社会信用环境与私人借贷市场参与

Social Credit Environment and Private Lending Market Participation

利用百度指数数据构造社会信用环境指标,结合中国家庭金融调查数据,从供给和需求角度检验社会信用环境对私人借贷市场参与的影响及内在机制。研究发现:从供给端来看,失信环境降低了私人借贷借出的概率和私人借出款占金融资产的比重;从需求端来看,失信环境抑制了私人借贷需求,且造成私人借贷供不应求的现象,增大了私人借贷可获得难度。在运用工具变量法缓解内生性问题和大量稳健性检验后上述结论仍然成立。机制分析表明,失信环境通过降低风险容忍度和缩小社会网络抑制私人借贷供给,通过缩小社会网络和提高交易成本抑制私人借贷需求。

The paper used Baidu index data to construct social credit environment indicators,and then introduced China Household Finance Survey data to examine the impact and its internal mechanism of social credit environment on private lending market participation from the perspectives of supply and demand.The conclusions were as follows.Firstly,from the supply side,dishonest environment reduced the probability of private loan and the proportion of private loan in financial assets.Secondly,from the demand side,dishonest environment inhibited the demand of private lending,caused the phenomena of private lending in short supply,and increased the difficulty of obtaining private lending.Thirdly,above conclusions were still valid after using theⅣmethod to alleviate the endogeneity issue and carrying out a large number of robustness tests.Mechanism analysis showed that dishonest environment would suppress the supply of private lending by reducing risk tolerance and shrinking social network,meanwhile suppress the demand of private lending by shrinking social network and increasing transaction costs.