摘要
由于城市与农村的经济金融环境存在显著差异,成年前在农村成长的城镇居民比在城市成长的城镇居民具有较高的风险厌恶程度和较低的金融知识水平,从而更加偏向低消费和高储蓄。采用中国家庭金融调查(CHFS)2019年数据,将“目前居住在城市地区且拥有非农业户口、18岁之前为农业户口”作为“拥有农村成长经历”的界定标准,实证检验城镇家庭户主的农村成长经历对其家庭储蓄率的影响,结果表明:户主拥有农村成长经历的城镇家庭比户主没有农村成长经历的城镇家庭有更高的储蓄率,风险态度和金融素养在其中发挥了中介作用,即拥有农村成长经历的户主会因较高的风险厌恶程度和较低的金融知识水平而导致其家庭储蓄率较高;农村成长经历对储蓄率的正向影响在户主受教育水平较高、家庭资产较少、经济发展水平较低地区(中西部地区)的家庭中更为显著。因此,需要从改善城市的经济金融状况(降低生活成本、增强社会保障、减少不确定性等)入手来释放城镇居民的消费需求,并通过改善风险态度、加强金融教育、缩小城乡差距等渠道来降低农村成长经历对城镇家庭储蓄率的正向影响。
In recent years,the high savings rate in the household sector in China mainly stems from the continuous increase in the savings rate of urban residents,while the level of urbanization in China continues to rise,with the urban population maintaining a steady growth trend.Against this background,this paper attempts to explore whether individuals’early rural growth experiences affect the savings rate of later households from the perspective of whether the head of household in urban families has a rural upbringing experience.It aims to explain the reasons for the high savings rate of urban households from the perspective of“the rural growth experience”,and then put forward countermeasures to reduce the savings rate of Chinese urban households,release the consumption vitality of residents,and promote the high-quality development of the economy.Based on the data of the China Household Finance Survey(CHFS)in 2019,this paper studies the impact of whether household heads in urban areas have rural growth experience on their family savings rates.The results show that urban households where the head of household has a rural growth experience have higher savings rates.Further regressions,including excluding“village-to-urban migration”data,replacing it with data from the China Family Panel Studies(CFPS)2018,and using different empirical methods(propensity score matching and two-stage least squares),yield robust results.Mechanism analysis indicates that the risk aversion of the head of household and financial literacy are two channels through which the head of household’s rural growth experience influences their savings rate.Heterogeneity analysis shows that the impact of the head of household’s rural growth experience on family savings rates is more pronounced in urban households with lower asset levels and higher levels of education and in the central and western regions.The possible marginal contributions of this paper compared with the existing literature are twofold.Firstly,while existing studies mainly focus more on the impact of rural growth experience on risk in financial markets,this paper focuses its research perspective on household saving behavior,analyzes the impact of the head of household’s rural growth experience on family savings rates,and provides a new perspective for explaining the high saving rate of China’s residential sector.This paper restricts the sample to households living in urban areas,which improves the scientific validity of the comparison.Secondly,based on existing empirical evidence,this paper conducts logical analysis and empirically finds that the head of household’s rural growth experience affects family savings rates by influencing the head of household’s risk aversion and financial literacy.This finding further enriches the impact pathways of rural growth experience on family savings rates and provides useful references for the formulation of relevant policies.The results of this study suggest that relevant policy departments should pay attention to the group of people with“rural growth experience”,and mitigate the positive impact of rural growth experience on the urban household savings rate through mitigating risk aversion,enhancing financial education,and narrowing the urban-rural development gap,so as to reduce the savings rate of urban households and unleash the vitality of consumption.
作者
吴锟
刘含笑
李琦
WU Kun;LIU Han-xiao;LI Qi(School of Economics,Beijing Wuzi University,Beijing 101149,China)
出处
《西部论坛》
CSSCI
北大核心
2024年第2期110-124,共15页
West Forum
基金
国家社科基金后期资助项目(20FJYB028)
教育部人文社会科学研究青年基金项目(18YJC790181)。
关键词
个体经历
农村成长经历
城镇家庭储蓄率
风险态度
风险厌恶
金融素养
personal experience
rural growth experience
urban household savings rate
risk attitude
risk aversion
financial literacy
