二元金融对家庭消费的虚拟财富效应分析  

The Analysis of the Dual Financial Pseudo Wealth Effect on Family Consumption

作　　者：涂先进[1] 谢家智[1] 张明[2] TU Xian-jin ,XIE Jia-zhi ,ZHANG Ming

机构地区：[1]西南大学经济管理学院 [2]西南大学政治与公共管理学院

出　　处：《中央财经大学学报》2018年第5期34-45,共12页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目"巨灾风险管理机制设计及路径选择研究"(12AGL008);教育部人文社科青年项目"粮食金融化背景下粮价形成机制与调控管理"(14YJC790169);重庆市重点文科基地项目"社会转型背景下农户风险偏好与农户收入差距"(16SKB041);西南大学决策咨询项目"社会化预期与公共情绪管理"(2016SWUJCZX09);中央高校基本科研业务费专项资金项目"金融借贷的伪财富效应对农户消费影响研究"(SWU1709404)

摘　　要：金融借贷不仅是一种资源的跨期配置,对居民更是产生了未来虚拟财富预期。基于此,笔者阐述了金融借贷虚拟财富产生过程及其影响消费机理并提出研究假设,采用中国家庭追踪调查(CFPS)数据,在对金融借贷的虚拟财富水平进行量化的基础上,运用有序Probit模型实证检验二元金融对城乡家庭消费的虚拟财富效应。研究发现:二元金融对消费都产生积极的虚拟财富效应,并且形成联动后的虚拟财富效应都得到充分释放;与收入等真实财富相比,虚拟财富更有利于增加居民消费支出。论文拓展了虚拟财富理论的研究范畴,为研究信贷与消费增添了新的内容。Financial borrowing is not only a resource of the intertemporal configuration,but the residents are the future of pseudo wealth is expected. Based on this,this paper expounds the process of financial wealth financing and its impact on the consumption mechanism and puts forward the research hypothesis. Based on the data of China Family Panel Studies（ CFPS）,on the basis of quantifying the level of pseudo wealth of financial borrowing,empirical study on the pseudo wealth effect of binary finance on urban and rural family consumption. It is found that the dual wealth has a positive pseudo wealth effect on the consumption,and after the formation of linkage the pseudo wealth effect have been fully released; compared with the real wealth such as income,pseudo wealth is more beneficial to increase consumer spending. The paper expands the research category of pseudo wealth theory,and adds new content to research credit and consumption.

关 键 词：虚拟财富 消费 有序PROBIT模型 

分 类 号：F830.5[经济管理—金融学]