非正规金融对农村家庭收入、消费水平的影响分析——基于对江苏1202户家庭的调查  

Influence of informal finance on rural households' income and consumption:a study based on a survey of 1,202 households in Jiangsu

作　　者：张宁[1,2] 张兵[1,3] 秦晓晖[1] 陆磊[1] 

机构地区：[1]南京农业大学金融学院,江苏南京210095 [2]南京农业大学江苏农村金融发展研究中心,江苏南京210095 [3]西南交通大学经济管理学院,四川成都610031

出　　处：《东南大学学报（哲学社会科学版）》2016年第5期91-100,147-148,共10页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家自然科学基金青年项目"农村非正规金融的收入效应及其正规化研究"(71403124);江苏高校哲学社会科学研究项目"市场导向下农村金融改革中政府作用研究"(2015SJD091);南京农业大学中央高校基本科研业务费人文社会科学研究基金项目(SKPT2015027;KJQN201565;SKCX2016007)成果之一

摘　　要：分析非正规金融对农村家庭收入及消费的影响机理,并基于微观调研数据,利用工具变量分位数回归法(IVQR)进行实证检验,同时采用match估计平均处理效应的方法测算非正规金融对家庭收入及消费水平的影响程度,结果表明:虽然非正规金融借款主要用于生活消费,但其仍通过减少家庭消费资金对生产投资资金的挤占间接增加了家庭的生产投资支出,进而对家庭的收入和消费均具有显著的正向作用;由于非正规金融的存在,所有样本家庭平均增加的纯收入和消费支出分别为507.17元/人和661.37元/人,占其纯收入和消费支出均值的比重分别为2.68%和4.68%;对于向非正规金融市场借款的家庭,其所增加的纯收入和消费支出分别为528.33元/人和712.54元/人,占纯收入和消费支出均值的比重分别为2.79%和5.04%。Based on the micro survey data,we first analyze the influence of informal finance on rural households' income and consumption empirically. Then,we measure the degree of influence by matching estimators for average treatment effects. The results show that informal finance has a significant positive effect on income and consumption by reducing the diversion of households' investment funds although informal financial loan is mainly used for consumption. Due to the existence of informal financial markets,the average net income and the consume rspending increase by 507.17 RMB and 661.37 RMB per person,accounting for 2.68% and 4.68% of their net income and consumer spending mean respectively. For the households which borrow from informal financial market,the average net income and consumer spending increase by 528.33 RMB and 712.54 RMB per person,accounting for 2.79%% and 5.04% of their net income and consumer spending mean respectively.

关 键 词：非正规金融 收入与消费 农村家庭 match估计 

分 类 号：F832.43[经济管理—金融学]