不同类型信贷约束对家庭消费的影响存在差异吗?  

Are there Differences in the Impact of Different Types of Credit Con⁃straints on Household Consumption?

作　　者：吴锟[1] 胡玥 Wu Kun;Hu Yue(School of Economics,Beijing Wuzi University,Beijing 101149,China)

机构地区：[1]北京物资学院经济学院,北京101149

出　　处：《金融发展研究》2024年第6期59-69,共11页Journal Of Financial Development Research

基　　金：国家社科基金后期资助项目“中国家庭微观调查数据的实证研究”(20FJYB028);教育部人文社会科学研究青年基金项目“去杠杆背景下家庭过度负债的识别、后果及其影响因素研究”(18YJC790181)。

摘　　要：构建国内国际双循环体系是我国新发展格局的重点,然而现阶段居民消费不足已成为国内大循环中的一大堵点。本文利用中国家庭收入调查项目(CHIP)2018年数据分析了不同类型信贷约束对家庭消费的影响。研究结果表明:信贷约束对家庭消费有显著的负向影响;需求型信贷约束比供给型信贷约束对家庭消费的负向影响更大;相比于私人信贷约束,机构信贷约束对家庭消费的负向影响更大。信贷约束对家庭各类消费都有抑制作用,其中享乐型消费受到的影响最大。机制分析表明,信贷约束通过影响家庭非工资收入和主观贫困等抑制家庭消费。异质性分析发现,农村地区家庭的消费支出受到信贷约束的影响更大。研究结论可以在一定程度上为政府制定差异化信贷政策提供参考。The construction of a domestic and international double-cycle system is the focus of China's new development pattern;however,at this stage,the lack of consumption by the population has become a major blockage in the domestic cycle.This paper analyzes the impact of different types of credit constraints on household consumption using 2018 data from the China Household Income Projects(CHIP).The results of the study show that:credit constraints have a significant negative impact on household consumption;demand-based credit constraints have a greater negative impact on household consumption than supply-based credit constraints;and institutional credit constraints have a greater negative impact on household consumption than private credit constraints.Credit constraints have a dampening effect on all types of household consumption,with hedonic consumption being the most affected.Mechanistic analysis shows that credit constraints inhibit household consumption by affecting,among other things,household non-wage income and subjective poverty.Heterogeneity analysis finds that the consumption expenditure of households in rural areas is more affected by credit constraints.The findings of the study can,to a certain extent,provide a reference for the government to formulate differentiated credit policies.

关 键 词：信贷约束 需求型信贷约束 供给型信贷约束 机构信贷约束 私人信贷约束 家庭消费 

分 类 号：F830.5[经济管理—金融学]