金融包容与中国家庭福利水平研究——基于CHFS项目28143个家庭的调查数据

Financial Inclusion and the Level of Household Welfare in China——Based on the Survey Data of 28,143 Families in the CHFS Project

家庭福利水平的提升既体现了人本关怀,又是一国经济发展的内在引擎与终极目的。本文从新的角度即金融的微观视角切入,分别构建了多元线性回归模型、Probit模型及Logit模型,探析家庭金融包容作用于家庭福利水平的三种机制:消费结构升级与生活质量改善、财务规划合理与过度负债降低、主观幸福感增加与空间作用自强化。在此基础上采用模糊曲线方法与空间计量工具证实了三个计量模型结论的稳健性,并得出家庭金融包容和幸福感的空间正相关、家庭负债和居民不幸福感受的空间负相关以及包容与幸福之间的空间随机性。研究的政策含义与启示包括以下几点:主流金融需要发掘业务新蓝海,即通过刺激家庭的创业需求与消费信贷需求,实现互惠共生,同时带动家庭福利的改进;鼓励、引导新生金融业态(如互联网金融)参与家庭经济,对显著影响家庭福利的要素短板要制定有针对性的弥补措施,使其作用于家庭福利的渠道畅通、效果明显;贯彻"精准"原则,制定个性化、差异化的一揽子福利改善计划;家庭金融这一新兴学科应视为家庭经济学的重要组成部分,在中国将具有广阔的发展前景。

Household welfare not only embodies human care,but is also the internal engine and ultimate goal of a country’s economic development.From the micro-finance perspective,the author adopts three models,i.e.the multiple linear regression model,Probit model and Logit model,discusses three mechanisms on how financial inclusion influences the level of household welfare:consumption structural upgrading and higher quality of life;reasonable financial planning and less excessive debt;and increase of subjective well-being and spatial self-reinforcing effects.Based on the fuzzy curve method and spatial econometric tools,the robustness of the conclusions of the three measurement models is confirmed,furthermore,a spatial positive correlation is found between financial inclusion and the sense of happiness of families,a spatial negative correlation is found between household debt and the unhappiness of residents,and a spatial random relationship is found between financial inclusion and sense of happiness.The policy implications and insights are as follows:first,the mainstream financial institutions need to discover a new blue ocean market,namely,stimulate the household demand of business start-ups and consumption credit services,in order to realize mutual benefits and promote household welfare;second,the government need to encourage and guide new financial businesses(such as the Internet finance)to participate in the household economy,take targeted measures to address the deficient factors that affect household welfare significantly so as to ensure a smooth and effective channel for them to work on household welfare;third,the principle of tailor-made policy should be followed,and an individualized and differentiated package of welfare improvement programs should be formulated;fourth,household finance should be considered an important part of household economics as an emerging discipline,and it will have a bright future in China.