金融知识与家庭借贷行为研究

Financial Knowledge and Household Borrowing Behavior:An Empirical Analysis of Chinese Urban Families

利用中国家庭追踪调查数据(CFPS)就金融知识对中国城镇家庭借贷行为的影响进行了实证研究。研究结果表明,基础金融知识、高级金融知识和金融风险知识均显著提升了家庭正规借贷可得性,同时也显著抑制了家庭非正规借贷可得性;基础金融知识和金融风险知识均显著增加了家庭正规借贷额,同时也显著降低了家庭非正规借贷额;高级金融知识仅显著增加了家庭正规借贷额,其对家庭非正规借贷额没有显著影响。此外,高级金融知识对家庭正规借贷的促进作用强于基础金融知识和金融风险知识,金融风险知识对家庭非正规借贷的抑制作用强于基础金融知识,而高级金融知识对家庭非正规借贷的抑制作用则最弱。内生性检验和稳健性检验说明以上结论是可靠的。

This paper examines the impact of financial knowledge on the household’s borrowing behavior in urban China using the data of 2014 Chinese Family Panel Studies(CFPS).Our results show that basic financial knowledge(BFK),advanced financial knowledge(AFK)and financial risk knowledge(FRK)have positive and statistically significantly effects on the access to formal credit but negative and statistically effects on the access to informal credit.BFK and FRK have positive and statistically significantly effects on the amount of formal credit but negative and statistically effects on the amount of informal credit,while AFK has positive and statistically significantly effects on the amount of formal credit but no effects on the amount of informal credit.In addition,AFK seems to play the biggest role in improving formal credit,and FRK seems to play the biggest role in inhibiting informal credit.