010 revealed that the enrolment ratio is 4.8% for women compared to 7.3% for men. The present study focuses on the Gauteng province's students who have completed their high school education, as well as those who are either registered or not registered within the province’s higher education institutions, and are between the ages of 17 and 35 years. Conclusion: This study hopes to be useful to policy-makers, research managers and other decision makers within education.

This paper argues that the cumulative causation processes between wealth and power risk leading to an escalation of wealth inequality. We confirm with new survey data for the Eurozone Piketty's conclusions that wealth is highly concentrated and that this inequality is perpetuated through dynastic wealth. This leads to an ever-concentrating ability to shape economic and political institutions. While neoclassical economics has a blind spot where power is concerned, we discuss how heterodox approaches have attempted to conceptualize this structural power which influences the framework of economic activity. Finally, we discuss three concrete channels through which the unequal distribution of private assets may affect power relations and economic activity.

by Ho Pui Sim, Charissa, Tsui Chi Kei, Libra.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1991.
Bibliography: leaves XI-XII.
Abstract --- p.i
Acknowledgements --- p.vii
List of Exhibits --- p.viii
Chapter 1 --- INTRODUCTION --- p.1
Chapter 1.1 --- Financial Structure --- p.1
Chapter 1.2 --- Hong Kong Listed Companies --- p.1
Chapter 1.3 --- Rationale --- p.2
Chapter 1.4 --- Financial Structure Theories --- p.3
Chapter 1.4.1 --- Static Tradeoff Models
Chapter 1.4.2 --- Pecking Order Hypothesis
Chapter 1.4.3 --- Other Models
Chapter 1.5 --- Statement of the Problem --- p.5
Chapter 2 --- METHODOLOGY AND PRESENTATION OF RESULTS --- p.6
Chapter 2.1 --- Methodology --- p.6
Chapter 2.1.1 --- Literature Review
Chapter 2.1.2 --- Survey
Chapter 2.1.3 --- Interviews
Chapter 2.2 --- Study Constraints --- p.7
Chapter 2.3 --- Presentation of Results --- p.7
Chapter 3 --- FINANCIAL STRUCTURE DECISION --- p.9
Chapter 3.1 --- Background of Respondents --- p.9
Chapter 3.2 --- Static Tradeoff vs. Pecking Order and Other Models --- p.9
Chapter 3.3 --- Preference for Sources of Funds --- p.10
Chapter 3.4 --- Term to Maturity of Debts --- p.13
Chapter 3.5 --- Organization of Financing Decision --- p.14
Chapter 4 --- SPECIFIC FINANCIAL STRUCTURE MODELS AND PLANNING PRINCIPLES --- p.14
Chapter 4.1 --- Specific Financial Structure Models --- p.16
Chapter 4.2 --- Financial Planning Principles --- p.19
Chapter 4.3 --- Perception on Market Efficiency --- p.21
Chapter 4.3.1 --- Impact on Financing Choice
Chapter 4.4 --- Information Contents of New Stock Issues --- p.23
Chapter 5 --- SECTORAL ANALYSIS --- p.24
Chapter 5.1 --- Static Tradeoff vs. Pecking Order and Other Models --- p.24
Chapter 5.2 --- Preference for Sources of Funds --- p.25
Chapter 5.3 --- Term to Maturity of Debts --- p.27
Chapter 5.4 --- Financial Planning Principles --- p.28
Chapter 5.5 --- Financial Structure Models Inputs --- p.30
Chapter 6 --- ASSET SIZE ANALYSIS --- p.33
Chapter 6.1 --- Static Tradeoff vs. Pecking Order and Other Models --- p.33
Chapter 6.2 --- Preference for Sources of Funds --- p.34
Chapter 6.3 --- Term to Maturity of Debts --- p.35
Chapter 6.4 --- Financial Planning Principles --- p.36
Chapter 6.5 --- Financial -Structure Models Inputs --- p.38
Chapter 7 --- FINANCING DECISIONS AND OTHER SOURCES AND USES OF FUNDS --- p.42
Chapter 7.1 --- An Overview of Findings --- p.42
Chapter 7.2 --- Implications of Findings --- p.42
Chapter 7.3 --- Contrast with the Findings of Pinegar and Wilbricht --- p.43
Chapter 7.4 --- Impact of Business Nature --- p.43
Chapter 7.5 --- Impact of Asset Size --- p.45
Chapter 8 --- CONCLUSION --- p.47
Chapter 8.1 --- Objectives of the study --- p.47
Chapter 8.2 --- Summary of findings --- p.48
Chapter 8.2.1 --- Sectoral Analysis
Chapter 8.2.2 --- Asset Size Analysis
Chapter 8.2.3 --- Comparison between the Findings in Hong Kong and US
Chapter 8.3 --- Implications and Assessment of Findings --- p.51
APPENDICES --- p.I
Chapter Appendix 1 --- Cover Letter
Chapter Appendix 2 --- Financial Structure Questionnaire
Chapter Appendix 3 --- Business Nature of Respondents
Chapter Appendix 4 --- Asset Size of Respondents
Chapter Appendix 5 --- Financial Structure Models Used By Respondents
Chapter Appendix 6 --- Market Efficiency Perceptions
Chapter Appendix 7 --- Events of Mispricing
Chapter Appendix 8 --- Pearson's R Correlation Between Market Efficiency Perceptions and Importance Assigned to Inputs
BIBLIOGRAPHY --- p.XI

