包容性金融对居民幸福感的影响——基于CFPS数据的实证研究

The Influence of Inclusive Finance on the Subjective Well-being of Residents——Evidence from CFPS Data

运用中国家庭跟踪调查(CFPS)2014年度数据,首次从宏观供给与微观利用两个方面探究包容性金融对居民幸福感的影响。结果表明,无论是包容性金融的宏观供给还是微观利用,都能显著提升居民幸福感,且对低收入、农村以及低学历等社会弱势群体幸福感的积极效应更明显,尤其是信贷可用度的作用突出,但金融活跃度未能提高低收入和低学历群体的幸福感。机制检验研究表明,包容性金融能增加居民收入和消费来促进居民幸福感提高,但心理层面的中介效应仅体现在包容性金融的微观利用上。因此,应当进一步推进和完善包容性金融体系建设,惠及更多社会弱势群体,扩大金融的幸福效应。

Using 2014 China Family Panel Studies(CFPS) data,this paper explores the impact of financial inclusion on residents’ happiness from two aspects of macro-supply and micro-utilization for the first time.The results show that both macro-supply and micro-utilization of financial inclusion can significantly improve residents’ happiness.Moreover,the positive effect of financial inclusion on the happiness of the social vulnerable groups such as low-income,rural areas and low educational background is more obvious,especially credit availability plays a prominent role.However,financial activity has failed to improve the well-being of low-income and low-education groups.The mechanism test shows that financial inclusion can promote residents’ happiness by increasing their income and consumption,butthe intermediary effect of psychological level is only reflected in the micro-utilization of financial inclusion.Therefore,we should further promote and improve the construction of financial inclusion system,benefit more vulnerable groups in society,and expand the happiness effect of finance.