儒家文化对家庭储蓄率的影响  

Influence of Confucian Culture on Household Savings Rate

作　　者：张诚 刘瑜[1] 尹志超[2] ZHANG Cheng;LIU Yu;YIN Zhichao(School of Business, Shantou University, Shantou, Guangdong 515063, China;School of Finance, Capital University of Economics and Business, Beijing 100070, China)

机构地区：[1]汕头大学商学院,广东汕头515063 [2]首都经济贸易大学金融学院,北京100070

出　　处：《北京工商大学学报（社会科学版）》2022年第4期58-71,共14页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：广东省自然科学基金项目“共同富裕背景下家庭负债核算、风险测度及对经济不平等的影响研究”(2021A1515110956);汕头大学科研启动经费项目“负债对中国家庭经济的影响”(STF21003);广东高校创新团队项目“潮汕文化与区域经济发展研究”(2020WCXTD022)。

摘　　要：双循环背景下,中国经济增长亟须消费拉动,这使得对中国居民“高储蓄率”之谜进行全面、客观解释尤为迫切。基于中国家庭金融调查(CHFS)2017年数据和相关历史资料,从儒家文化视角分析了家庭高储蓄率的原因及背后的作用机制。为克服内生性偏误,选取明清时期状元数量作为儒家文化的工具变量。研究发现,地区儒家文化氛围显著提高了家庭储蓄率水平。机制分析表明:一方面,儒家文化氛围越浓厚的地区,家庭“男孩偏好”的观念越强,储蓄率水平越高;另一方面,儒家文化氛围显著提高了居民的风险厌恶程度,抑制了家庭投资风险资产,进而提高了家庭储蓄率水平。异质性结果显示,儒家文化对低教育水平、中西部地区和中低收入群体的家庭储蓄决策影响较大。因此,政府部门在制定居民储蓄和消费相关政策时,应充分考虑传统文化带来的影响。同时,应加强文化宣传和教育,完善养老金保障制度,消除生育偏好等对扩大内需带来的束缚。Against the background of a“dual circulation”development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement,China is expected to stimulate consumption to boost its economic growth.As a result,it is urgent to comprehensively and objectively interpret the phenomenon of high Chinese household savings rate.Given the year 2017 data of China Household Finance Survey and relevant historical data,this paper studies the cause of high household savings rate and underlying mechanism from the angle of Confucian culture.To reject endogeneity bias,this paper selects the number of Top Scholar in the imperial examination during the Ming and Qing dynasties as the instrumental variable of Confucian culture.It is found that regional Confucian culture significantly raises household savings rate.Through analysis into mechanism,this paper has reached the following findings.For one thing,in regions with rich Confucian culture,the savings rate of households preferring sons tends to be higher.For another thing,Confucian atmosphere has influenced residents'risk aversion significantly and inhibited household investment in risk assets,thus raising household savings rate.As results of heterogeneity analysis indicate,Confucian culture has a greater impact on the decision-making on household saving of poorly-educated population,central and western regions and low-and-middle-income population.Therefore,the authorities are expected to take into full account the influence of traditional culture when enacting residential saving and consumption policies.Meanwhile,they should improve residential education level,perfect pension system,and shackle off the constraint on domestic demand expansion caused by fertility bias.

关 键 词：儒家文化 家庭储蓄率 男孩偏好 风险厌恶 风险资产 遗产动机 

分 类 号：F832[经济管理—金融学] B222[哲学宗教—中国哲学]