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

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