共同富裕视角下普惠金融公平性测度:普惠金融是否实现益贫性增长?

Measuring Financial Fairness From the Perspective of Common Prosperity:Does Inclusive Finance Achieve Pro-Poor Growth?

基于我国2010~2018年CFPS中家庭金融数据,本文利用益贫性增长指标增长发生曲线(GIC)和益贫增长率(PPGR)测算在普惠金融增长过程中,低收入群体的获益程度是否高于社会平均水平,并通过Logit回归、改善因素分解模型分析普惠金融增长过程中的影响因素。结果表明:我国普惠金融总体实现益贫性增长,测度时间内普惠金融公平性的提升是非连续性的,公平性改善的受益群体不断扩散;公平性改善存在城乡异质性,城市低收入家庭获得的公平性改善高于同分位点的农村家庭。居民普惠金融改善的主要影响因素是金融服务供给、家庭消费支出、家庭主观贷款意愿,金融消费支出对居民普惠金融改善贡献值最大,其次是金融服务供给。

Based on the household financial data in CFPS in China from 2010 to 2018, this paper uses the growth curve(GIC) and poverty growth rate(PPGR) to measure whether the benefit degree of low-income groups is higher than the social average in the process of inclusive financial growth, and analyzes the influencing factors in the growth process of inclusive finance through Logit regression and improvement factor decomposition model. The results show that China’s inclusive finance has generally achieved pro-poor growth, and the improvement of inclusive financial fairness in the measured time is discontinuous, and the beneficiary groups of fairness improvement continue to spread. There is heterogeneity in equity improvement between urban and rural areas, and urban low-income households receive higher equity improvements than rural households at the same quantile. The main influencing factors for the improvement of residents’ inclusive finance are financial service supply, household consumption expenditure, and household subjective loan willingness, and financial consumption expenditure contributes the most value to the improvement of residents’ inclusive finance, followed by financial service supply.