普惠金融究竟如何影响居民生活?——来自我国省际层面的经验证据

How Does Inclusive Finance Affect Residents’ Living?——Empirical Evidence at the Provincial Level from China

我国社会的主要矛盾已经转化为人民日益增长的对美好生活的需要和不平衡、不充分的发展之间的矛盾。普惠金融是解决地区发展不平衡、城乡发展不平衡的有力举措。当前,普惠金融研究聚焦在银行业与居民收入,未将非银金融业与居民消费纳入考虑;此外,将普惠金融指标的波动性作为权重来构建普惠金融指数,也缺乏经济学含义。本文首次根据各省份五项金融业全口径普惠发展指标,基于经济的相关性设定指标权重,采用加权几何平均法构建省际普惠金融综合指数,从收入和消费双重视角实证研究普惠金融对居民生活的异质性影响。研究结果表明,普惠金融对各地区居民的收入和消费以及边际消费倾向等均有正向刺激作用,且刺激作用的大小与居民的收入和消费水平成正比,因而,普惠金融对城镇居民收入和消费以及边际消费倾向等的刺激作用大于农村居民。鉴此,本文提出普惠金融的发展重心应向欠发达地区、农村地区倾斜的政策建议。

The principal contradiction of Chinese society has been transformed into the contradiction between unbalanced development and the people's ever-growing needs for a better life.Inclusive finance is a powerful measure to solve the imbalances between regional development and urban-rural development.At present,inclusive finance research focuses on the banking industry and residents'income,ignoring non-bank financial industries and residents'consumption.In this paper,for the first time,the weighted geometric average method is used to construct the provincial comprehensive index of financial inclusion based on five full-aperture financial industry inclusive development indicators of each province.The empirical results show that inclusive finance has a positive stimulating effect on residents'income,consumption and marginal consumption tendency in various regions,and the magnitude of the stimulating effect is proportional to the income and consumption level of residents.The effects of inclusive finance on urban residents'income,consumption and marginal consumption tendency are greater than that of rural residents.In view of this,this article proposes policy suggestions that the development focus of inclusive finance should be tilted towards less developed areas and rural areas.