家庭财富与城镇居民创业行为研究

企业家创业活动在经济和社会发展中发挥着重要作用,本文从家庭财富的视角研究我国城镇居民的创业问题。利用CHIPS2008年数据研究发现:家庭财富越多,城镇居民选择创业的概率越高,即创业过程中存在流动性约束。通过选取更为外生的财富衡量指标以及引入工具变量两种方法缓解潜在的内生性问题后,研究结论依旧稳健。进一步区分财富对不同类型创业活动的异质性影响发现,财富显著提高了城镇居民选择“自雇型”创业的概率,但对选择“雇主型”创业影响较小或不存在显著的影响。考虑到截面数据对财富与创业行为关系的识别可能存在一定的局限性,本文进一步引入CFPS面板数据,利用面板固定效应模型对两者之间的关系进行稳健性检验。本文的研究结论可为政府优化金融环境,缓解信贷约束,促进居民创业行为提供依据。     

农户信贷渠道选择行为：中国农村的实证研究

推进农村金融改革,构建新型农村金融体系是实现经济社会可持续发展的关键要素之一。本文基于我国12省（市）农户家庭信贷的微观数据,在正规金融渠道与非正规金融渠道相互独立和相互影响的前提下,运用Probit模型对农户信贷渠道选择行为的影响因素进行了实证分析,解析了农村二元金融结构特征下农户信贷渠道的选择行为,并提出了深化农村金融改革的政策建议。     

正规金融、非正规金融与农户收入增长

基于CFPS 2016微观调查数据，将OLS和收入分位数法相结合，分析正规金融和非正规金融增收效果存在差异的原因和两类资金是否区分使用对农户收入的总体影响。结果表明：如果农户无法根据正规金融和非正规金融的特性有区别地进行投资，正规金融对农户收入的促进作用始终大于非正规金融，同时使用两种来源资金的增收合力并未达到最大，但随着资本产出弹性的增大，资金间抑制效应会减小。为此，在乡村振兴阶段，应积极引导贫困地区产业发展，合理配置正规金融和非正规金融资金。     

农户非农产业投资决定的实证分析

运用扬州农户的调查数据,分析各种因素对农民做出非农产业投资决定的影响。Logit模型回归结果显示了农户的农业投资收益率、家庭劳动力平均受教育年限、农户的社会关系网络、家庭可利用资金这四个变量对决定农户是否进行非农产业投资具有显著的作用:疏通农民信息渠道,为农户非农产业投资提供合作与帮助;发展农村金融,增加农民融资的可能性;促进农民非农就业,实现劳动力转移;鼓励农户自主创业,多方位参与收入分配。     

基于民间金融视角的农户增收效应析探

增加农户收入、缩小城乡居民收入差距是"十二五"规划的重要内容。而作为农村主要投入渠道的民间金融,对农户的收入增长发挥着日益重要的作用。本文根据浙江义乌、台州、萧山、嘉兴、温州五地的抽样调查,分析民间金融对农户增收的效应,发现不同类型农户的融资需求与收入增长存在较大差异。     

信任偏差、市场化与居民借贷渠道选择

基于2016年中国家庭追踪调查数据(CFPS),分析不同类型信任对居民家庭借贷渠道选择、正规与非正规借贷额度的影响,以及这种影响在市场化进程中的长期趋势。结果表明:普遍信任对家庭是否首选正规借贷具有显著的正向作用,而在非正规渠道选择中,起作用的主要是特殊信任;特殊信任同时促进了家庭正规和非正规借贷,但对非正规借贷额度的边际影响要更高;普遍信任对正规借贷影响显著为正,对非正规借贷的影响显著为负。进一步研究发现,市场化并未改变特殊信任对家庭借贷渠道选择、正规与非正规借贷额度的影响,而普遍信任的作用在市场化进程中得到了强化。     

“非中介化”、农户货币偏好与农户信用重建研究

本文对农村金融中的常态“非中介化”和农户货币偏好规律进行了探讨,揭示伴随农户借贷行为而产生农户融资渠道的转变和货币偏好,这两种经济现象背后的实质是信用的核心———普适性信任在发生作用,提出通过建立农户贷款担保基金和强化农村合作经济组织建设,以重构农户信用。同时,通过完善农村信用社的经营机制和产权结构,优化对农户信用缺失约束的外部环境,以增强双方的信任度,从而达到消除农村金融中的常态“非中介化”等对农户收入增长的不利因素。     

