學術(shù)講座：Can Financial Intermediary Development Improve Financial Literacy? Evidence from China

金融學院SBF論壇2019年第13講

講座題目：Can Financial Intermediary Development Improve Financial Literacy? Evidence from China

金融中介發(fā)展會影響家庭金融素養(yǎng)嗎？來自中國的證據(jù)

時間：5月14日（周二） 12：20-13：30

地點：博學樓925

主講人：徐佳

主講人簡介：

徐佳，本科畢業(yè)于中央財經(jīng)大學，博士畢業(yè)于北京大學。現(xiàn)于對外經(jīng)濟貿(mào)易大學金融學院擔任講師，研究領(lǐng)域為宏觀經(jīng)濟學、城市經(jīng)濟學與家庭金融。擔任《金融研究》、《經(jīng)濟學（季刊）》、《China Economic Review》等雜志匿名審稿人。

講座內(nèi)容簡介：

After the financial crisis in 2008, The lack of financial knowledge and its serious consequences have brought about extensive discussion among academics. This study investigates the importance of financial intermediation in financial literacy. Using Consumer Finance and Investment Education Survey data in 24 cities during 2010-2012 in China, we find that financial intermediary development helps to improve individual consumers’ financial literacy. This positive impact is magnified in central and western China, and to females and less educated consumers. The results hold after controlling the problem of indigeneity by constructing regulation of bank cross city branching as an instrumental variable. We further discover the influence mechanism to be providing loans instead of financial information, and the precondition is when consumers’ current expenditure exceeds current revenues, which requires inter-temporary cash-flow adjustments. That is to say, financial intermediary development will improve individual consumers’ financial literacy only when they have formed effective demand for financial knowledge. The study sheds some light on the improvement of consumer financial literacy and financial inclusion.

2008年金融危機后，金融知識不足及其帶來的嚴重后果引起了學術(shù)界的廣泛討論。本文考察金融中介發(fā)展在金融素養(yǎng)形成中的重要作用。使用2010-2012年中國24個城市《消費金融現(xiàn)狀及投資者教育問卷調(diào)查》數(shù)據(jù)，本文發(fā)現(xiàn)，金融中介在供給側(cè)的發(fā)展有助于個體金融素養(yǎng)的提升，且這一影響對于中西部地區(qū)、女性和低受教育程度的消費者更加顯著。在采用了銀行跨區(qū)經(jīng)營管制的工具變量來控制內(nèi)生性后該結(jié)果依然顯著。通過進一步的影響機制分析，本文發(fā)現(xiàn)，金融中介發(fā)展對個體金融素養(yǎng)的影響渠道是通過貸款服務(wù)而非提供信息幫助個體增進對于金融產(chǎn)品和服務(wù)的了解，積累和形成金融知識。該影響的前提條件是當個體當期支出超出當期收入、需要進行跨期現(xiàn)金流調(diào)整時。也就是說，只有在消費者形成金融知識的有效需求，金融中介的發(fā)展才會促進個體金融素養(yǎng)的形成與積累。本文的研究對于金融素養(yǎng)的提升與金融包容性發(fā)展具有一定啟示。