by Chan Shet Hung, Suzanne, Ma Yuk Lun, Yu Sai Hung.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.
Includes bibliographical references (leaves 64-67).
TABLE OF CONTENTS --- p.ii
LIST OF ILLUSTRATIONS --- p.iv
LIST OF TABLES --- p.v
Chapter
Chapter I. --- INTRODUCTION --- p.1
Objectives --- p.1
Scope of Study --- p.2
Literature Review --- p.3
Methodology --- p.6
Sources of Data --- p.6
Statistical Measurement --- p.6
Chapter II. --- CONCEPTUAL FRAMEWORK --- p.8
Regulatory Requirements for Dividend Payment in Hong Kong --- p.8
Other Factors Affecting Dividend Policies --- p.9
Common Dividend Policies --- p.10
High Dividend Payout Policy --- p.10
Constant Payout Ratio Policy --- p.11
Constant Dividend Payment Policy --- p.12
Low Dividend Payout Policy --- p.12
Residual/Passive Dividend Policy --- p.13
Chapter III. --- FINDINGS AND ANALYSIS --- p.14
Overall Trend --- p.14
Economic Growth and Market Performance Trend --- p.14
Earnings and Dividend Trend --- p.15
Analysis By Industry: Finance and Banking --- p.16
Industry Operating Environment --- p.16
Earnings and Dividend --- p.17
Industry Norm Dividend Policy --- p.19
Analysis of Representative Company in Industry --- p.19
Analysis By Industry: Property --- p.22
Industry Operating Environment --- p.22
Earnings and Dividend --- p.23
Industry Norm Dividend Policy --- p.24
Analysis of Representative Company in Industry --- p.25
Analysis By Industry: Congomerate Enterprise --- p.28
Industry Operating Environment --- p.28
Earnings and Dividend --- p.29
Industry Norm Dividend Policy --- p.29
Analysis of Representative Company in Industry --- p.30
Analysis By Industry: Industrial --- p.33
Industrial Operating Environment --- p.33
Earnings and Dividends --- p.34
Industry Norm Dividend Policy --- p.35
Analysis of Representative Company in Industry --- p.36
Analysis By Industry: Hotel --- p.38
Industry Operating Environment --- p.39
Earnings and Dividends --- p.34
Industry Norm Dividend Policy --- p.41
Analysis of Representative Company in Industry --- p.42
Analysis By Industry: Utilities --- p.44
Industry Operating Environment --- p.44
Earnings and Dividends --- p.45
Industry Norm Dividend Policy --- p.47
Analysis of Representative Company in Industry --- p.48
Chapter IV. --- CONCLUSIONS --- p.50
Most Popular Dividend Policy --- p.50
Statistical Analysis Result --- p.53
APPENDIX --- p.55
BIBLIOGRAPHY --- p.64