上海地区农户信贷需求与融资偏好的实证分析

通过对上海地区农户的调研数据研究发现,发达地区农户借贷需求仍然比较普遍,借款农户的产业分布以非农产业为主,借款农户主要集中于中等收入家庭,农户贷款基本用于消费,尤其以改善住房和子女教育为主。然而,上海正规金融机构发挥的作用仍然非常有限,农户主要依赖传统的亲戚朋友借款来满足其融资需求。融资优先次序选择中亲朋好友借款为第一选择,正规金融的银行和信用社分别为第二和第三选择,银行排在信用社前面说明上海的银行体系在农村占据主导地位。建议进一步完善农村正规金融体系,开发适合发达地区农民需要的新型消费性贷款产品。与此同时,逐步建立新型农村金融机构,让民间资本和融资行为合法化、正规化,使其更好服务农民和农村经济发展。     

关于中小企业融资中民间金融的作用分析

笔者通过对中小企业融资状况的研究,同时针对中小企业从正规金融部门进行融资的阻碍,提出了民间金融支持中小企业融资的可行性及其所起到的具体作用。此外,本文分析了民间金融在中小企业融资中出现的缺陷,为更好地推动民间融资发展、缓解中小企业融资难的问题提出了相关建议。     

农户金融联结行为与金融联结效率的互动效应分析

以陕西省309个农户为样本,基于结构方程模型,研究农户金融联结行为与金融联结效率的互动效应,并分析影响农户金融联结行为和金融联结效率的主要因素。结果表明:农户的联结行为和联结效率之间存在显著的相互促进关系;农户的年龄和教育程度与联结行为呈正相关关系;农户对正规金融机构的评价与农户联结行为呈反向关系;农户的种植面积、农业收入占比、社会资本、对专业合作社的评价与联结行为及联结效率均呈明显的正相关关系;农户对专业合作社服务功能的认可是金融联结成功的关键所在。     

金融资产流动性供给机制的研究

对流动性供给机制的研究成为了金融经济学中研究的一个重要课题。流动性的供给是金融体系的基本功能,本文主要针对金融资产的流动性供给模式及其有效性等问题,集中归类地介绍了国内外的主要研究成果。     

农户的金融需求及其解决途径——焦作市农户金融需求调查

通过对焦作市农户金融需求状况调查发现,农户对正规金融的融资意愿和承受能力偏低,满足其金融需求的方式主要是非正规金融。因此,地方政府和金融监管部门对非正规金融应积极引导,加强监管。而作为担当“支农主力军”角色的农村信用社应充分利用天时、地利、人和的优势,不断增加新的金融产品和金融服务,加强客户细分和市场营销工作,以满足农民多样化的金融需求。     

Liquidity constraints,productivity, employment and output: evidence from non-agricultural activities in Bangladesh

This paper examines the role played by liquidity constraints in determining non-agricultural employment, labour productivity and output among poor, landless households. The hypothesis that the provision of credit to poor non-agricultural households on reasonable terms can greatly enhance labour use, and output, thereby reducing poverty is empirically investigated using survey data from rural landless households in Bangladesh. The study's findings indicate that even small amounts of credit on reasonable terms can substantially enhance labour use and income for poor households and that the impact is greatest for the poorest households.     

Saving for Retirement: Understanding the Importance of Heterogeneity

A large number of households spend much of their working lives not engaged in saving for retirement, in contrast to the basic proposition that motivates the lifecycle model of consumption. This article discusses the relationship between this observed savings behavior and three specific areas of heterogeneity in the household consumption problem: budget constraints, savings motives, and preferences. Using the Surveys of Consumer Finances, the article shows that saving for liquidity (precautionary motives) and saving for specific purchases (like housing and education) compete with saving for retirement and may explain why the median household approaches the last years of its working life with only a year’s worth of income in financial assets. Another part of the explanation is shown to be high discount rates or rates of time preference, which cause households to engage in “buffer-stock” saving over the earliest years of their working lives. Heterogeneity in motives and preferences for saving present a challenge to financial professionals and policy makers who hope to encourage more people to save actively for retirement. JEL Classification D910     

Consumption and Portfolio Selection with Labor Income: A Continuous Time Approach

This paper studies the consumption and portfolio selection problem of an agent who is liquidity constrained and has uninsurable income risk. The paper investigates how the optimal consumption and asset allocation policies deviate from the case where the financial market is perfect, i.e., the case where there are no liquidity constraints and uninsurable income risk. In particular, the paper shows that, for a given level of financial wealth and labor income, optimal consumption is smaller and the optimal level of risk taking is lower in the case where the agent is liquidity constrained and has uninsurable income risk than in the case where the financial market is perfect. The paper also discusses how the agent assesses the value of lifetime labor income and relates this evaluation to optimal consumption and asset allocation policies.     

