金融排斥对家庭金融资产配置的影响——基于中国家庭金融调查数据(CHFS)的分析

The Impact of Financial Exclusion on Household Financial Asset Allocation——Analysis Based on China Household Financial Survey Data (CHFS)

在普惠金融的背景下,居民进行有效的家庭金融资产配置十分重要。该文利用中国家庭金融调查项目的微观数据,对金融排斥对家庭金融资产配置的影响进行了实证分析。结果表明:中国家庭普遍存在不同程度的金融排斥现象;金融排斥现象显著抑制了家庭金融市场的参与可能与参与程度;金融排斥对正规金融市场参与与非正规金融市场参与的影响存在受教育程度异质性以及城乡异质性。该文以金融排斥现象为着眼点,为促进金融市场发展提供科学思路与有效建议。

In the context of inclusive finance,effective household financial asset allocation is very important to promote the development of China s financial market.In this paper,the impact of financial exclusion on family financial asset allocation is empirically analyzed using the micro-data of China s household finance survey project.Probit model and tobit model are respectively used to analyze the impact of financial exclusion on the possibility and degree of family financial market participation.The results show that:Chinese families generally have different degrees of financial exclusion,and residents generally have a high degree of financial exclusion.The phenomenon of financial exclusion significantly inhibits the possibility and degree of household financial market participation.The influence of financial exclusion on formal financial market participation and informal financial market participation has the heterogeneity of education level and urban-rural heterogeneity.Based on the phenomenon of financial exclusion from the micro perspective,this paper puts forward some scientific ideas and effective suggestions to promote the healthy development of financial market,such as popularizing formal financial institutions and financial awareness,and reducing the urban-rural dualization effect.