Social networks and informal financial inclusion in China
Social networks and informal financial inclusion in China
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中国的社交网络和非正式普惠金融
DOI：
10.1007/s10490-017-9557-5
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发表时间：
2019-06-01
影响因子：
5.4
通讯作者：
Ye, Dezhu
中科院分区：
文献类型：
--
作者：
Chai, Shijun;Chen, Yang;Ye, Dezhu
本文利用2011年中国家庭金融调查（CHFS）数据，考察了社交网络对中国城乡家庭非正规金融包容性的异质性影响。研究发现，社交网络显著增加了农户参与非正规金融市场的概率，扩大了非正规金融交易规模，提高了非正规借贷占农户总资产的比例。我们还确定了社交网络影响家庭参与非正规金融市场的机制。社交网络通过降低信息成本、感知风险和预防性储蓄，对城市家庭比农村家庭发挥更大的作用。值得注意的是，社交网络对非正规金融的影响随着正规金融市场的发展而加强。
Using the 2011 China Household Finance Survey (CHFS) database, we explore the heterogeneous impacts of social networks on informal financial inclusion for Chinese urban and rural households. We find that social networks significantly increase the probability of households' participation in the informal financial market, augment the size of informal financial transaction, and raise the ratio of informal lending over the total household assets. We also identify the mechanisms through which the social networks affect households' participation in the informal financial market. By reducing information cost, perceived risk and precautionary saving, social networks play a larger role for urban households than rural households. Notably, the effects of social networks on informal finance are strengthened with the development of formal financial market.