我国居民现金需求微观机制的实证研究  

An Empirical Study on Micro Mechanism of China's Household Cash Demand

作　　者：张培良 席旭文 ZHANG Peiliang;XI Xuwen(School of Urban Economics and Public Administration,Capital University of Economics and Business,Beijing,100070,China;China Banknote Printing and Minting Corporation,Beijing,100044,China)

机构地区：[1]首都经济贸易大学城市经济与公共管理学院 [2]中国印钞造币总公司

出　　处：《金融评论》2019年第1期30-43,123,124,共16页Chinese Review of Financial Studies

基　　金：国家社会科学基金项目"基于生产要素集聚与农民福利动态均衡的新型城镇化发展质量研究"(项目编号:14BJL063);教育部人文社会科学重点研究基地重大资助项目"新常态下促进经济稳定增长的要素配置与产业升级政策研究"(项目编号:16JJD790015)

摘　　要：厘清居民现金需求机制是保障现金供应质量和提升流通效率的基础。本文使用2017年全国公众现金使用抽样调查数据对我国居民现金需求的微观机制进行实证研究。结果显示,地区经济发展水平提升通过降低现金交易需求的途径降低了现金总需求;居民收入水平、票面质量、零钱兑换便捷性提升均可以促进现金需求上升;年龄上升通过降低现金贮藏需求的途径降低了现金总需求,学历上升降低了现金总需求。进一步研究显示,受教育程度、大面额现金质量以及零钱兑换便捷性对于现金需求的影响更为明显,居民个体特征和钞票自身特征变量对现金需求的影响在不同年龄段和不同学历水平群体之间表现出明显差异性。为提升现金供应质量,应针对不同特征群体进行差别化现金服务,持续提高大面额现金的票面质量,在全国范围内提升零钱兑换的便捷性,并持之以恒地加大反假币力度。Clarifying the mechanism of cash demand is the basis for ensuring the quality of cash supply and improving the efficiency of circulation.This paper makes an empirical study on the micro mechanism of China's residents'cash demand by using the data of public cash utilization survey in 2017.The results show that the level of regional economic development reduces the total cash demand by reducing the demand for cash transactions;the level of income,the quality of the cash and the convenience of the exchange of cash can promote the increase in cash demand;the increase in age reduces the total demand for cash by reducing the demand for cash storage;the rise in academic qualifications reduces the total demand for cash.Further studies show that the impact of education level,quality of large denomination cash and convenience of money exchange on cash demand are more obvious,the effects of individual characteristics of residents and characteristic variables of banknotes on cash demand were obviously different among different age groups and education groups.The conclusion of this paper helps to understand some specious knowledge about cash demand.In order to improve the quality of cash supply,differentiated cash services should be provided for different characteristic groups and should continue to improve the quality of the large denomination cash,improve the convenience of the exchange of money in the whole country,and increase the strength of the anti-counterfeit currency in a constant way.

关 键 词：居民现金需求 交易动机 贮藏动机 微观机制 

分 类 号：E41[军事—军事理论] E42