Abstract: From the perspective of micro-household debt, taking the 31 provinces (municipalities and regions) of China as the research objects, this paper explores the impact of household debt on labor mobility. The results show that household debt has a significant negative impact on labor mobility, and with the improvement of the quantile level, there is a significant inverted U-shaped relationship between them. At the same time, there are obvious regional differences in the impact of household debt on labor mobility: the restrictive effect of household debt on labor mobility in eastern and central regions is much higher than that in western regions; compared with the labor inflow regions, the impact of household debt on labor mobility is greater and more significant in the labor outflow regions. In addition, such factors as urbanization rate, industrial structure, infrastructure level and opening-up degree have positive effect on labor mobility, while fiscal decentralization has negative effect on labor mobility. Therefore, while reducing the costs and risks of labor mobility, to improve the financial supervision system and to provide different credit policies to households at different regions will be conductive to guiding the rational labor mobility between the regions.

Key words: household debt, labor mobility, quantile regression, urbanization