金融可得性、金融市场参与和家庭资产选择

Financial Availability,Financial Market Participation and Household Portfolio Choice

本文运用中国家庭金融调查(CHFS)数据,研究了金融可得性对家庭金融市场参与及资产选择的影响。研究发现,金融可得性的提高会促进家庭更多地参与正规金融市场和进行资产配置,同时会降低家庭在非正规金融市场的参与和资产配置。研究还发现,金融可得性提高会通过降低家庭民间借出,从而使非正规借贷市场供给减少,进而降低民间借入比例。分城乡和区域来看,金融可得性的提高对农村和中西部地区家庭参与正规金融市场的边际影响更大。本文的政策含义是金融管理部门需要采取措施提高家庭金融可得性,并在制定政策时考虑城乡和区域间的差异性。

Using China Household Finance Survey （CHFS） data, this paper investigates the impacts of financial availability on Chinese households＇ financial market participation and portfolio choice both in the formal and informal financial market. We find that the increase in the financial availability will enable households more actively to participate in the formal financial market and increase their risky asset holdings in the formal financial market. If financial availability increases, households will also decrease their risky asset holdings in the informal financial market, which makes less households can borrow money from informal market. In conclusion, the financial availability has a positive effect on households＇ participation in the formal market and has a negative effect on the informal market. At last, in rural and middle-west area, financial availability has a more positive effect on the formal market.