“隧道效应”还是“跟上琼斯效应”——基于社会互动视角的分析

"Tunnel Effect"or"Keeping up with the Jones Effect"——An Analysis Based on the Perspective of Social Interaction

农户真实信贷动机既包括投资性消费也包括炫耀性消费,基于中国乡村社会特征,这两种信贷消费都会受到社会互动的影响。利用中国家庭金融调查数据(CHFS2015&CHFS2017)检验发现农户信贷以投资性消费为主,即“隧道效应”显著,“跟上琼斯效应”不显著;农户真实信贷动机是为了提高自身的经济社会地位,倾向于通过社会互动中的学习溢出,模仿信贷成功者的行为投资生产活动或教育带来正向回报。因此,金融机构可以有效利用社会互动的正向激励作用,设计与农户需求匹配的金融产品,引导农户合理地使用信贷,提高农村金融市场资源配置效率。

The real credit motivation of farmers includes both investment consumption and conspicuous consumption.This paper uses the Chinese household financial survey data(CHFS2015&CHFS2017)to find that farmers mainly focus on credit investment consumption,that is,the"tunnel effect"is significant,and"keep up with the Jones effect"is not significant.It can be inferred that the real credit motive of farmers is to improve their economic and social status,and they tend to imitate the behavior of successful creditors to invest in production activities or education to bring positive returns through learning spillovers in social interaction.Therefore,financial institutions can effectively use the positive incentive effect of social interaction,design financial products that match the needs of farmers,guide farmers to use credit reasonably,and improve the efficiency of resource allocation in rural financial markets.