社会网络对家庭金融排斥的影响

The Impact of Social Networks on Family Financial Exclusion

近年来,在金融服务覆盖广度和深度不断增长的同时,部分家庭仍面临数字鸿沟和金融排斥问题。本文从微观视角,基于2013—2019年中国家庭金融调查(CHFS)数据,实证分析社会网络对家庭金融排斥的影响。为克服内生性引起的偏误,本文运用面板固定效应和工具变量法进行估计。研究结果表明:社会网络有效降低家庭金融排斥概率。进一步分析发现:社会网络显著影响家庭投资类金融排斥,对家庭融资类金融排斥无显著性影响。机制分析表明:社会网络通过影响个体金融知识、经济金融信息关注度和投资风险偏好释放家庭金融需求,弥补正规金融发展不足,降低家庭金融排斥概率。异质性分析表明:社会网络对农村地区、低教育水平和中低收入家庭金融排斥的缓解效果较为明显。本文研究为理解家庭金融和社会网络理论提供新的经验证据,同时为政府相关部门大力发展普惠金融、拓宽居民融资渠道提供理论依据。

Summary:In recent years,inclusive finance has flourished in China.The coverage of financial services is increasing in both breadth and depth,but some households still face the challenges of the digital divide and financial exclusion.Therefore,this article studies the path to alleviate family financial exclusion based on the perspective of social networks,which has important practical significance for promoting the high-quality development of inclusive finance in China.This study aims to comprehensively assess the causal effect of social networks on financial exclusion and its mechanism.This article presents an empirical analysis of the impact of social networks on household financial exclusion,using data from the China Household Finance Survey(CHFS)conducted between 2013 and 2019.To overcome endogeneity bias,the study employs the panel fixed utility model and instrumental variable method for estimation.The results indicate that social networks,as a form of family human capital,can effectively reduce the probability of family financial exclusion.The analysis further suggests that social networks primarily affect investment financial exclusion,while having no significant impact on financing financial exclusion.The mechanism analysis shows that social networks alleviate financial exclusion by enhancing family members'financial knowledge,increasing their attention to economic and financial information,and shaping their investment risk preferences.The study also finds that social networks are more effective in reducing financial exclusion in rural areas,groups with lower education levels,and low-income households,indicating heterogeneity in the impact of social networks on financial inclusion.The research results of this article provide new empirical evidence for understanding the relevant theories of family finance and social networks and offer a theoretical basis for relevant government departments to vigorously develop inclusive finance and broaden resident financing channels.To alleviate family financial exclusion,this article proposes the following three policy recommendations:balancing urban and rural development and improving the inclusiveness of financial services;striving to enhance the human capital of vulnerable groups,particularly by strengthening their financial knowledge and strengthening social interaction and communication among residents to give full play to the financial inclusive effect of social networks.