摘要
改革开放后,我国金融业综合实力大幅提升,但居民消费率仍然较低,金融发展似乎并未发挥显著提升居民消费的作用,本文认为一个重要原因是忽视了金融普惠。利用中国家庭金融调查2015年数据,本文研究了金融普惠对我国家庭消费的影响及其机制,并通过区分收入阶层进行了异质性分析。研究发现,金融普惠可以显著促进我国家庭消费,家庭之间的消费差异有10.58%可由社区之间的金融普惠差异来解释。进一步地,金融普惠对家庭消费的影响大于金融竞争和金融发展,且不同于金融竞争和金融发展,金融普惠对低收入家庭的影响最大、其次是中等收入家庭、对高收入家庭的影响最小。最后,渠道分析表明,金融普惠通过降低收入不确定性促进了低收入和高收入家庭消费,而通过缓解流动性约束促进了中等收入家庭消费。本文为充分发挥金融提升居民消费的作用提供了可行的政策工具。
The comprehensive strength of China’s financial industry has greatly improved since the reform and opening up,but the consumption rate of household is still very low,then financial development does not seem to play a significant role in increasing the consumption rate of household,this paper believes that an important reason is financial inclusion has been neglected.In view of this,based on 2015 China Household Finance Survey(CHFS)data,this paper studies the effects and mechanism of financial inclusion on household consumption in China,and analyzes the heterogeneity by distinguishing income classes.Firstly,we find that financial inclusion has a significant positive effect on promoting household consumption in China,and about 10.58%of the difference in household consumption is due to the difference of financial inclusion between communities.Further,we find financial inclusion has greater effects on household consumption than financial competition and financial development,that’s financial inclusion has the greatest effect for low-income households and the smallest effect for high-income households.At last,we find financial inclusion promotes the consumption of low-income and high-income households by reducing their income uncertainty,while promoting the consumption of middle-income households by alleviating their liquidity constraints.This paper provides a feasible policy tool for giving full play to the role of finance in promoting household consumption in China.
作者
张栋浩
王栋
杜在超
Zhang Donghao;Wang Dong;Du Zaichao
出处
《财经科学》
CSSCI
北大核心
2020年第6期1-15,共15页
Finance & Economics
基金
国家社科基金重点项目(18ASH016)
“人口转变与产业转型升级约束下全面建成多层次养老保障体系的实现机制及其支持体系研究”、教育部人文社会科学研究青年基金项目(19YJC790180)
“金融普惠与脱贫质量——基于贫困脆弱性和多维贫困视角的研究”和中央高校基本科研业务费专项资金创新团队项目(JBK190505)
“人口老龄化与老龄金融创新发展”的资助。
关键词
金融普惠
家庭消费
收入阶层
贡献度估计
Financial Inclusion
Household Consumption
Income Classes
Estimation of Contribution
