普惠金融如何促进共同富裕?——基于家庭微观层面的指标测度与机制分析

How Does Inclusive Finance Promotes Common Prosperity?——Indicator Construction and Mechanism Analysis Based on Household-Level Data

共同富裕是社会主义的本质要求,是富裕和共享的有机统一,以金融广化为特征的普惠金融是实现共同富裕目标的重要途径。本文利用2019年中国家庭金融调查数据(CHFS),基于富裕和共享两个维度,从收入、财富和公共服务三个方面构建了家庭层面的共同富裕指标,并探究了普惠金融促进共同富裕的机制。实证结果表明:普惠金融显著提高了家庭的共同富裕水平,且该效应主要通过缓解家庭资金约束、促进家庭创业实现。在经济发展水平较低的地区以及受教育水平较低、非劳动力和不健康人口比例较高的家庭中,普惠金融提升家庭共同富裕水平的效应更为显著,发挥了“雪中送炭”的作用。此外,更高的家庭金融关注度和金融素养能够强化普惠金融对共同富裕的支持效果。本文为测度中国家庭的共同富裕水平、理解普惠金融促进共同富裕的影响渠道提供了微观经验证据。

Summary:Common prosperity is an essential requirement of socialism and the common expectation of the people.Inclusive finance aims to provide inclusive financial services for disadvantaged people and help them to obtain equal development opportunities,which coincides with the nature of common prosperity.Therefore,it's important to understand the impact of financial inclusion on common prosperity and its mechanism,which has both theoretical and practical value.Using the data from 2019 China Household Finance Survey,this paper empirically studies the relationship between financial inclusion and common prosperity.The findings are as follows.Firstly,inclusive finance can significantly promote common prosperity,improving wealth distribution.Secondly,inclusivefinance mainly improves the common prosperity by easing family s financial constraints and promoting self-employment and entrepreneurship.Thirdly,the impact of inclusive finance on common prosperity is more significant in underdeveloped regions and rural areas,as well as households with low levels of education and high proportion of non-labor and unhealthy population.Households with higher financial market attention and financial knowledge can benefit more from the development of inclusive finance.Fourthly,both traditional and digital inclusive finance can improve the common prosperity of families.The marginal contributions of this paper are in the following aspects.Firstly,this paper uses the income,wealth and public services data to construct a new household-level common prosperity index,which complements the literature on measuring common prosperity.Secondly,this paper reveals that inclusive finance can improve common prosperity by alleviating financial constraints and promoting entrepreneurship.Thirdly,by comparing the different influence of traditional and digital financial inclusion,this paper highlights the importance on critically assessing differential impact of traditional and digital financial inclusion on household-level common prosperity.