关系型借贷视角下购房融资方式与家庭创业行为——基于2017年中国家庭金融调查的实证研究  

Housing Finance Methods and Entrepreneurship from the Perspective of Relationship Lending: Empirical Studies Based on the 2017 China Household Finance Survey

作　　者：廖红君 樊纲治 弋代春[3] LIAO Hongjun;FAN Gangzhi;YI Daichun(Research Institute of Economics and Management,Southwestern University of Finance and Economics;School of Management,Guangzhou University;Survey and Research Center for China Household Finance,Southwestern University of Finance and Economics)

机构地区：[1]西南财经大学经济与管理研究院,四川成都611130 [2]广州大学管理学院,广东广州510006 [3]西南财经大学中国家庭金融调查与研究中心,四川成都610074

出　　处：《金融研究》2020年第7期153-171,共19页Journal of Financial Research

摘　　要：本文利用2017年中国家庭金融调查数据深入考察购房融资方式对家庭创业行为的影响。研究结果显示,相较于民间借贷购房的家庭,按揭贷款购房的家庭参与创业活动的可能性更高,且更倾向于主动创业。进一步机制分析发现,相较于民间借贷购房,按揭贷款购房能够降低家庭的流动性约束,缓解家庭的资金压力,从而促进创业。同时,按揭贷款购房能使家庭获得充足的贷款额度与较长的贷款期限,进而有助于家庭创业。而且在偿还按揭贷款的过程中,家庭能与银行建立长期良好的信贷关系,从而有助于提高家庭获得正规信贷的可能性,促进家庭创业。为了积极推进创业创新的战略部署,应进一步健全银行信贷体系,发展和完善住房金融制度,从而有利于缓解小微企业融资难、融资贵的问题,释放和激发家庭创业活力。Entrepreneurship usually needs to meet certain start-up capital requirements, but due to the imperfect credit market, most entrepreneurs are faced with the problem of credit constraints. As a result, family-owned funds are often the main source of capitals for entrepreneurs. However, families usually also need to spend a great deal of money in purchasing houses, and borrowing to buy houses has become the norm for Chinese families. Chinese households can usually obtain housing mortgages through formal financial institutions, such as commercial loans, housing provident fund loans, and their portfolio loans. They can also borrow from informal credit channels such as private financial institutions and friends or relatives, namely private lending. In addition to their different sources, these two types of home financing channels have significant differences in terms of loan amount and duration. Thus, they might have different effects on the wealth levels of families, and even family entrepreneurial behavior. Using 2017 China Household Finance Survey(CHFS) data, we employ the Probit model to empirically examine the effects of house financing methods on family entrepreneurial behavior and their influencing mechanism based on relationship lending theory and liquidity constraint theory. Our findings indicate that obtaining mortgage loans is more conducive to family entrepreneurship than purchasing houses through informal financing channels. The amounts borrowed through mortgage loans are higher and the loan terms are longer, so there households are more able to mitigate their liquidity constraint, which makes it easier for them to start businesses. Longer-term and better credit relationships between households and banks during the mortgage repayment periods can also effectively increase the likelihood of family access to formal credit, thus promoting family entrepreneurship. Our results also suggest that the development of the housing market and housing credit market is important in the process of implementing entrepreneu

关 键 词：购房融资决策 家庭创业 流动性约束 信贷可得性 

分 类 号：F832.4[经济管理—金融学] F279.2