【作者】 李耀；

【导师】 黄惠春；

【作者基本信息】 南京农业大学 ， 金融学， 2023， 硕士

【摘要】 由于借贷的获得有利于缓解家庭所面临的流动性不足问题,提高家庭从经济活动中获得的收益,所以学者们对影响家庭借贷行为的因素进行了大量研究。而随着金融产品的日趋复杂化,金融市场的发展对家庭理解和运用经济金融信息的能力提出了更高的要求,所以越来越多的学者开始关注金融素养对家庭借贷行为的影响。虽然现有研究对金融素养和家庭借贷行为之间的关系给予了大量的关注,但是目前大多数研究对家庭借贷行为的关注仍主要集中在最终结果上,包括借贷的可获得性、正规借贷的可获得性、非正规借贷的可获得性和借贷规模等,鲜有研究关注家庭的借贷渠道选择行为,对不同条件下金融素养对家庭借贷行为的异质性影响的关注也相对较少。因此,金融素养水平的提升是否会影响家庭的首选借贷渠道和家庭的借贷结构?不同的条件下金融素养对家庭借贷行为的影响是否存在异质性?为回答这些问题,本文基于2018年的中国家庭追踪调查数据(CFPS),分别从首选借贷渠道和借贷结构的角度入手,实证检验了金融素养对家庭借贷行为的影响并进一步从传统商业文化和地区差异的角度分析金融素养对家庭借贷行为的异质性影响,检验传统商业文化和地区差异对家庭借贷行为的影响是否存在调节效应。本文的研究成果有利于进一步深化对家庭借贷行为的研究,对现有研究做出了一定的补充。本文的研究内容和研究结论包括以下三个部分:第一部分:金融素养影响家庭借贷行为的理论分析。首先,本文在回顾关于金融素养的定义、家庭借贷行为的影响因素和金融素养影响家庭借贷行为的研究的基础上,从三个方面阐述了家庭借贷行为研究的理论基础,包括信贷配给理论、信息不对称理论和交易成本理论。其次,本文从推动家庭财富的积累、改善家庭的资信状况和降低家庭的借贷成本的角度来分析金融素养影响家庭借贷行为的作用机制并提出相应的假说。最后,本文分别从传统商业文化和地区差异的角度来分析金融素养对家庭借贷行为的异质性影响并提出相应的假说。第二部分:我国家庭金融素养和借贷行为的现状分析。首先,本文介绍了金融素养的衡量方式,分析了家庭户主对关于金融素养的三个问题的回答情况,使用组间均值差异检验的方法,从户主年龄、户主受教育水平和户主性别的角度分析了不同家庭在金融素养水平上的差异。其次,本文基于不同的首选借贷渠道,使用组间均值差异检验的方法来分析不同家庭的特征差异。第三部分:金融素养影响家庭借贷行为的实证分析。在分析金融素养影响家庭贷行为的作用机制的基础上,本文基于2018年CFPS数据,使用Probit模型和Tobit模型来对家庭借贷行为的影响因素进行参数估计,研究结果表明金融素养水平的提升会提高家庭将正规渠道借贷作为满足自身融资需求的首选方式的可能性,降低将非正规渠道借贷作为满足自身融资需求的首选方式的可能性,从而提高了正规渠道借贷在家庭负债中的比重,在考虑内生性问题之后,所得结论依然成立。在全样本回归的基础上,本文还进一步检验了传统商业文化和地区差异对家庭借贷行为的影响,分别按照家庭所在地区的传统商业文化水平是否大于等于中位数、家庭是否位于东部地区或中部地区进行分组回归,并使用工具变量来缓解内生性问题。分组回归的结果表明,传统商业文化和地区差异对家庭借贷行为的影响具有显著的调节效应,在传统商业文化水平较高的地区,金融素养对当地家庭的借贷行为的影响更大;相较于位于西部地区和东北地区的家庭,金融素养对位于东部地区和中部地区的家庭的借贷行为的影响更大。根据本文的研究结论,金融素养水平的提升会提高家庭将正规渠道借贷作为满足自身融资需求的首选方式的可能性,降低家庭将非正规渠道借贷作为满足自身融资需求的首选方式的可能性,从而提高了正规渠道借贷在家庭负债中的比重;在传统商业文化水平较高的地区,金融素养对当地家庭的借贷行为的影响更大;相较于位于西部地区和东北地区的家庭,金融素养对位于东部地区和中部地区的家庭的借贷行为的影响更大。基于上述结论,本文分别从加大经济金融知识的普及力度、充分发挥传统商业文化的作用和提高欠发达地区的金融服务供给力度三个方面提出了相应的政策建议。更多还原

