学术讲座：Can Financial Intermediary Development Improve Financial Literacy? Evidence from China

金融学院SBF论坛2019年第13讲

讲座题目：Can Financial Intermediary Development Improve Financial Literacy? Evidence from China

金融中介发展会影响家庭金融素养吗？来自中国的证据

时间：5月14日（周二） 12：20-13：30

地点：博学楼925

主讲人：徐佳

主讲人简介：

徐佳，本科毕业于中央财经大学，博士毕业于北京大学。现于华人博彩策略论坛 金融学院担任讲师，研究领域为宏观经济学、城市经济学与家庭金融。担任《金融研究》、《经济学（季刊）》、《China Economic Review》等杂志匿名审稿人。

讲座内容简介：

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年金融危机后，金融知识不足及其带来的严重后果引起了学术界的广泛讨论。本文考察金融中介发展在金融素养形成中的重要作用。使用2010-2012年中国24个城市《消费金融现状及投资者教育问卷调查》数据，本文发现，金融中介在供给侧的发展有助于个体金融素养的提升，且这一影响对于中西部地区、女性和低受教育程度的消费者更加显著。在采用了银行跨区经营管制的工具变量来控制内生性后该结果依然显著。通过进一步的影响机制分析，本文发现，金融中介发展对个体金融素养的影响渠道是通过贷款服务而非提供信息帮助个体增进对于金融产品和服务的了解，积累和形成金融知识。该影响的前提条件是当个体当期支出超出当期收入、需要进行跨期现金流调整时。也就是说，只有在消费者形成金融知识的有效需求，金融中介的发展才会促进个体金融素养的形成与积累。本文的研究对于金融素养的提升与金融包容性发展具有一定启示。