不愿向银行借贷的家庭更不愿消费吗?——基于扩展短视消费模型的分析  

Are Households Unwilling to Borrow from Banks also Reluctant to Spend?——Analysis Based on Extended Myopic Consumption Model

作　　者：郑兰祥[1] 孟鸿坤 ZHENG Lanxiang;MENG Hongkun(School of Economics,Anhui University,Hefei,Anhui 230039,China)

机构地区：[1]安徽大学经济学院,安徽合肥230039

出　　处：《金融教育研究》2024年第1期13-30,共18页Research of Finance and Education

基　　金：教育部人文社会科学研究青年基金项目“中国特色环境分权对我国资源型城市生态效率的影响研究”(22YJC790179)。

摘　　要：从需求侧信贷约束视角出发,构建“扩展短视消费模型”,分析了主观流动性约束对家庭消费支出的影响机制,在此基础上,基于中国家庭金融调查数据(CHFS),使用Logit、Probit方法对该机制进行实证检验。研究发现:第一,主观流动性约束通过降低家庭正规信贷与非正规信贷规模,对家庭消费支出的减少具有显著影响。第二,在主观流动性约束影响家庭消费支出的过程中,金融素养发挥着重要的调节作用。家庭拥有资产越多,其金融素养提升就越能缓解主观流动性约束对家庭消费支出的抑制。但在低资产组家庭中,家庭的处境并没有因为金融素养的提高而获得改善。第三,家庭主观流动性约束也显著提升了家庭消费支出对家庭收入变化的敏感程度,降低了家庭平滑消费的能力。在当前“扩消费、稳增长”过程中,应优化收入分配制度,增加低资产家庭的收入,同时积极推进金融教育的普及,并加大银行等正规金融机构的信息披露力度,通过缓解家庭面临的主观流动性约束来促进消费支出。From the perspective of demand-side credit constraints,this paper constructs an“extended short-sighted consumption model”and analyzes the impact mechanism of subjective liquidity constraints on household consumption expenditure.Based on the survey data of Chinese Household Finance(CHFS),this paper uses logit and Probit methods to empirically test the mechanism.The results show that:Firstly The subjective liquidity constraint has a significant impact on the reduction of household consumption expenditure by reducing the scale of household formal credit and informal credit.Secondly In the process of subjective liquidity constraints affecting household consumption expenditure,financial literacy plays an important moderating role.The more assets a household has,the better its financial literacy can ease the restraint of subjective liquidity constraints on household consumption expenditure.However,in the low-asset group,the situation of households did not improve due to the improvement of financial literacy.Thirdly In addition,household subjective mobility constraints also significantly increase the sensitivity of household consumption expenditure to changes in household income,and reduce the ability of households to smooth consumption.Therefore,in the current process of“expanding consumption and stabilizing growth”,the income distribution system should be optimized to increase the income of low-asset households,while actively promoting the popularization of financial education,and increasing the information disclosure of formal financial institutions such as banks,so as to promote consumption expenditure by easing the subjective liquidity constraints faced by households.

关 键 词：扩展的短视消费模型 主观流动性约束 家庭信贷 家庭消费 金融素养 

分 类 号：F830[经济管理—金融学]