金融素养对家庭借贷决策的影响——基于CHFS2013的实证分析
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摘要
利用2013年中国家庭金融调查(CHFS)数据,通过构建Probit模型,实证分析金融素养对家庭借贷决策的影响。研究结果显示:金融素养是影响家庭借贷决策的重要因素,金融素养水平的提升有助于家庭充分表达其借贷需求,从而提高有资金需求的家庭借贷行为发生的概率,同时也有助于增加家庭从正规渠道获得借贷的可能性,降低家庭对非正规借贷渠道的依赖程度。基于以上结论,最后提出加大金融知识普及力度、加快创新金融产品以及提供良好的借贷环境等政策建议。
Using the 2013 China Household Finance Survey(CHFS)data,the paper constructs a Probit model to empirically analyze the impact of financial literacy on household borrowing decisions. The results show that financial literacy is an important factor in household borrowing decision-making. Promotion of financial literacy helps families increase the probability of family borrowing. It also helps families borrow from formal channels and reduce the risk of informal availability of capital. Based on the above conclusions,the paper makes suggestions for policy makers on how to popularize financial knowledge,upgrade financial products and provide a healthy environment for borrowing.
Using the 2013 China Household Finance Survey(CHFS)data,the paper constructs a Probit model to empirically analyze the impact of financial literacy on household borrowing decisions. The results show that financial literacy is an important factor in household borrowing decision-making. Promotion of financial literacy helps families increase the probability of family borrowing. It also helps families borrow from formal channels and reduce the risk of informal availability of capital. Based on the above conclusions,the paper makes suggestions for policy makers on how to popularize financial knowledge,upgrade financial products and provide a healthy environment for borrowing.
引文
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[17]董晓林,石晓磊.信息渠道、金融素养与城乡家庭互联网金融产品的接受意愿[J].南京农业大学学报(社会科学版),2018,18(4):109-118.
[18]伍再华,叶菁菁,郭新华.财富不平等会抑制金融素养对家庭借贷行为的作用效果吗——基于CHFS数据的经验分析[J].经济理论与经济管理,2017(9):71-86.
[19] CAMPBELL J Y. Household Finance[J]. The Journal of Finance,2006,61(4):1553-1604.
[20] DOHMEN T,FALK A,HUFFMAN D,et al. Are Risk Aversion and Impatience Related to Cognitive Ability?[J]. American Economic Review,2010,100(3):1238-1260.
[21]周弘.风险态度、消费者金融教育与家庭金融市场参与[J].经济科学,2015(1):79-88.
[22] LUSARDI A,TUFANO P. Debt Literacy,Financial Experience and Over indebtedness[J]. Journal of Pension Economics and Finance,2015,14(4).
[23]郭新华,刘辉,伍再华.收入不平等与家庭借贷行为——家庭为追求社会地位而借贷的动机真的存在吗[J].经济理论与经济管理,2016(5):84-99.
[24]廖理,张金宝.城市家庭的经济条件、理财意识和投资借贷行为——来自全国24个城市的消费金融调查[J].经济研究,2011(S1):17-29.
[25] LI X,GAN C,HU B D. Accessibility to Microcredit by Chinese Rural Households[J]. Journal of Asian Economics,2011,22(3):235-246.
[2]程郁,韩俊,罗丹.供给配给与需求压抑交互影响下的正规信贷约束:来自1874户农户金融需求行为考察[J].世界经济,2009,32(5):73-82.
[3] AKUDUGU M A,EGYIR I S,MENSAH-BONSU A. Women Farmers′Access to Credit from Rural Banks in Ghana[J]. Agricultural Finance Review,2009,69(3):284-299.
[4]刘荣茂,陈丹临.江苏省农户贷款可获得性影响因素分析——基于正规金融与非正规金融对比分析的视角[J].东南大学学报(哲学社会科学版),2014,16(1):61-67.