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013.
Savings are vital in the functioning of any economy as the level of savings in an economy determines the resources available for investment. If firms plan to invest more than households save in an open economy, resources will have to be borrowed from overseas. Savings flow into the financial system and help provide funds for investment spending by firms. This study draws a comparison between the determinants of household discretionary savings in South Africa and China. This study as well investigates the effect of household savings on the stock market in South Africa and China. Empirical analysis was performed inorder to determine the relationship between household savings and various variables, and the effect of household savings on the stock market. Money and quasi money (M2) is the only significant variable and having a negative relationship with household savings in South Africa yet in China, inertia is present the lagged household saving rate is significant. In-order to figure out the impact of household savings on the stock market, we regressed household savings against stock market capitalization. The regression results revealed significance of the explanatory variable household saving in South Africa and insignificance in China. Household savings have an effect on the level of stock market capitalization in South Africa but not in China.

In my dissertation, I investigate the relationship between household consumption expenditures and transitory income shocks. In the first two essays, I pay particular attention to household expenditures in the aftermath of natural disasters, which are becoming more frequent and costly in the U.S. since 1980. Additionally, I study specialty farm producers' risk attitudes after an income shock due to natural disasters. Although the permanent income hypothesis predicts that households smooth consumption over their lifetimes, credit-constrained households may find consumption smoothing impractical. This dissertation brings forth evidence regarding heterogeneity in the effect of income shocks on household expenditures. First, I find that floods and hurricanes affect food-at-home (FAH) spending in different ways. The average 15-day decrease in FAH spending is about $2 in the 90 days after a flood and about $7 in the 30 days after a hurricane. In other words, floods have a prolonged effect and hurricanes have an immediate effect. I find that floods and hurricanes remain a threat to the FAH expenditures of vulnerable households, for instance, low-income households and households in coastal states. Second, Indiana specialty farm households reduce their monthly expenses of food and miscellaneous categories by about $119 and $280, respectively, after an income loss of 20%-32%. I also find that Indiana specialty producers are less willing to take financial risk after an income loss experience, i.e., they have a decreasing absolute risk aversion. Finally, in the third essay, I show that Australian households exhibit loss aversion in consumption expenditures which also means that they behave asymmetrically in their consumption response to income shocks. However, it is only working-age younger households that show asymmetric consumption behavior as opposed to the symmetric behavior of retirement-age households. The main message of these various findings is clear: after an income shock, the magnitude of change in consumption expenditures and the saliency of certain expenditure categories for adjustment are context- and population-dependent. Hence, income support policies and post-disaster relief programs may benefit from a better understanding of the consumption behavior of beneficiary population, to achieve maximum impact through better targeting.

Conclusions. Regardless the method the information on benefit was provided, the maximum amount of money which people are willing to pay for antihypertensive varied substantially. Using relative risk to present the benefit would distort the viewpoint of the public regarding the importance of drug treatment. Residents were much more conservative in antihypertensive drugs than physicians. Most hypertensive patients in China would probably not accept drugs treatment for primary prevention if they are adequately informed. Rural residents were on average, less willing to take antihypertensive drugs than urban residents. Residents had a poor perception of their cardiovascular risk due to hypertension and the benefit of drug treatment. Most physicians in our study did not have good knowledge on overall risk approach and Chinese national guidelines. They had also very poor knowledge and skills related to evidence based medicine. (Abstract shortened by UMI.)
Objective. To assess the maximum amount of money residents are willing to pay for antihypertensive drugs given the actual benefit of treatment. To decide the minimum benefit (expressed in NNT) above which people are willing to pay for antihypertensive drugs at the current cost. To determine the minimum risk of cardiovascular disease (CVD) above which people would be willing to pay for antihypertensive at the current cost. To assess whether reporting of study results by using relative risk reduction and NNT affects people's willingness to pay for and physicians' willingness to prescribe antihypertensive drugs. To evaluate patients' and physicians' perception of perceived CVD risk due to hypertension and benefit of treatment. To assess knowledge, attitude and perception of the public and physicians regarding antihypertensive drugs and physicians' knowledge and skills on evidence based medicine.
Results. The response rate for residents was 91%. 95% of respondents reported that they would be willing to take antihypertensive drugs if they found to have high blood pressure. The majority of residents did not know the ultimate goal of blood pressure lowering was to reduce the risk of CVD. 91% said that they had not enough knowledge and information to make drug-taking decisions. The perceived 5-year baseline risk in the absence of treatment, absolute risk reduction and relative risk reduction was 70%, 40% and 60% respectively. Rural residents tended to over-rate their risk and benefit more than urban residents. Overall, 2%, 3% and 47% of residents were not willing to pay anything for antihypertensive drugs when information on benefit of treatment was described in general, with RRR and with NNT respectively. The median cost the residents were willing to pay was $500, $700 and $100 respectively for responding three ways of describing the benefit.
The response rate for physicians was 95%. The perceived 5-year baseline risk, absolute risk reduction and relative risk reduction was 40%, 20% and 39% respectively. Internists tended to give a slightly higher estimate of the 5-year risk (40% vs 30%, p<0.05) and of the RRR (39 vs 29, p<0.05). Overall, physicians were more likely to prescribe antihypertensive drugs when the benefit information was expressed in RRR than when it was expressed in NNT (p<0.001). The median minimum NNT and the 5-year CVD risk above which physicians are willing to prescribe was 200 and 1.5% respectively.
Wang Weizhong.
"November 2006."
Adviser: Jinling Tang.
Source: Dissertation Abstracts International, Volume: 68-08, Section: B, page: 5119.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2006.
Includes bibliographical references (p. 105-114)
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.

