信贷约束如何影响家庭风险资产参与--来自CFPS数据的证据

How do credit constraints affect household risk asset participation--Evidence from CFPS data

基于2014年中国家庭追踪调查的数据,针对信贷约束影响家庭参与风险资产的效果及作用机制进行实证检验。结果表明:信贷约束与家庭参与风险资产的广度和深度之间存在显著的负相关关系。同时,相较于受到非正规信贷约束的家庭,正规渠道的信贷约束对于家庭参与风险资产投资的抑制作用更加明显。进一步研究发现,信贷约束主要通过提高风险厌恶水平、降低未来预期两个渠道抑制了家庭参与风险资产。分样本的异质性回归结果也表明:信贷约束对于高收入水平家庭、城市家庭以及东部家庭参与风险资产的抑制作用更强或者更加显著,同时这一抑制效果也受到家庭的金融素养水平的影响,金融素养水平越高的家庭,信贷约束对于其参与风险资产的抑制程度越低。

Based on the data of China Family Panel Studies in 2014,this paper conducts an empirical test on the effect and mechanism of credit constraint on household participation in risk assets.The results show that there is a significant negative correlation between credit constraints and the extent and depth of household participation in risky assets.At the same time,compared with households subject to informal credit constraints,formal credit constraints have a more obvious inhibitory effect on household participation in venture capital investment.Further research shows that credit constraints inhibit household participation in risk assets mainly through the two channels of increasing risk aversion and decreasing future expectations.Heterogeneity of sample regression results also show that the credit constraints for high income family,eastern urban families and families involved in the inhibitory effect of risky assets is stronger or more significantly,at the same time,the inhibition effect is influenced by the family financial literacy level,financial literacy,the higher the family,credit constraints for the lower level of to participate in the suppression of risky assets.