Abstract
Multiple studies have proved that participating in sports can effectively reduce adults' depression. This paper provides evidence from China by using the survey data from China Family Panel Studies (CFPS), which contains sport-types, personal characteristics, and CES-D20 depression-scale score data of 33,236 individuals. In addition to the Ordinary Least Squares regression model, we adopt the Two-way Fixed Effect and Propensity Score Matching method to alleviate the endogeneity. The empirical result shows that for every additional time of physical exercise, the depression level drops by an average of 0.152; the depression level of people who participate in sports is significantly lower than that of non-participants by 0.397 points. The lowering effect of physical activity on depression is not linear, and excessive exercise may lead to increased depression. Furthermore, heterogeneity analyses discover that with the increase of age and education, the impact continued to expand. For every increase in physical exercise of the group over 76-year old, the depression level decreased by 0.373 points; while for individuals with primary school education, their depression level decreased only by 0.124 points.