Mortgage affordability and entrepreneurship: Evidence from spatial discontinuity in Help-to-Buy equity loans

We exploit a policy change in the UK Help-to-Buy (HTB) equity loan scheme in order to identify the causal link between mortgage affordability and entrepreneurship activity at the local level. We contribute to the literature on the relationship between housing finance and entrepreneurship by demonstrating the impact of government equity loans on entrepreneurship through the release of trapped liquidity. When less equity is required to buy a house, households could use the ‘additional’ liquidity to start a business. We use a spatial discontinuity in treatment methodology to take advantage of the reform of the Help-to-Buy scheme in 2016, which increased the limit of equity loans provided in London. By using data on business population at the postcode sector level, we are able to measure the impact of the new policy by comparing similar areas on the opposite sides of the Greater London Authority boundary. Our results show that an increase in mortgage affordability fosters entrepreneurial activity in affected areas by 20%, resulting in 1 more start-up on average per postcode per year. The new businesses are mainly single-plant micro enterprises in capital intensive sectors with low income volatility.     

Blockchain entrepreneurship opportunity in the practices of the unbanked

Two billion people in developing economies have limited or no access to formal financial services, creating cause for substantial research interest in financial inclusion as a complex multidimensional phenomenon. Digital finance technologies, including blockchain, have empowered a type of crescive entrepreneurship that seeks opportunities in relation to financially excluded individuals. This article hypothesizes that nonmonetary causal factors and informal financial practices play a major role in habits of the financially excluded, which would favor blockchain’s disintermediation features over the incumbent approach. After applying fuzzy-set Qualitative Comparative Analysis (fsQCA) to determine the conditions related to financial practice and motivations that explain the absence of a formal bank account, I prescribe five sensitivities that blockchain entrepreneurs need to consider when targeting this segment. The value of this article’s approach extends well beyond traditional unisystemic views for financial inclusion, as blockchain-based entrepreneurial opportunities emerge to reveal alternative forms of disintermediated financial services, which we exemplify in startups modeling informal practices. Blockchain entrepreneurship can generate semi-formal financial services that bring financial aspirations closer to people. My perspective is relevant to blockchain entrepreneurs who aim to understand the practices of the unbanked as source information for the development of innovative solutions.     

The entrepreneurial earnings puzzle: Mismeasurement or real?

A review of recent evidence on relative earnings from entrepreneurship versus wage work presents a puzzle: why do individuals become entrepreneurs when entrepreneurs on average apparently earn less than employees? After considering several potential explanations, we empirically analyze one: income underreporting by entrepreneurs. Using a nationwide panel survey representing U.S. households over 15 years, we estimate that entrepreneurs on average earn 4% less per year than employees. However, after correcting for income underreporting, the mean financial gain to entrepreneurship is positive and large, greater than 42%. However, we show that this estimate is built on some unpalatable model assumptions.     

How Credit Access Has Changed Over Time for U.S. Households

The financial industry made a number of efforts throughout the 1990s to provide additional borrowing opportunities to households traditionally constrained by the credit markets. Using data from the Survey of Consumer Finances (SCF), this study investigates the degree to which household liquidity constraints relaxed between 1983 and 1998. The gap between actual and desired borrowing is estimated. The findings indicate that the ability of all households to obtain their desired debt levels increased after 1983 and most dramatically between 1992 and 1998. The findings hold true across all households regardless of permanent earnings, age, gender, or race. Those experiencing the greatest gains in credit access were black households and households with low permanent earnings.     

The higher returns to formal education for entrepreneurs versus employees

How valuable is formal education for entrepreneurs’ income relative to employees’? And if the income returns to formal education are different for entrepreneurs vis-à-vis employees, what might be a plausible explanation? To explore these questions, we analyze a large representative US panel. We show that entrepreneurs have higher returns to formal education than employees. We refer to this as the entrepreneurship returns puzzle. We run post hoc analyses to explore a number of potential explanations of this puzzle. Indirectly, our analysis indicates that the higher returns to formal education for entrepreneurs might be due to the fewer organizational constraints they face, leading to more personal control over how to use their human capital, compared to employees.