认知局限与居民借款行为研究  

Cognitive Limitation and Individual Lending Behavior

作　　者：高明[1] 林莞娟[1] 于丹丹[1] 

机构地区：[1]北京大学光华管理学院,100871

出　　处：《金融学季刊》2014年第2期113-135,共23页Quarterly Journal of Finance

摘　　要：本文首次使用中国健康与养老追踪调查数据，以民间金融为背景，考察居民认知能力与借款行为之间的关系。实证结果发现，认知局限得分与农村居民是否借出资金以及所借出资金占家庭财富的比例显著负相关，表明认知能力影响居民的风险承担决策。通过将农村样本按照贫富分组，发现显著的相关关系仅存在于相对富裕的样本之中。这说明在正规金融较为落后、民间金融活跃的农村地区，认知能力较强的富人更可能从事私人风险借贷。除财富之外，年龄、教育水平、参与社交活动以及家庭年生活支出也是资金出借决策的重要影响因素。本文丰富了精神健康和风险决策行为的研究。This paper studies cognitive limitation and lending behavior from the perspective of informal finance, using a novel data set of China Health and Retirement Longitudinal Survey. Our empirical findings indicate that cognitive limitation scores are negatively related with personal lend- ing in rural area, implying that cognitive ability affects individual risk-taking behavior. By dividing rural samples into rich and poor, we find that the significant negative relationship only hold for rich group. Our findings suggest that rich people who are less subject to cognitive limitation are more ca- pable of lending money to their relatives/friends, other people or informal institutions in rural areas where formal financing is inadequate and informal financing is active. Besides wealth, Individual＇s age, education background, social activities, and household living expenditure are important factors for lending behaviors. Our study sheds light on research on mental health and financial risk-taking behavior.

关 键 词：认知局限 借款行为 家庭财富 

分 类 号：F323.8[经济管理—产业经济]