移动终端应用对中国家庭信贷可得性的影响

The Impact of Mobile Terminal Applications on Household Credit Availability in China

近年来,中国移动终端快速普及,在增强居民日常支付便利性的同时,也可能拓宽家庭获取信贷资源的渠道。基于此,本文实证分析移动终端应用对家庭信贷可得性的影响。为克服内生性的偏误,本文选择拥有智能手机作为移动终端应用的工具变量。研究结果显示,移动终端应用显著提高家庭信贷可得性的概率,且主要显著提高家庭正规信贷和网络借贷的概率,说明移动终端有助于拓宽家庭的借贷方式,缓解家庭的信贷约束。进一步分析发现,移动终端增加信贷可得性的主要因素是家庭的消费性信贷需求。机制分析结果显示,移动终端应用通过降低信息不对称、提升个体的风险偏好、增强社会信任和社会互动等渠道,来促进家庭获得信贷资源。异质性分析结果表明,移动终端对金融知识水平较高的群体、受到流动性约束的群体、年轻群体、中西部地区及农村家庭的影响更为敏感。以上研究为理解家庭信贷可得性和移动终端的相关理论提供新的经验依据,为政府普及移动终端、提升数字普惠金融发展水平、拓展家庭融资渠道提供理论依据,同时对相关部门制定信贷政策提供新的参考。

The rapid spread of mobile terminals in China can enhance the convenience of residents’daily payments and broaden households’access to credit resources.This paper empirically analyzes the impact of mobile terminals on household credit availability by selecting smartphone ownership as the instrumental variable of mobile terminals to overcome the endogeneity,using the 2017 China Household Finance Survey data.Based on the linear probability model and the binary choices model,the results show that the mobile terminal significantly improves household credit availability probability,especially the probability of formal household credit and online lending,while inhibiting their participation in private lending.The estimated results of the benchmark indicate that the mobile terminal can broaden household lending options and alleviate credit constraints.Further analysis shows that mobile terminals increase credit availability due to consumer credit demand rather than operational lending.The mechanism analysis reveals that mobile terminals can facilitate households’access to credit resources by reducing information asymmetry,increasing individual risk preferences,and enhancing social trust and interaction.Heterogeneity results show that mobile terminals have a more pronounced impact on groups with higher levels of financial literacy,mobility-constrained groups,younger groups,central and western regions,and rural households.In addition,mobile terminals effectively leverage the advantages of internet finance to achieve inclusive finance,facilitate access to credit services for households in the central and western regions and rural areas,and alleviate their liquidity constraints.The above conclusions reflect the long tail characteristics of digital inclusive finance,providing references for improving access to credit for households in rural areas and central and western regions.The findings show that mobile terminals significantly increase the probability of households participating in online financing,mainly meeting their consumer credit needs.Promoting and using mobile terminals help broaden residents’financing channels,alleviate their liquidity constraints,stimulate household consumption,and expand domestic demand.Therefore,relevant departments should strengthen the infrastructure construction of mobile internet finance and expand the coverage of mobile terminals.Furthermore,it should improve the human capital level of residents,and guide households to use internet financing platforms rationally.In addition,residents’awareness of risk prevention and control should be strengthened to prevent payment risks brought by mobile internet.