摘要
家庭金融投资行为是否对城乡居民消费支出具有显著的正向影响?从理论上来说,家庭金融投资行为可以通过资产效应、财富效应以及代际转移效应刺激城乡居民消费支出。以CFPS2016的微观经验数据为例,采用最小二乘法(OLS)和分位数回归进行实证分析,结果显示:家庭金融投资行为能够显著提高城乡居民家庭消费支出水平,即使消除内生性问题,该研究结论仍成立。家庭金融投资行为对城镇居民家庭的影响高于农村居民家庭,对东部地区居民家庭的影响高于中西部地区居民家庭,对中、高收入家庭的影响高于低收入水平家庭。机制研究表明,家庭金融投资行为通过提高居民家庭保险意识,降低家庭不确定性支出,来提高城乡居民家庭消费支出水平。
Does household financial investment has a significant positive impact on urban and rural residents’ consumption expenditure?Theoretically, household financial investment can stimulate the consumption expenditure of urban and rural residents through asset effect, wealth effect and intergenerational transfer effect. Taking the CFPS questionnaire data of 2016 as an example, empirical analysis has been conducted by using OLS and quantile regression. The result shows that household financial investment behavior can significantly improve the level of household consumption expenditure of urban and rural residents, and the research conclusion is still valid even if the endogenous problem has been eliminated. At the same time, the research shows that the impact of family financial investment on urban households is higher than rural households, the impact on eastern households is higher than central and western households, and the impact on middle and high income families is higher than low-income families. In addition, the mechanism study shows that the household financial investment behavior stimulates the consumption expenditure level of urban and rural households by improving the awareness of household insurance and reducing household uncertain expenditure.
作者
鲁钊阳
杨莹
LU Zhao-yang;YANG Ying
出处
《农村金融研究》
2022年第10期41-51,共11页
Rural Finance Research
基金
国家社会科学基金一般项目“央地金融监管协调推进区域金融高质量发展的效果、机制与对策研究”(编号:21BJY161)
教育部人文社会科学研究项目“家庭债务的决定因素、社会经济效应与可持续性研究”(编号:17YJC790121)的研究成果。
关键词
家庭金融投资行为
城乡金融消费支出
家庭金融
消费支出
Family Financial Investment Behavior
Urban and Rural Financial Consumption Expenditure
Family Finance
Consumer Expenditure
