借贷约束与家庭消费——来自CFPS2018的证据  

Borrowing Constraints and Household Consumption:Evidence from CFPS2018

作　　者：蒲艳萍[1] 王皓 PU Yan-ping;WANG Hao(School of Public Affairs,Chongqing University,Chongqing 400044,China)

机构地区：[1]重庆大学公共管理学院,重庆400044

出　　处：《消费经济》2021年第2期35-46,共12页Consumer Economics

基　　金：国家社会科学基金西部项目(20XJY004);中央高校基本科研业务费“高质量就业体制机制创新团队”(2020CDJSK01TD02)。

摘　　要：家庭借贷是促进家庭消费、拉动国内需求、转变经济增长方式的重要手段。与已有研究主要从总量视角考察正规金融信贷约束对家庭消费的影响不同,本文主要基于借贷约束广泛存在于家庭消费决策中的客观事实,利用中国家庭追踪调查2018年度数据,采用工具变量法和Heckman两步法,从微观视角实证考察家庭借贷约束对家庭消费的影响及其异质性。研究发现:家庭借贷约束显著抑制家庭消费,平均而言,家庭借贷约束每提高1个单位,家庭消费会下降32171元;城镇家庭借贷约束对家庭消费的抑制效应大于农村家庭借贷约束对家庭消费的抑制效应;正规信贷约束对家庭消费的抑制效应大于民间借贷约束对家庭消费的抑制效应。本研究蕴含如下政策启示:缓解家庭借贷约束,释放家庭消费活力;降低交易成本,缓解需求型借贷约束;减少信息不对称,缓解供给型借贷约束;规范与引导民间金融发展,缓解民间借贷约束;实行差异化城乡信贷政策,充分发挥消费借贷的指向作用。Household borrowing is an import ant means to promote household consumption, boosting domestic demand and changing the way of economic growth. Existing research mainly from the perspective of total formal financial credit constraints impact on household consumption. Based on the borrowing constraints are widely exists in household consumption decision-making of objective facts, using China Family Panel Studies data in 2018, the instrumental variable method and Heckman two-step method are adopted, from the micro perspective empirical investigation household borrowing constraints impact on household consumption and its heterogeneity.The results show that: Household borrowing constraints significantly inhibit household consumption. On average,every unit of increase in household borrowing constraints will reduce household consumption by 32,171 yuan. The restraining effect of urban household borrowing restriction on urban household consumption is larger than that of rural household borrowing restriction on rural household consumption. The restraining effect of formal credit constraint on household consumption is greater than that of private credit constraint on household consumption.

关 键 词：家庭借贷约束 正规信贷 民间借贷 家庭消费 

分 类 号：F126.1[经济管理—世界经济]