| Financial service realizes the redistribution of social resources by integration of financial resources,which in turns enables both capital demanders and suppliers to benefit from it.Of all the financial behaviors,borrowing is precisely the most fundamental,direct and common one.In 2005,the United Nations has formally put forward the concept of inclusive finance,which aims at providing qualified financial services to the low-income group,the poor,the elder people,women,disabled people and other social groups that could be financially excluded,so that the quality of their life could be improved.However,the main direction of developing inclusive finance in China should be improving households'credit environment.As one of the major forms of inclusive finance,microcredit will play a crucial role in the development of inclusive finance.Thus,the study on Chinese household credit behavior will have a positive effect on the development of inclusive finance in China.This dissertation intends to regard inclusive finance as the general direction of research,attempting to reach conclusions that are related to the improvement of Chinese household crediting and policy guidance for developing inclusive finance in China.For this reason,the household level data of China Family Panel Studies(CFPS)2016 is selected as research project in this dissertation,which is used for constructing regression model including core explanatory variables,financial explanatory variables,household attribute variables,regional dummy variables and others that could be related to the credit behavior.Empirical analysis method is used in the dissertation to find out relations between household credit and housing.Given that the data is representative,the main conclusions of this research are as follow:Chinese household credit mainly belongs to microcredit.The main borrowers of the credit are relatives,and relatives are more inclined to be the preferred borrower of household.Fixed assets like house and income have a significantly positive effect on the likelihood of obtaining loans for household,while cash and deposits,net value of financial products and education background share a not so significantly positive effect.Household size and expenditure share the opposite.One interesting conclusion is that families that has experienced land acquisition are more likely to be declined from credit.As the most important asset of household,housing has a significant effect on both housing credit and non-housing credit.There is a significantly positive correlation between number or value of houses owned by household and housing borrowing and loans to repay,and a significantly negative correlation between numbers or value of houses owned by household and non-housing borrowing and loans to repay.Households with more houses or more expensive houses are more likely to burden more pressure of housing-related borrowings and loan and less of on non-housing-related borrowing and loan.Furthermore,this dissertation holds the view that non-housing-related credit pressure would be substituted by housing-related pressure of household.The reason behind this phenomenon is that housing consumption squeezes non-housing consumption.Households with insufficient income sources are more inclined to borrow,while households with sufficient income sources are more inclined to get loan.The regression results of expenditure are always more significant than that of income,regardless of whether the credit is related to housing.Households with higher education background are more inclined to get loans,while households with lower education are more inclined to borrow.The regional dummy variables do not have a significant result in the regression of possibility of getting credit but does in regression of repayment pressure.Only for housing-related loans it has a positive effect,for housing-related borrowing,non-housing-related loans and non-housing-related borrowing,it has a negative effect.One reasonable explanation for this is that rural residents are more inclined to choose private lending for funds.However,they will also choose the consumption loans provided by banks,if financial institutions like banks offers proper financial services to them.Based on above conclusions,this dissertation holds the view that,the wealth attribute of housing has a more significant influence on the possibility of getting credit than the investment attribute,while the investment attribute has a more significant influence on the repayment pressure.With the growth of housing price,Chinese families have invested too much resources in housing speculation,which results in a decrease of non-housing consumption.This contradicts the purpose of inclusive finance.Therefore,this dissertation holds the view that the biggest advantage and disadvantage is the government policy.Suggestions for policy such as continuing controlling the speculative property of housing,standardizing private credit market,promoting inclusive financial services,offering financial knowledge education and improving land acquisition compensating measures are given at the end of the dissertation. |
