普惠金融与家庭金融脆弱性

财经论丛 ›› 2023, Vol. 39 ›› Issue (10): 58-68.

普惠金融与家庭金融脆弱性

柴时军¹, 齐昊²

1.黄淮学院经济与管理学院,河南驻马店 463000;
2.首都经济贸易大学会计学院,北京 100026

收稿日期:2021-11-09 出版日期:2023-10-10 发布日期:2023-10-12
作者简介:柴时军(1978—),男,湖南益阳人,黄淮学院经济与管理学院教授,博士;齐昊(2001—),男,河南驻马店人,首都经济贸易大学会计学院硕士生。
基金资助:
国家社会科学基金项目(23BGL205);河南省重点研发与推广专项(软科学)项目(222400410143);河南省社会科学基金一般项目(2022BJJ071)

Inclusive Finance and Household Financial Vulnerability

CHAI Shijun¹, QI Hao²

1. College of Ecoomics and Management, Huanghuai University, Zhumadian 463000, China;
2. Accounting Institute, Capital University of Economics and Business, Beijing 100026, China

Received:2021-11-09 Online:2023-10-10 Published:2023-10-12

摘要/Abstract

摘要： 利用2015、2017和2019年中国家庭金融调查(CHFS)数据,从资不抵债和入不敷出两个维度构建家庭金融脆弱性指标,探讨普惠金融对家庭金融脆弱性的影响及其传导机制。研究发现,普惠金融同时降低了家庭资不抵债和入不敷出的发生概率,对家庭金融脆弱性具有显著抑制效应。分维度看,普惠金融使用度和满意度的提升都有助于降低家庭金融脆弱性,而便利度的影响则不显著。机制分析表明,普惠金融可以通过促进减贫增收和提升风险应对能力两种途径抑制家庭金融脆弱性。进一步研究发现,普惠金融对低收入、农村和中西部地区家庭金融脆弱性的影响更为深远。本文结论为我国进一步构建和完善微观金融风险监管与防范机制提供了新的思路。

关键词: 普惠金融, 资不抵债, 入不敷出, 金融脆弱性

Abstract: Using the panel data of China Household Finance Survey (CHFS in 2015, 2017 and 2019), this paper constructs the index of household financial vulnerability from two dimensions “insolvency” and “breaking the pale”, empirically tests the impact of inclusive finance on household financial vulnerability and its transmission mechanism. Empirical results show that inclusive finance can reduce the probability of households falling into “insolvency” and “breaking the pale”, and plays a positive role in restraining household financial vulnerability. For different dimensions, the increase of the use frequency and service satisfaction of inclusive finance helps to reduce household financial vulnerability, while the impact of the convenience of inclusive finance is not significant. Mechanism analysis shows that financial inclusion can restrain household financial vulnerability by promoting income increase at both communities and households level, encouraging households to adopt more efficient hedging ways to cope with future risk shocks. Further analysis finds that inclusive finance has a greater impact on the financial vulnerability for long-tail groups, such as low-income groups, households, and central western regions. The conclusion of this study provides new ideas for China to further construct and improve the supervision and prevention mechanism of micro financial risks.

Key words: Inclusive Finance, Insolvency, Breaking the Pale, Financial Vulnerability

中图分类号:

F832.5

柴时军, 齐昊. 普惠金融与家庭金融脆弱性[J]. 财经论丛, 2023, 39(10): 58-68.

CHAI Shijun, QI Hao. Inclusive Finance and Household Financial Vulnerability[J]. Collected Essays on Finance and Economics, 2023, 39(10): 58-68.

