信贷约束对我国家庭金融资产配置的影响研究

Research on the Impact of Credit Constraints on China’s Household Financial Asset Allocation

基于2015年中国家庭金融调查(CHFS)的数据,运用Tobit模型研究信贷约束对我国家庭金融资产配置的影响,并对城乡家庭进行对比。结果表明:信贷约束增加了城镇家庭的储蓄占比,但降低了农村家庭的储蓄占比;面临信贷约束的家庭高风险资产投资和低风险资产投资的占比均降低,且农村家庭的降低程度更大;信贷约束会降低城乡家庭的借出占比。信贷约束在一定程度上降低了家庭金融市场的参与度。

Based on the latest survey data of China Family Finance Survey(CHFS)in 2015,the Tobit model was used to study the impact of credit constraints on the allocation of household financial assets in China,and the urban and rural households were compared.The results show that the credit constraints increase the proportion of urban households’savings,but reduce the proportion of rural households’savings;the proportion of high-risk assets investment and low-risk assets investment of households facing credit constraints decreases,and the reduction of rural households is greater;the credit constraints will reduce the proportion of urban and rural households’lending.The credit constraints reduce the participation of household financial markets to a certain extent.