| The phenomenon of financial exclusion is widespread in the world,which is a common problem faced by most countries.Through deepening the reform of the financial system and implementing inclusive financial policies and measures,China has made a series of fruitful explorations and made important contributions to the inclusive development of the world’s finance.The high support of national policies and financial institutions for inclusive finance and the rapid development of information technology make financial service providers take active measures to solve the financial exclusion caused by insufficient supply.Because of the financial demand-side exclusion and the structural mismatch between supply and demand of financial services,the financial exclusion is still worthy of our in-depth discussion.How to solve the problem of financial exclusion in the family sector and make finance better serve the broad masses of the people and the real economy is an urgent requirement to solve the problems left over by history.In order to achieve the development goal of building inclusive financial system in China,it requires us to understand the problem of financial exclusion from the theoretical roots and the actual situation,to sort out the types,causes and formation mechanism of financial exclusion,and to accurately locate the breakthrough of financial exclusion under the new economic situation in the future,so as to solve the problem of financial exclusion with a definite object in view and with twice the result with half the effort.The seriousness and urgency of the practical problems stimulate us to think deeply about the problem of financial exclusion from the perspective of family.From the micro level,this part of the family is often in a state of capital scarcity,capital marginal productivity is high,if appropriate financial support can be obtained,production efficiency can be greatly improved;From the perspective of social equity,access to basic financial services should be regarded as a right to achieve inclusive development goals;From the perspective of economic development,it can also promote economic development,promote financial deepening and improve financial services at the grass-roots level.Household access to financial services or hold financial products: assets can bewealth management,inter-temporal allocation and risk management.The use of financial services can promote the accumulation of family material capital and provide material security for family livelihood and family functions.It can allocate financial resources across time and space to optimize production activities,consumption choices,education investment and fertility arrangements.We can have more strategic choices when we are impacted by external shocks.Improve the family’s ability to resist risks.Financial institutions and government departments can play a more active role in supporting the improvement of household financial capacity,and take the construction of inclusive financial system covering a wider range of families,especially low-income families,as a basic livelihood system arrangement.Therefore,this paper argues that solving family financial exclusion and letting the broad masses of the people share the rain and dew of financial services is an important means to improve the level of family economy and reproduction capacity,to study the impact of family financial exclusion on family sustainable development capacity,to dredge the channels of national income redistribution,and to study the impact of household financial exclusion on family sustainable development.It is of great theoretical and practical significance to enhance family well-being and social long-term stability.What is the prominent contradiction of financial exclusion at the family level in China at this stage? What types of financial services are most excluded? What is the geographical distribution of exclusion? What factors will affect the degree of financial exclusion? What is the impact of increased financial market participation on family development capacity? What practical policy recommendations can be made to increase the inclusiveness of financial services? This paper attempts to conduct in-depth research on the theory and practice of financial exclusion,in order to provide theoretical and policy support for China’s financial exclusion mitigation and enhance the ability of family sustainable development.In the part of theoretical basis and literature review,this paper summarizes the development of financial exclusion theory,defines the disciplinary orientation of financial exclusion theory,and summarizes the internal links and expansion between financial exclusion theory and financial development theory.In the part of literaturereview,the research status at home and abroad of the research issues involved in this paper are reviewed.Firstly,this paper summarizes the influencing factors of financial exclusion from the supply side,the demand side and the financial ecological environment,and focuses on the existing literature on the impact of personality characteristics on financial market participation.Secondly,it studies the impact of financial market participation on family development capacity.Family development capacity is mainly embodied in family economic development capacity,family reproduction capacity and family living capacity.This paper mainly studies the impact of financial market participation on family economic development capacity represented by family income and expenditure structure,and family reproduction capacity represented by the level of education of children,and reviews the relevant literature.In the part of measurement of financial exclusion,this paper uses the survey data of household financial exclusion in 31 provinces of China by the inclusive finance research group of the School of Finance,Central University of Finance and Economics,to analyze the exclusion degree and causes of four types of financial institutions,namely,banks,securities,insurance and Internet finance,from the perspective of urban and rural households.Based on the three dimensions of financial service supply side exclusion,financial service demand side exclusion and financial ecological environment,this paper constructs an index system to evaluate the degree of financial exclusion in different regions.And from the whole country,regional and provincial level analysis of China’s urban and rural financial exclusion.To compare the heterogeneity of financial exclusion and its influencing factors among different types of financial services,different regions and between urban and rural areas.The results show that the degree of financial exclusion from strong to weak is that the degree of securities financial exclusion is greater than that of Internet financial exclusion,which is greater than that of insurance financial exclusion and the degree of banking financial exclusion.The degree of financial