参考文献

[1]潘敏, 刘知琪. 居民家庭“加杠杆”能促进消费吗？——来自中国家庭微观调查的经验证据[J]. 金融研究, 2018, (4): 71-87.
[2]Claessens S. Access to Financial Services: A Review of the Issues and Public Policy Objectives[J]. World Bank Research Observer, 2006, 21(2): 207-240.
[3]Urrea M., Maldonado J. Vulnerability and Risk Management: The Importance of Financial Inclusion for Beneficiaries of Conditional Transfers in Colombia[J]. Canadian Journal of Development Studies, 2011, 32(4): 381-398.
[4]陈晓洁, 何广文, 陈洋. 数字鸿沟与农户数字信贷行为——基于2019年欠发达地区农村普惠金融调查数据[J]. 财经论丛, 2022, (1): 46-56.
[5]张栋浩, 尹志超, 隋钰冰. 金融普惠可以提高减贫质量吗？——基于多维贫困的分析[J]. 南方经济, 2020, (10): 56-75.
[6]Bruhn M., Love I. The Real Impact of Improved Access to Finance: Evidence from Mexico[J]. Journal of Finance, 2014, 69(3): 1347-1376.
[7]周利, 冯大威, 易行健. 数字普惠金融与城乡收入差距: “数字红利”还是“数字鸿沟”[J]. 经济学家, 2020, (5): 99-108.
[8]张勋, 万广华, 张佳佳, 等. 数字经济、普惠金融与包容性增长[J]. 经济研究, 2019, (8): 71-86.
[9]尹志超, 张栋浩. 普惠金融、家庭贫困及脆弱性[J]. 经济学(季刊), 2020, 20(1): 153-172.
[10]Choudhury M. Poverty, Vulnerability and Financial Inclusion: The Context of Bangladesh[J]. Journal of Politics and Administration, 2014, 2(1): 1-13.
[11]Marsden J., Nileshwar A. Financial Inclusion and Poverty Alleviation[J]. Journal of Social Business, 2013, 3(4): 56-83.
[12]郑秀峰, 朱一鸣. 普惠金融、经济机会与减贫增收[J]. 世界经济文汇, 2019, (1): 101-120.
[13]Popov A. Credit Constraints and Investment in Human Capital: Training Evidence from Transition Economies[J]. Journal of Financial Intermediation, 2014, 23(1): 76-100.
[14]Anderloni L., Bacchiocchi E., Vandone D. Household Financial Vulnerability: An Empirical Analysis[J]. Research in Economics, 2012, 66(3): 284-296.
[15]Minsky H. P. The Financial Instability Hypothesis[M]. Combridge: Combridge University Press, 1982.
[16]Kregel J. A. Margins of Safety and Weight of the Argument in Generating Financial Fragility[J]. Journal of Economic Issues, 1997, 31(2): 543-548.
[17]Jappelli T., Pagano M., Maggio M. D. Households' Indebtedness and Financial Fragility[J]. Journal of Financial Management, Markets and Institutions, 2013, 1(1): 23-46.
[18]Lusardi A., Tufano P. Debt Literacy, Financial Experiences, and Over-Indebtedness[J]. Journal of Pension Economics and Finance, 2015, 14(4): 332-368.
[19]Daud S. N. M., Marzuki A., Ahmad N., et al. Financial Vulnerability and Its Determinants: Survey Evidence from Malaysian Households[J]. Emerging Markets Finance and Trade, 2018, 55(9): 1-13.
[20]刘波, 王修华, 胡宗义. 金融素养是否降低了家庭金融脆弱性[J]. 南方经济, 2020, (10): 76-91.
[21]Milcher S. Household Vulnerability Estimates of Roma in Southeast Europe[J]. Cambridge Journal of Economics, 2009, 34(4): 773-792.
[22]Chakravarty S., Pal R. Financial Inclusion in India: An Axiomatic Approach[J]. Journal of Policy Modeling, 2013, 35(5): 813-837.
[23]Sarma M. Measuring Financial Inclusion Using Multidimensional Data[J]. World Economics, 2016, 17(1): 15-40.
[24]尹志超, 彭嫦燕, 里昂安吉拉. 中国家庭普惠金融的发展及影响[J]. 管理世界, 2019, (2): 74-87.
[25]柴时军. 集体主义视角下的家庭债务杠杆研究[J]. 现代经济探讨, 2021, (8): 1-14, 24.