摘要
基于中国家庭追踪调查(CFPS)数据,运用调节效应与异质性分析实证方法,探讨普惠金融、家庭金融市场参与和家庭金融脆弱性之间的影响关系。研究发现:普惠金融发展对家庭金融脆弱性的影响存在直接影响和调节效应两种渠道,二者均分别通过金融负债端与资产端影响家庭金融脆弱性。其中,家庭金融市场参与是基于直接影响路径的重要调节因素,家庭部门正规金融市场参与度提高,可以提高与金融素养等直接影响要素的匹配度和协调度,进而降低家庭金融脆弱性,并且普惠金融发展对家庭参与正规金融市场具有正向反馈效应。进一步考虑异质性后发现,普惠金融、家庭金融市场参与和家庭金融脆弱性的影响路径,在不同收入区间和城乡差异方面存在显著异质性。因此,应推动普惠金融发展,鼓励家庭参与正规金融市场,缩小家庭收入贫富差距,最终实现共同富裕的发展目标。
Based on the data of Chinese Family Panel Studies(CFPS),this paper uses the empirical methods including moderating effect and heterogeneity analysis to explore the interrelationships among inclusive finance,household financial market participation and household financial vulnerability.It is found that inclusive financial development has both a direct impact and a moderating effect on household financial vulnerability,both of which affect household financial vulnerability through the financial liability side and the asset side respectively.Among them,family financial market participation is an important adjustment factor based on the direct influencing path,and the increase of the formal financial market participation of the family sector can improve the matching and coordinating degrees of direct influencing factors such as financial literacy.This will help to reduce the financial vulnerability of households.What’s more,the development of inclusive finance has a positive feedback effect for families to participate into formal financial market.After taking heterogeneity into consideration,it is found that the impact paths of inclusive finance,household financial market participation and household financial vulnerability have significant heterogeneity in different income ranges and urban-rural differences.Therefore,inclusive financial development should be promoted,and families should be encouraged to participate in formal financial markets to reduce the income gap of families,so as to achieve the development goal of“Common prosperity”.
作者
白帆
陈昱燃
贺瑶
BAI Fan;CHEN Yuran;HE Yao(School of Economics,Yunnan University of Finance and Economics,Kunming 650221,China;School of Finance,Southwestern University of Finance and Economics,Chengdu 611130,China;School of Business Administration,Southwestern University of Finance and Economics,Chengdu 611130,China)
出处
《云南财经大学学报》
北大核心
2023年第9期33-47,共15页
Journal of Yunnan University of Finance and Economics
关键词
普惠金融
家庭金融市场参与
家庭金融脆弱性
Inclusive Finance
Household Financial Market Participation
Household Financial Vulnerability