abstract: Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies and 300 individuals, I find that a firm is more likely to use automobile financial leasing when its corporate tax rate is lower, growth potential is more stabilized, and profit is higher. It is also more likely to happen when a firm's long-term debt ratio and its degree of internationalization are higher. At the individual level, I find that the likelihood of individuals’ leasing decision is influenced by their risk preference, income level, and car price. Individuals’ gender, age and education level show no effect. Using the analytic hierarchy process (AHP) analysis, I further find that financing costs, service value-added, and products diversity are the three most important competitive factors for the auto financial leasing service providers. This is the case for both the corporate and individual customers in the sample. By contrast, the factors of sales channel and government relationship are found to be much less important. Finally, through an in-depth case study of the leasing company Shanghai Auto Financial Leasing, I find that the key factors determining the customers’ credit default risk are interest rate and automobile type. I also investigate factors that influence business risk during the automobile procurement stage, at the selling stage, and toward the disposition stage. The managerial implications of the above results are discussed throughout the thesis.
Dissertation/Thesis
Doctoral Dissertation Business Administration 2015

abstract: The rate of obesity has increased noticeably in China since the 1980s, brought about by the "After Mao" revolution. This dissertation examines the social determinants of obesity and weight gain among men and women, using 1991-2009 waves of the longitudinal China Health and Nutrition Survey. The first study emphasizes that rapid technological adoption at home may also have the potential to lead to obesity epidemics. I hypothesize that adopting household technology is a factor in weight gain, independent from daily calorie consumption and energy expenditure in exercise. The results show household technology ownership and weight gain are linked, while changes in overall energy intake and exercise may not function as mediators for this relationship. Future public health policy may evaluate interventions that are focused on increasing low-intensity activities impacted by household technologies. My second study discusses whether obesity wage penalties seen in Western societies, such as wage reductions for obese individuals, are observed in modern China. The results indicate that obese women are not subject to wage penalties, while current male obesity rates may be worsened by heightened economic outcomes and greater social acceptance by customers and colleagues. With increasing interpersonal interactions in the workplace in Chinese industries, and the lack of public awareness of the risks of obesity, Chinese public health strategies for preventing and controlling obesity should target male non-manual laborers, the most vulnerable population in the future. The third study analyzes the impact of parental and own socioeconomic status on adult body weight and extends the research by estimating the influence of intergenerational social mobility on current body mass index. In the context of increasing social inequality in China, the study shows parental SES, own SES, and social mobility to be negatively associated with body mass index among women; while respondent's SES is positively associated with body mass index among men. The study results support the theory that parental SES has a more significant impact on current body weight for men and women after controlling social mobility; indicating that social mobility may function as a mediator for the relationship between parental SES and current body mass index.
Dissertation/Thesis
Doctoral Dissertation Sociology 2014