Abstract: This paper studies the impact of cultural diversity represented by dialect diversity on household credit constraints, on the basis of matching three rounds of Chinese household finance survey (CHFS) data and the dialect diversity data from 2011 to 2015 at the city level. The research shows that cultural diversity can significantly increase household credit constraints, especially the demand-type credit constraints. The mechanism analysis shows that the improvement of cultural diversity will lead to the lack of social trust, which will cause families to face higher credit constraints. The analysis of heterogeneity indicates that cultural diversity has a more obvious impact on the credit constraint of local families in non-mandarin regions, rural families, male-headed families and families with low educational level. It is also found that the higher the development of the Digital Inclusive Finance, the smaller the impact of dialect diversity on household credit constraints, which suggests that by vigorously promoting the development of the digital inclusive finance, the impact of the regional cultural diversity on household credit constraints can be effectively alleviated.

Key words: Credit Constraints, Cultural Diversity, Dialect, Digital Inclusive Finance

摘要： 在城市层面匹配中国家庭金融调查(CHFS)2011—2015年三轮追踪数据和方言多样性数据的基础上,研究以方言多样性为代表的文化多样性对家庭信贷约束的影响。研究表明,文化多样性程度复杂会显著增加当地居民的家庭信贷约束,特别是需求型信贷约束。机制分析表明,文化多样性程度的提升会引起社会信任感的降低,从而提高家庭信贷约束。异质性分析表明,对于与普通话和官话相似度较低地区家庭、农村家庭、男性户主家庭以及教育程度较低家庭,文化多样性的影响更明显。而数字普惠金融能有效缓解地区文化多样性对家庭信贷约束的影响。

关键词: 信贷约束, 文化多样性, 方言, 数字普惠金融