【Abstract】 Due to the benefits of obtaining credit in alleviating the problem of insufficient liquidity faced by households and increasing the benefits they receive from economic activities,scholars have conducted extensive research on the factors affecting household borrowing behavior.With the increasing complexity of financial products,the development of financial markets has put forward higher requirements for households’ability to understand and use economic and financial information.Therefore,more and more scholars are paying attention to the impact of financial literacy on household borrowing behavior.Although existing research has paid significant attention to the relationship between financial literacy and household borrowing behavior,most of the current research on household borrowing behavior still focuses mainly on the final outcome,including the availability of credit,the availability of formal credit,and the availability of informal credit,and the size of credit.Few studies have focused on household borrowing channel selection behavior,there is relatively few attention paid to the heterogeneous impact of financial literacy on household borrowing behavior under different conditions.Therefore,will the improvement of financial literacy level affect the preferred borrowing channel and borrowing structure of household?Is there heterogeneity in the impact of financial literacy on household borrowing behavior under different conditions?To answer these questions,based on the China Family Panel Studies(CFPS)data in 2018,this paper empirically tests the impact of financial literacy on household borrowing behavior from the perspective of preferred borrowing channel and borrowing structure,and further analyzes the heterogeneous impact of financial literacy on household borrowing behavior from the perspective of traditional business culture and the perspective of regional differences,to examine whether there is a regulatory effect of traditional business culture and regional differences on household borrowing behavior.The research result of this paper is conducive to further deepening the study of household borrowing behavior and provides a certain supplement to existing research.The research content and research conclusion of this paper include the following three parts:Part One:A Theoretical analysis of the impact of financial literacy on household borrowing behavior.Firstly,based on a review of the definition of financial literacy,the influencing factors of household borrowing behavior,and the research on the impact of financial literacy on household borrowing behavior,this paper elaborates on the theoretical basis of household borrowing behavior research from three aspects,including credit rationing theory,information asymmetry theory,and transaction cost theory.Secondly,this paper analyzes the mechanism by which financial literacy affects household borrowing behavior from the perspective of promoting the accumulation of household wealth,the perspective of improving household credit status,and the perspective of reducing household borrowing cost,and proposes corresponding hypotheses.Finally,this paper analyzes the heterogeneous impact of financial literacy on household borrowing behavior from the perspective of traditional business culture and the perspective of regional differences,and proposes corresponding hypotheses.Part Two:An analysis of the current situation of household financial literacy and borrowing behavior in China.Firstly,this paper introduces the measurement method of financial literacy,analyzes the answers of household heads to three questions about financial literacy,and uses the method of inter group mean difference test to analyze the differences in financial literacy level among different households from the perspective of household head age,the perspective of household head education level,and the perspective of household head gender.Secondly,based on different preferred borrowing channels,this paper uses the method of inter group mean difference test to analyze the characteristic differences of different households.Part Three:An empirical analysis of the impact of financial literacy on household borrowing behavior.Based on the analysis of the mechanism by which financial literacy affects household borrowing behavior,this paper uses the Probit model and Tobit model to estimate the influencing factors of household borrowing behavior based on the CFPS data in 2018.The research result indicates that the improvement of financial literacy level will increase the possibility of households using formal channel credit as their preferred way to meet their own financing needs,and reduce the possibility of using informal channel credit as their preferred way to meet their own financing needs,thereby increasing the proportion of formal channel credit in household debt.After considering endogeneity problem,the conclusion still holds.On the basis of full sample regression,this paper also further tests the impact of traditional business culture and regional differences on household borrowing behavior,and conducts group regression according to whether the traditional business culture level of the region where the household is located is greater than or equal to the median,and whether the household is located in the eastern region or central region,and uses instrumental variables estimation to alleviate the endogenous problem.The result of group regression indicates that traditional business culture and regional differences have a significant regulatory effect on household borrowing behavior.In the region with higher level of traditional business culture,financial literacy has a greater impact on local household borrowing behavior;Compared to households located in the western region and northeastern region,financial literacy has a greater impact on the borrowing behavior of household located in the eastern region and central region.According to the research conclusion of this paper,the improvement of financial literacy level will increase the possibility of households using formal channel credit as their preferred way to meet their own financing needs,reduce the possibility of households using informal channel credit as their preferred way to meet their own financing needs,and thus increase the proportion of formal channel credit in household debt;In the region with higher level of traditional business culture,financial literacy has a greater impact on the borrowing behavior of local households;Compared to households located in the western region and northeastern region,financial literacy has a greater impact on the borrowing behavior of households located in the eastern region and central region.Based on the above conclusions,this paper puts forward corresponding policy recommendations from three aspects:increasing the popularization of economic and financial knowledge,giving full play to the role of traditional business culture,and improving the supply of financial services in the underdevelopment region.更多还原