[5] PETRICK M. A Microeconometric Analysis of Credit Rationing in the Polish Farm Sector[J]. European Review of Agriculture Economics,2004,31(1):77-101.
[6] Fornero E,Monticone C,Trucchi S. The Effect of Financial Literacy on Mortgage Choices[EB/OL]. Netspar Discussion Paper No.09/2011-085,http://xueshu.baidu.com/usercenter/paper/show?paperid=11ae54e8b565c8ddb03170bdc9b86ac6&site=xueshu_se,2011.
[7] KLAPPER L,LUSARDI A,PANOS G A. Financial Literacy and Its Consequences:Evidence from Russia during the Financial Crisis[J]. Journal of Banking&Finance,2013,37(10):3904-3923.
[8] DISNEY R,GATHERGOOD J. Financial Literacy and Consumer Credit Portfolios[J]. Journal of Banking&Finance,2013,37(7):2246-2254.
[9] HUSTON S J. Financial Literacy and the Cost of Borrowing[J]. International Journal of Consumer Studies,2012,36(5):566-572.
[10] HENAGER R,MAULDIN T. Financial Literacy:The Relationship to Saving Behavior in Low-To Moderate-Income Households[J]. Family&Consumer Sciences Research Journal,2015,44(1):73-87.
[11] MOUNA A,JARBOUI A. Financial Literacy and Portfolio Diversification:An Observation from the Tunisian Stock Market[J].International Journal of Bank Marketing,2015,33(6):808-822.
[12] ARRONDEL L,DEBBICH M,SAVIGNAC F. Financial Literacy and Financial Planning in France[J]. Numeracy,2013,6(2).
[13]朱涛,钱锐,李苏南.金融素养与教育水平对家庭金融行为影响的实证研究[J].金融纵横,2015(5):85-93.
[14] KAPTEYN A,PANIS C. The Size and Composition of Wealth Holdings in the United States,Italy,and the Netherlands[R].National Bureau of Economic Research,2003. DOI:10.3386/w10182.
[15]胡振,臧日宏.金融素养过度自信影响股票市场参与吗?——基于中国城镇家庭的微观数据[J].北京工商大学学报(社会科学版),2016,31(6):101-111.
[16] JAPPELLI T,PADULA M. Investment in Financial Literacy,Social Security,and Portfolio Choice[J].Journal of Pension Economics&Finance,2015,14(4):369-411.
[17]董晓林,石晓磊.信息渠道、金融素养与城乡家庭互联网金融产品的接受意愿[J].南京农业大学学报(社会科学版),2018,18(4):109-118.
[18]伍再华,叶菁菁,郭新华.财富不平等会抑制金融素养对家庭借贷行为的作用效果吗——基于CHFS数据的经验分析[J].经济理论与经济管理,2017(9):71-86.
[19] CAMPBELL J Y. Household Finance[J]. The Journal of Finance,2006,61(4):1553-1604.
[20] DOHMEN T,FALK A,HUFFMAN D,et al. Are Risk Aversion and Impatience Related to Cognitive Ability?[J]. American Economic Review,2010,100(3):1238-1260.
[21]周弘.风险态度、消费者金融教育与家庭金融市场参与[J].经济科学,2015(1):79-88.
[22] LUSARDI A,TUFANO P. Debt Literacy,Financial Experience and Over indebtedness[J]. Journal of Pension Economics and Finance,2015,14(4).
[23]郭新华,刘辉,伍再华.收入不平等与家庭借贷行为——家庭为追求社会地位而借贷的动机真的存在吗[J].经济理论与经济管理,2016(5):84-99.
[24]廖理,张金宝.城市家庭的经济条件、理财意识和投资借贷行为——来自全国24个城市的消费金融调查[J].经济研究,2011(S1):17-29.
[25] LI X,GAN C,HU B D. Accessibility to Microcredit by Chinese Rural Households[J]. Journal of Asian Economics,2011,22(3):235-246.