金融素养与家庭借贷行为研究——来自中国城市家庭消费金融调查的证据
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摘要
运用2012年中国城市居民消费金融调研数据,从借贷素养、投资素养和风险素养三个层面探讨了金融素养对家庭借贷行为的影响,实证结果表明:家庭借贷素养和投资素养促进城市家庭的正规金融借贷,对非正规金融借贷的影响不显著,但投资素养仅对银行无抵押贷款存在正面作用,同时风险素养的提高会阻碍家庭的银行抵押贷款、高利贷和小额贷款行为。此外,金融素养的提升更有利于省会城市家庭的正规金融借贷行为。
Based on the survey data of consumer finance in urban China in 2012,this paper discusses the influence of financial literacy on household loan behavior from three aspects of loan literacy,investment literacy and risk literacy. The empirical results show that loan literacy and investment literacy can significantly promote formal loan,and have no significant impact on informal loan. Investment literacy only has positive effects on bank non mortgage loans,and improvement of risk literacy will hinder family mortgage loans,usury and small loans. Besides,promotion of financial literacy is more conducive to the family's formal financial loan behavior which is in the provincial capital city.
Based on the survey data of consumer finance in urban China in 2012,this paper discusses the influence of financial literacy on household loan behavior from three aspects of loan literacy,investment literacy and risk literacy. The empirical results show that loan literacy and investment literacy can significantly promote formal loan,and have no significant impact on informal loan. Investment literacy only has positive effects on bank non mortgage loans,and improvement of risk literacy will hinder family mortgage loans,usury and small loans. Besides,promotion of financial literacy is more conducive to the family's formal financial loan behavior which is in the provincial capital city.
引文
[1]杨农,匡桦.隐性约束、有限理性与非正规金融的扩张边界[J].国际金融研究,2013(6).
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[9]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).
[10]Moure N G. Financial Literacy and Retirement Planning in Chile[J]. Journal of Pension Economics&Finance,2016,15(2).
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[13]Kidwella B,Turrisib R. An Examination of College Student Money Management Tendencies[J]. Journal of Economic Psychology,2004,25(5).
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[16]Xiao J J,Chen C,Chen F. Consumer Financial Capability and Financial Satisfaction[J]. Social Indicators Research,2014,118(1).
[17]Xia T,Wang Z,Li K. Financial Literacy Overconfidence and Stock Market Participation[J]. Social Indicators Research,2014,119(3).
[18]Oseifuah E K. Financial Literacy and Youth Entrepreneurship in South Africa[J]. African Journal of Economic&Management Studies,2010,1(2).
(1)借贷素养的问题是询问居民对购房、购车、装修、教育、商业经营以及大件消费品等贷款产品的了解程度,回答的结果赋值为五个档次,其中5表示非常了解,1表示不了解,通过计算六个问题的平均得分来对借贷素养进行衡量。同样,投资方式的五个问题是对股票、基金、债券、商业投资以及房产的了解方式。金融风险素养询问的是居民对股票、基金、国债、企业债以及外汇等五项风险资产的了解程度。
[2]胡振,臧日宏.金融素养对家庭理财规划影响研究——中国城镇家庭的微观证据[J].中央财经大学学报,2017(2).
[3]Arrondel L,Debbich M,Savignac F. Financial Literacy and Financial Planning in France[J]. Numeracy,2013,6(2).
[4]Beck T,Demirguc-Kunt A,Peria M S M. Reaching out:Access to and Use of Banking Services across Countries[J]. Journal of Financial Economics,2007,85(1).
[5]Koenig L A. Financial Literacy Curriculum:The Effect on Offender Money Management Skills[J]. Journal of Correctional Education,2007,58(1).
[6]Alhenawi Y,Elkhal K. Financial Literacy of U. S. Households:Knowledge VS. Long-Term Financial Planning[J]. Financial Services Review,2013,22(3).
[7]Lusardi A,Mitchell O S. The Economic Importance of Financial Literacy:Theory and Evidence[J]. Journal of Economic Literature,2013,52(1).
[8]Hung A,Parker A M,Yoong J. Defining and Measuring Financial Literacy[R]. Social Science Electronic Publishing,2009,708(11).
[9]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).
[10]Moure N G. Financial Literacy and Retirement Planning in Chile[J]. Journal of Pension Economics&Finance,2016,15(2).
[11]Campbell J Y. Household Finance[J]. Journal of Finance,2006,61(4).
[12]Rooij M V,Lusardi A,Alessie R. Financial Literacy and Stock Market Participation[J]. Journal of Financial Economics,2011,101(2).
[13]Kidwella B,Turrisib R. An Examination of College Student Money Management Tendencies[J]. Journal of Economic Psychology,2004,25(5).
[14]Lusardi A,Mitchell O S. Financial Literacy and Retirement Preparedness:Evidence and Implications for Financial Education[J]. Business Economics,2007,42(1).
[15]胡枫,陈玉宇.社会网络与农户借贷行为——来自中国家庭动态跟踪调查(CFPS)的证据[J].金融研究,2012(12).
[16]Xiao J J,Chen C,Chen F. Consumer Financial Capability and Financial Satisfaction[J]. Social Indicators Research,2014,118(1).
[17]Xia T,Wang Z,Li K. Financial Literacy Overconfidence and Stock Market Participation[J]. Social Indicators Research,2014,119(3).
[18]Oseifuah E K. Financial Literacy and Youth Entrepreneurship in South Africa[J]. African Journal of Economic&Management Studies,2010,1(2).
(1)借贷素养的问题是询问居民对购房、购车、装修、教育、商业经营以及大件消费品等贷款产品的了解程度,回答的结果赋值为五个档次,其中5表示非常了解,1表示不了解,通过计算六个问题的平均得分来对借贷素养进行衡量。同样,投资方式的五个问题是对股票、基金、债券、商业投资以及房产的了解方式。金融风险素养询问的是居民对股票、基金、国债、企业债以及外汇等五项风险资产的了解程度。