信贷约束对我国家庭金融资产配置的影响研究
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摘要
基于2015年中国家庭金融调查(CHFS)的数据,运用Tobit模型研究信贷约束对我国家庭金融资产配置的影响,并对城乡家庭进行对比。结果表明:信贷约束增加了城镇家庭的储蓄占比,但降低了农村家庭的储蓄占比;面临信贷约束的家庭高风险资产投资和低风险资产投资的占比均降低,且农村家庭的降低程度更大;信贷约束会降低城乡家庭的借出占比。信贷约束在一定程度上降低了家庭金融市场的参与度。
Based on the latest survey data of China Family Finance Survey(CHFS) in 2015, the Tobit model was used to study the impact of credit constraints on the allocation of household financial assets in China, and the urban and rural households were compared. The results show that the credit constraints increase the proportion of urban households' savings, but reduce the proportion of rural households' savings; the proportion of high-risk assets investment and low-risk assets investment of households facing credit constraints decreases, and the reduction of rural households is greater; the credit constraints will reduce the proportion of urban and rural households' lending. The credit constraints reduce the participation of household financial markets to a certain extent.
Based on the latest survey data of China Family Finance Survey(CHFS) in 2015, the Tobit model was used to study the impact of credit constraints on the allocation of household financial assets in China, and the urban and rural households were compared. The results show that the credit constraints increase the proportion of urban households' savings, but reduce the proportion of rural households' savings; the proportion of high-risk assets investment and low-risk assets investment of households facing credit constraints decreases, and the reduction of rural households is greater; the credit constraints will reduce the proportion of urban and rural households' lending. The credit constraints reduce the participation of household financial markets to a certain extent.
引文
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[11]吴卫星,荣苹果,徐芊.健康与家庭资产选择[J].经济研究,2011(S1):43-54.
[12]王聪,田存志.股市参与、参与程度及影响因素[J].经济研究,2012(10):97-107.
[13]尹志超,吴雨,甘梨.金融可得性、金融市场参与和家庭资产选择[J].经济研究,2015(3):87-99.
[14] LELAND H E. Saving and uncertainty:the precautionary demand for saving[J]. The Quarterly Journal of Economics,1968(3):465-473.
[15] HALIASSOS M,BERTAUT C C. Why do so few hold stocks?[J]. Economic Journal,1995(432):1110-1129.
[16]周京奎.住宅市场风险、信贷约束与住宅消费选择——一个理论与经验分析[J].金融研究,2012(6):28-42.
[17]杭斌,修磊.收入不平等、信贷约束与家庭消费[J].统计研究,2016(8):73-79.
[2] FLAVIN,MARJORIE. Excess sensitivity of consumption to current income:liquidity constraints or myopia?[J]. The Canadian Journal of Economics,1985(18):117-136.
[3] ZELDES S P. Consumption and liquidity constraints:an empirical investigation[J]. Journal of Political Economy,1989(2):305-346.
[4] COX D, JAPPELLI T. Credit rationing and private transfers:evidence from survey data[J]. The Review of Economics and Statistics,1990(3):445-454.
[5] PELIZZON L,WEBER G. Are household portfolios efficient? an analysis conditional on housing[J]. Journal of Financial and Quantitative Analysis,2008(2):401-431.
[6] COCCO J F. Portfolio choice in the presence of housing[J]. The Review of Financial Studies,2005(2):535-567.
[7] HONG H,KUBIK J D,STEIN J C. Social interaction and stock market participation[J]. The Journal of Finance,2004(1):137-163.
[8] GUSION L,PAIELLA M. Riskaversion,wealth and background risk[J]. Journal of the European Economic Association,2008(6):109-130.
[9]何兴强,史卫,周开国.背景风险与居民风险金融资产投资[J].经济研究,2009(12):119-130.
[10]于蓉.我国家庭金融资产选择行为研究[D].广州:暨南大学,2006:94-99.
[11]吴卫星,荣苹果,徐芊.健康与家庭资产选择[J].经济研究,2011(S1):43-54.
[12]王聪,田存志.股市参与、参与程度及影响因素[J].经济研究,2012(10):97-107.
[13]尹志超,吴雨,甘梨.金融可得性、金融市场参与和家庭资产选择[J].经济研究,2015(3):87-99.
[14] LELAND H E. Saving and uncertainty:the precautionary demand for saving[J]. The Quarterly Journal of Economics,1968(3):465-473.
[15] HALIASSOS M,BERTAUT C C. Why do so few hold stocks?[J]. Economic Journal,1995(432):1110-1129.
[16]周京奎.住宅市场风险、信贷约束与住宅消费选择——一个理论与经验分析[J].金融研究,2012(6):28-42.
[17]杭斌,修磊.收入不平等、信贷约束与家庭消费[J].统计研究,2016(8):73-79.