金融知识视角下中国居民消费问题研究
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摘要
基于2013年和2015年两轮中国家庭金融调查数据,本文考察了金融知识对家庭消费的影响。实证研究发现,金融知识显著提高了家庭的消费支出和消费倾向。同时,本文还分析了金融知识对家庭储蓄率的影响以进一步佐证金融知识对家庭消费的促进作用。机制分析表明,金融知识水平提高所带来的消费信贷使用、商业人身保险购买和财富积累可以解释金融知识对家庭消费的正向促进作用。其中,财富积累的中介效应占金融知识对家庭消费影响总效应的35.52%,商业人身保险购买的中介效应占3.48%,而消费信贷使用的中介效应占1.64%。此外,养老计划对金融知识影响家庭消费的中介效应不显著。
By using 2013 and 2015 China Household Finance Survey( CHFS) data,this paper investigates the effect of financial literacy on household consumption behavior. Empirical analysis shows that financial literacy has a significantly positive effect on household consumption. Our finding is further verified by investigating the effect of financial literacy on household saving rate.Intermediation effect tests show that our finding can be explained by the significantly positive effect of financial literacy on the usage of consumption loan,business insurance purchasing,and wealth accumulation. The intermediation effect of wealth accumulation,business insurance purchasing and the usage of consumption loan account for 35. 52,3. 48, and 1. 64 percentage points respectively,among the total effect of financial literacy on household consumption. We also show that the lack of retirement plan cannot explain our finding.
By using 2013 and 2015 China Household Finance Survey( CHFS) data,this paper investigates the effect of financial literacy on household consumption behavior. Empirical analysis shows that financial literacy has a significantly positive effect on household consumption. Our finding is further verified by investigating the effect of financial literacy on household saving rate.Intermediation effect tests show that our finding can be explained by the significantly positive effect of financial literacy on the usage of consumption loan,business insurance purchasing,and wealth accumulation. The intermediation effect of wealth accumulation,business insurance purchasing and the usage of consumption loan account for 35. 52,3. 48, and 1. 64 percentage points respectively,among the total effect of financial literacy on household consumption. We also show that the lack of retirement plan cannot explain our finding.
引文
1.陈斌开、陈琳、谭安邦,2014:《理解中国消费不足:基于文献的述评》,《世界经济》第7期。
2.陈斌开、杨汝岱,2013:《土地供给、住房价格与中国城镇居民储蓄》,《经济研究》第1期。
3.董丽霞、赵文哲,2011:《人口结构与储蓄率:基于内生人口结构的研究》,《金融研究》第3期。
4.甘犁、尹志超、贾男、徐舒、马双,2013:《中国家庭资产状况及住房需求分析》,《金融研究》第4期。
5.杭斌、修磊,2015:《住房攀比与居民消费》,《统计研究》第12期。
6.李涛、陈斌开,2014:《家庭固定资产、财富效应与居民消费:来自中国城镇家庭的经验证据》,《经济研究》第3期。
7.李燕桥、臧旭恒,2013:《消费信贷影响我国城镇居民消费行为的作用渠道及检验---基于2004~2009年省际面板数据的经验分析》,《经济学动态》第1期。
8.罗娟、王露露,2017:《金融可得性、金融知识与城镇居民短期消费信贷》,《消费经济》第5期。
9.秦芳、王文春、何金财,2016:《金融知识对商业保险参与的影响---来自中国家庭金融调查(CHFS)数据的实证分析》,《金融研究》第10期。
10.宋全云、吴雨、尹志超,2017:《金融知识视角下的家庭信贷行为研究》,《金融研究》第6期。
11.万广华、张茵、牛建高,2001:《流动性约束、不确定性与中国居民消费》,《经济研究》第11期。
12.吴雨、彭嫦燕、尹志超,2016:《金融知识、财富积累和家庭资产结构》,《当代经济科学》第4期。
13.吴雨、杨超、尹志超,2017:《金融知识、养老计划与家庭保险决策》,《经济学动态》第12期。
14.尹志超、宋全云、吴雨,2014:《金融知识、投资经验与家庭资产选择》,《经济研究》第4期。
15.张峰,2017:《金融知识、风险态度与信用卡消费》,《消费经济》第4期。
16.朱铭来、李涛,2017:《商业保险对居民刚性消费的影响---基于社会民生视角的实证研究》,《保险研究》第1期。
17.Ameriks,J.,A.Caplin,and J.Leahy.2003.“Wealth Accumulation and the Propensity to Plan.”Quarterly Journal of Economics 118(3):1007-1047.
