金融可及性、互联网金融和家庭信贷约束——基于CHFS数据的实证研究

Financial Availability,Internet Finance and Households' Credit Constraints:Evidence from CHFS Data

本文基于中国家庭金融调查(CHFS)数据,选择工具变量,采用极大似然估计方法发现,金融可及性可显著增加家庭信贷需求,同时显著降低家庭信贷约束的概率。进一步,本文发现金融可及性可显著降低家庭需求型信贷约束和供给型信贷约束的概率。本文引入互联网金融变量后发现,在正规金融不可及的情况下,互联网金融可显著促进家庭信贷需求,并降低家庭信贷约束的概率。本文政策含义是,提高金融可及性,推广互联网金融,对于释放家庭信贷需求,缓解家庭信贷约束,提升家庭消费水平具有积极意义。

Based on China Household Finance Survey data in 2013, by choosing Instrumental Variable and using Maximum Likelihood estimation, this paper finds financial availability can significantly improve households' credit demand and reduce the probability of households' credit constraints. Further, this paper finds financial availability can significantly reduce the probability of households' demand credit constraints and supply credit constraints. In addition, this paper finds, under the condition of the formal financial unavailability, internet finance can significantly promote households' credit demand and can significantly reduce the probability of households' credit constraints. The policy implication is that improving financial availability and popularizing internet finance can release households' credit demand, alleviate households' credit constraints and improve the level of household consuption.