金融普惠的群体差异性：市场失灵还是制度缺陷

Financial Inclusion Heterogeneity: Market Failure or Institutional Defect

基于2011年中国家庭金融调查(CHFS)数据,本文研究中国家庭金融可得性的群体差异性及其影响因素,揭示中国金融普惠的发展特征、制约因素和机制。研究发现,我国家庭金融可得性存在显著的群体差异性,相比城市中的城镇、移民家庭,农村家庭的银行账户、信用卡获得水平较低,民间借款可得性较高,而移民家庭信贷可得性最低;与城镇家庭相比,移民家庭的正规金融获得水平较低,更多地参与民间金融市场。农村金融市场高交易成本和高风险引致的市场失灵可以为城乡家庭金融可得性差异提供解释,但是移民家庭和城镇家庭金融可得性的差异则主要源于户籍制度及其关联制度导致的移民流动性较高,以及原有农村社会资本瓦解而城市社会资本难以重构,导致信息不对称程度提高。

Based on the data set of China Household Financial Survey（ CHFS） in 2011,this paper studies the differences of financial availability among urban,rural and migrant households and the influencing factors. We find that the household financial availability in China has a significant heterogeneity. Compared with urban households and migrant households, rural households acquire less bank account,fewer credit cards and more private loans. Moreover,migrant families get the least loans. At the same time,migrant households have fewer formal financial availability and higher private financial availability in comparison with urban households.Furthermore,high transaction costs and high risks caused by the market failure in rural financial market can explain the differences of financial availability between urban and rural household,but the differences between urban households and migrant households are mainly derived from the household register system and some other related systems,which result in higher mobility of migrants,disintegration of original rural social capital,lack of urban social capital,and higher degree of information asymmetry.