18.Beckmann,E.2013.“Financial Literacy and Household Savings in Romania.”Numeracy 6(2):Article 9.
19.Bernheim,D.,and D.Garrett.2003.“The Effect of Financial Education in the Workplace:Evidence from a Survey of Households.”Journal of Public Economics 87(7-8):1487-1519.
20.Chamon,Marcos D.,and Eswar S.Prasad.2010.“Why Are Saving Rate of Urban Households in China Rising?”American Economic Journal:Macroeconomics 2(1):93-130.
21.Klapper,Leora F.,A.Lusardi,and Georgios A.Panos.2013.“Financial Literacy and Its Consequences:Evidence from Russia during the Financial Crisis.”Journal of Banking&Finance 37(10):3904-3923.
22.Lusardi,A.2003.“Saving and the Effectiveness of Financial Education.”Pension Research Council WP2003-14.
23.Meng,X.2003.“Unemployment,Consumption Smoothing,and Precautionary Saving in Urban China.”Journal of Comparative Economics 31(3):465-485.
24.Modigliani,F.,and S.Cao.2004.“The Chinese Saving Puzzle and the Life-cycle Hypothesis.”Journal of Economic Literature 42(1):145-170.
25.Sayinzoga,A.,Erwin H.Bulte,and R.Lensink.2015.“Financial Literacy and Financial Behavior:Experimental Evidence from Rural Rwanda.”The Economic Journal 126(594):1571-1599.
26.Stango,V.,and J.Zinman.2009.“Exponential Growth Bias and Household Finance.”Journal of Finance64(6):2807-2849.
27.Stock,J.,and M.Yogo.2005.“Asymptotic Distributions of Instrumental Variables Statistics with Many Weak Instruments,Identification and Inference for Econometric Models:Essays in Honor of Thomas Rothenberg.”Edited by D.W.K.Andrews and J.H.Stock,80-108.Cambridge,U.K:Cambridge University Press.
28.van Rooij,M.,A.Lusardi,and R.Alessie.2011.“Financial Literacy and Stock Market Participation.”Journal of Financial Economics 101(2):449-472.
29.van Rooij,Maarten C.J.,A.Lusardi,and R.J.M.Alessie.2012.“Financial Literacy,Retirement Planning and Household Wealth.”The Economic Journal 122(560):449-478.
30.Wei,S.J.,and X.Zhang.2011.“The Competitive Saving Motive:Evidence from Rising Sex Ratios and Savings Rates in China.”Journal of Political Economy 119(3):511-564.
31.Xu,L.,and B.Zia.2012.“Financial Literacy around the World:An Overview of the Evidence with Practical Suggestions for the Way Forward.”World Bank Policy Research Working Paper No.6107.
32.Yao,R.,F.Wang,R.O.Weagley,and L.Liao.2011.“Household Saving Motives:Comparing American and Chinese Consumers.”Family&Consumer Sciences Research Journal 40(1):28-44.
33.Yang,D.T.,J.Zhang,and S.Zhou.2012.“Why Are Saving Rates so High in China?”In Capitalizing China.Edited by Joseph Fan and Randall Morck,249-278.Chicago:University of Chicago Press.
(1)2013年和2015年平衡面板数据中,金融知识的标准差为1.02,这里依据exp(1.02×0.124)×100%计算而来。
(2)依据exp(1.02×0.007)×100%计算而来。
2.陈斌开、杨汝岱,2013:《土地供给、住房价格与中国城镇居民储蓄》,《经济研究》第1期。
3.董丽霞、赵文哲,2011:《人口结构与储蓄率:基于内生人口结构的研究》,《金融研究》第3期。
4.甘犁、尹志超、贾男、徐舒、马双,2013:《中国家庭资产状况及住房需求分析》,《金融研究》第4期。
5.杭斌、修磊,2015:《住房攀比与居民消费》,《统计研究》第12期。
6.李涛、陈斌开,2014:《家庭固定资产、财富效应与居民消费:来自中国城镇家庭的经验证据》,《经济研究》第3期。
7.李燕桥、臧旭恒,2013:《消费信贷影响我国城镇居民消费行为的作用渠道及检验---基于2004~2009年省际面板数据的经验分析》,《经济学动态》第1期。
8.罗娟、王露露,2017:《金融可得性、金融知识与城镇居民短期消费信贷》,《消费经济》第5期。
9.秦芳、王文春、何金财,2016:《金融知识对商业保险参与的影响---来自中国家庭金融调查(CHFS)数据的实证分析》,《金融研究》第10期。
10.宋全云、吴雨、尹志超,2017:《金融知识视角下的家庭信贷行为研究》,《金融研究》第6期。
11.万广华、张茵、牛建高,2001:《流动性约束、不确定性与中国居民消费》,《经济研究》第11期。
12.吴雨、彭嫦燕、尹志超,2016:《金融知识、财富积累和家庭资产结构》,《当代经济科学》第4期。
13.吴雨、杨超、尹志超,2017:《金融知识、养老计划与家庭保险决策》,《经济学动态》第12期。
14.尹志超、宋全云、吴雨,2014:《金融知识、投资经验与家庭资产选择》,《经济研究》第4期。
15.张峰,2017:《金融知识、风险态度与信用卡消费》,《消费经济》第4期。
16.朱铭来、李涛,2017:《商业保险对居民刚性消费的影响---基于社会民生视角的实证研究》,《保险研究》第1期。
17.Ameriks,J.,A.Caplin,and J.Leahy.2003.“Wealth Accumulation and the Propensity to Plan.”Quarterly Journal of Economics 118(3):1007-1047.
