金融市场参与能有效预防家庭支出型贫困吗?--来自561户调研家庭的证据

Can Financial Market Participation Effectively Prevent Household Expenditure Poverty?:Evidence from 561 Fami-lies

“防返贫风险”是“后扶贫时代”巩固脱贫攻坚成果的一项重要任务,金融市场参与能否有效预防重大风险冲击造成的家庭支出型贫困值得深入研究。基于2018年561户家庭的调研数据,从微观视角分析了金融市场参与对家庭支出型贫困的影响及作用机制。研究发现,金融市场参与能有效发挥金融工具的风险管理、资金融通、资源配置等功能,通过平滑生存型消费、积累发展型要素和增加家庭总收入降低家庭支出型贫困发生的概率。此外,该结论在低风险金融投资参与的家庭也成立,但在高风险金融投资参与的家庭则不明显。进一步发现,数字金融市场参与也能有效缓解家庭支出型贫困,而人力资本、物质资本和社会资本则能有效增强金融市场参与的减贫效应。结论为研究金融减贫提供了全新的视角,可为未来提升脆弱性家庭内生发展动力及克服支出型贫困的政策制定提供有益参考。

"Preventing the risk of returning to poverty"is an important task in the"post-poverty era"to consolidate the results of poverty alleviation. Whether financial market participation can effectively prevent household expenditure poverty caused by major risk shocks deserves in-depth study. Based on micro dataof 561 households in 2018, we investigate the impact of the financial market participation on household expenditure poverty and its mechanism. The analytical results show that financial market participation play an important role in risk management, fund accommodation, and resource allocation.Through smoothing consumption, accumulating developmental factor and boosting income growth, financial market participation can reduce the occurrence probability of expenditure poverty.Meanwhile,this conclusion is also valid in households participating in low-risk financial investment, but not for households participating in high-risk financial investment. Besides,digital financial market participationcan significantly alleviate household expenditure poverty. Household human capital, physical capital and social capital can reinforce the poverty reduction effect of financial market participation. We provide a brand-new perspective for financial poverty reduction studies hoping it will be of use for future policy design to increase the endogenous driving force of vulnerable households and overcome expenditure poverty.