exclusion in rural areas is stronger than that in urban areas,the degree of financial exclusion in the northern and eastern coastal areas is relatively weak,and the degree of the northwest and southwest is relatively strong.The reasons for the differences of regional financial exclusion andthe reasons for the exclusion of household financial needs are analyzed.This paper further studies the determinants of household financial exclusion,using the data from the CFPS(China Family Panel Studies),using OLS,Probit and Seemingly Unrelated Regressions methods,under the control of social environment,family characteristics and personal identity characteristics and other factors,to study how personality characteristics affect people’s consumption time preference,information processing ability,financial management ability and financing ability.And then affect people’s participation in financial activities decision-making.The study finds that openness will affect the family’s ability to accept and use new things,and have a positive impact on family’s participation in financial activities such as savings,stock investment,commercial insurance and so on.Mental stability will affect the family risk preferences and the ability to deal with emergencies,family savings and stock investment has a positive impact on the application for bank loans have a negative impact.Agreeableness will have a positive impact on household investment savings of risk-free financial assets,while extroversion will have a negative impact on household participation in savings,stocks and funds,and play a positive impact on family participation in commercial insurance.So as to provide theoretical reference for financial institutions to pay attention to customers’ psychological trends and personality characteristics,understand customers’ preferences and concerns,grasp the changes of financial needs brought about by family members’ psychological factors,and carry out precision marketing for different customer groups.This paper focuses on the impact of family financial market participation on family development capacity,which is divided into two parts,one is the impact on family economic capacity.The improvement of family income level is the main way for families to accumulate material wealth,and family expenditure structure is the window to reflect the structure of family resource allocation.Through the study of family income and expenditure structure,we can assess the economic development capacity of families.Based on the data from CFPS(China Family Panel Studies),this paper empirically analyzes the impact of financial exclusion on household income and expenditure structure by using instrumental variables and Tobit regression.The studyfinds that household participation in savings and insurance is conducive to the improvement of income level and the accumulation of material wealth has a significant effect.Through further analysis of the proportion of household expenditure structure,this paper finds that the proportion of basic living expenditure and entertainment and leisure expenditure increases after income increases.Households participate in the financial market,rationally use financial instruments for effective wealth accumulation and capital allocation,so that household wealth can be "taken in a proper way,used in a proper way",and enhance the family’s economic development capacity.On the other hand,the impact on family reproduction capacity is mainly reflected in the impact of financial market participation on the education level of children.This paper first builds the OLG Overlapping Generations Model to deduce the benchmark model of the education level of the offspring of families with different income levels,as well as the inter-temporal allocation of bank credit to educational resources,and puts forward theoretical assumptions based on different situations.Then,using the data from CFPS(China Family Panel Studies),this paper empirically analyzes the heterogeneous effects of financial market participation on education among households with different income levels by using non-interactive multivariate model and interactive multivariate model.The study finds that education credit can improve the educational imbalance caused by the lack of mobility of inter-generational education,break the cognitive constraints and capital constraints,enable children growing up in different family backgrounds to enjoy educational resources equally,enhance educational fairness,improve inter-generational income mobility,and enable children of low-income groups.Realize the upward leap of social strata.The improvement of the accessibility of financial services enables ordinary families to use financial instruments to solve the problem of financing,and guides families to allocate more resources to human capital investment,such as improving the quality of family labor force and optimizing the structure of labor force,so as to ensure that families have strong reproduction capacity and sustainable development capacity.Because of the existence of financial exclusion,the difference of family ability toobtain and master financial resources leads to the difference of family ability to accumulate wealth and resource allocation structure,thus forming different family development ability.By participating in the financial market,we should enhance the family’s ability to accumulate economic capital,human capital and social capital,create a good space and atmosphere conducive to family growth,establish a long-term mechanism for family development,give full play to the important role of finance in promoting family’s economic development ability and family’s reproduction ability,and provide reserve force for family’s comprehensive and sustainable development.In order to better implement the inclusive financial policy in micro-families,we should always take the people’s financial needs as the starting point and the foothold of the policy,pay attention to the quality and efficiency of financial services,and improve the availability and satisfaction of financial services.In view of the different stages and needs of family development,we should constantly innovate and explore more inclusive and appropriate financial products and services,adhere to the effective supply of financial services,enhance risk prevention and control capabilities,and constantly enhance the fit and support between finance and people’s livelihood.Promote inclusive finance to improve people’s livelihood,alleviate people’s livelihood worries,make up for the shortcomings of people’s livelihood development,and realize the people’s "trust finance,understand finance,use finance and benefit from finance".Promote the construction of inclusive financial system,promote the coordinated development of human economy and society,and make it a widely recognized way of shared financial development. |
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