18.Beckmann,E.2013.“Financial Literacy and Household Savings in Romania.”Numeracy 6(2):Article 9.
19.Bernheim,D.,and D.Garrett.2003.“The Effect of Financial Education in the Workplace:Evidence from a Survey of Households.”Journal of Public Economics 87(7-8):1487-1519.
20.Chamon,Marcos D.,and Eswar S.Prasad.2010.“Why Are Saving Rate of Urban Households in China Rising?”American Economic Journal:Macroeconomics 2(1):93-130.
21.Klapper,Leora F.,A.Lusardi,and Georgios A.Panos.2013.“Financial Literacy and Its Consequences:Evidence from Russia during the Financial Crisis.”Journal of Banking&Finance 37(10):3904-3923.
22.Lusardi,A.2003.“Saving and the Effectiveness of Financial Education.”Pension Research Council WP2003-14.
23.Meng,X.2003.“Unemployment,Consumption Smoothing,and Precautionary Saving in Urban China.”Journal of Comparative Economics 31(3):465-485.
24.Modigliani,F.,and S.Cao.2004.“The Chinese Saving Puzzle and the Life-cycle Hypothesis.”Journal of Economic Literature 42(1):145-170.
25.Sayinzoga,A.,Erwin H.Bulte,and R.Lensink.2015.“Financial Literacy and Financial Behavior:Experimental Evidence from Rural Rwanda.”The Economic Journal 126(594):1571-1599.
26.Stango,V.,and J.Zinman.2009.“Exponential Growth Bias and Household Finance.”Journal of Finance64(6):2807-2849.
27.Stock,J.,and M.Yogo.2005.“Asymptotic Distributions of Instrumental Variables Statistics with Many Weak Instruments,Identification and Inference for Econometric Models:Essays in Honor of Thomas Rothenberg.”Edited by D.W.K.Andrews and J.H.Stock,80-108.Cambridge,U.K:Cambridge University Press.
28.van Rooij,M.,A.Lusardi,and R.Alessie.2011.“Financial Literacy and Stock Market Participation.”Journal of Financial Economics 101(2):449-472.
29.van Rooij,Maarten C.J.,A.Lusardi,and R.J.M.Alessie.2012.“Financial Literacy,Retirement Planning and Household Wealth.”The Economic Journal 122(560):449-478.
30.Wei,S.J.,and X.Zhang.2011.“The Competitive Saving Motive:Evidence from Rising Sex Ratios and Savings Rates in China.”Journal of Political Economy 119(3):511-564.
31.Xu,L.,and B.Zia.2012.“Financial Literacy around the World:An Overview of the Evidence with Practical Suggestions for the Way Forward.”World Bank Policy Research Working Paper No.6107.
32.Yao,R.,F.Wang,R.O.Weagley,and L.Liao.2011.“Household Saving Motives:Comparing American and Chinese Consumers.”Family&Consumer Sciences Research Journal 40(1):28-44.
33.Yang,D.T.,J.Zhang,and S.Zhou.2012.“Why Are Saving Rates so High in China?”In Capitalizing China.Edited by Joseph Fan and Randall Morck,249-278.Chicago:University of Chicago Press.
(1)2013年和2015年平衡面板数据中,金融知识的标准差为1.02,这里依据exp(1.02×0.124)×100%计算而来。
(2)依据exp(1.02×0.007)×100%计算而来。