财富分层、社会资本与农户民间借贷的可得性  

Wealth Disparity,Social Capital and Rural Households' Accessibility of Informal Credit

作　　者：徐丽鹤[1] 袁燕[2] 

机构地区：[1]西南财经大学国际商学院,四川成都611130 [2]西南财经大学经济与管理研究院,四川成都610074

出　　处：《金融研究》2017年第2期131-146,共16页Journal of Financial Research

基　　金："中央高校基本科研业务费专项资金"2016年青年教师成长项目(JBK160114)资助

摘　　要：本文使用"中国家庭金融调查"2011和2013年两轮的微观数据,首次实证检验了财富分层对农户进入民间借贷市场的影响及其机制。研究发现,与穷人相比,相对比较富有的家庭更容易获得民间借款。产生该现象的原因在于穷人没有额外的资本用以扩展社会网络,进而降低了进入民间借贷市场的可能。由此推论,非正规信贷市场亦存在信贷约束问题,民间融资并不能缓解贫困农户融资难的困境。该结论在使用工具变量解决了内生性问题、采用多层阀值标准定义贫富后仍然稳健。Using 2011 and 2013 Chinese Household Finance Survey （CHFS）data, this paper empirically tests whether different wealth disparity makes difference in rural households＇ access to informal credit markets. We find that for the rural households who have financial demands ; the wealthier they are, the more likely for them to borrow from informal credit markts. It could be attributed to that the poor have no extra money to invest on social network, thus lowering their possibility of borrowing. We therefore conclude that informal credit market alone may not solve the financial constraints of poor rural households. The results are robust after we use instruments to account for the endogeneity and to multiple specifications.

关 键 词：财富分层 社会资本 民间借贷 中国家庭金融调查 

分 类 号：F832.43[经济管理—金融学]