华中农业大学学报（社会科学版）Issue(5)：202-215,14.DOI:10.13300/j.cnki.hnwkxb.2025.05.018
农村征地补偿是否会助推家庭债务风险?
Does Rural Land Expropriation Compensation Fuel Household Debt Risk?
摘要
Abstract
The continuous accumulation of household debt risks makes rural families more finan-cially vulnerable due to income constraints and inadequate social security.Against this background,the compensation for rural land expropriation,as an important exogenous shock driving the transformation of the asset structure of rural households,plays a key role in understanding the interaction between state land-based finance and household leverage.Based on the China Household Micro-Survey Data(CFPS)from 2010 to 2020,this paper systematically examines the influence pathways and heterogeneous effects of land compensation on the debt risk of rural households.The research finds that land expropriation com-pensation funds significantly increase household debt risks through three channels:short-term liquidity shock,asset structure adjustment and changes in expectation-driven behavior.Firstly,the short-term abun-dance of compensation funds induces household consumption upgrading,forcing households to rely on borrowing to maintain their consumption levels once the compensation funds are exhausted,thereby ac-celerating debt accumulation.Secondly,the loss of land assets leads to a reduction in household produc-tive capital,and the ensuing adjustment in asset structure compels households to borrow to fill opera-tional gaps.Finally,the compensation funds improve income expectations,encouraging households to ex-pand long-term consumption and engage in high-risk investments,while also fueling competitive con-sumption,which heightens liquidity pressures.Heterogeneity analysis reveals that in heavily aging house-holds,due to rigid medical expenditures,only mortgage debt responds significantly to the changes in com-pensation funds.Based on this,this paper proposes that a dynamic compensation mechanism needs to be established,the social security linkage policy strengthened,and the supporting measures for employment and skills training programs improved,in order to hedge against the systemic risks in the transformation of land-based finance.关键词
土地征用/土地补偿金/家庭债务/预期行为/家庭资产结构Key words
land expropriation/land compensation/household debt/expectation-driven behavior/household asset structure分类
管理科学引用本文复制引用
龙腾,王海军,林芷滢..农村征地补偿是否会助推家庭债务风险?[J].华中农业大学学报（社会科学版）,2025,(5):202-215,14.基金项目
广东省哲学社会科学青年项目"人口老龄化背景下广东省家庭债务风险的识别、监测及防控研究"(GD25YYJ38) （GD25YYJ38）
国家社会科学基金项目"超特大城市重点人群家庭偿债风险评估、预警与防控机制研究"(24BJY090) （24BJY090）
北京市属高等学校优秀青年人才培育计划项目(BPHR202203158). （BPHR202203158）
