Study On Consumer Financial Differentiate Structures Of Agricultural Transfer Population

Agricultural population and agricultural sector labors transfer to cities and have converged into torrent. Both the numbers of rural migrant workers (RMW) with whole family out and new generation ones increase year by year with a yawning gap of consumer finance while living in the cities. The concept of Agricultural Transfer Population (ATP)was presented on Central Economic Working Conference 2009. As reforms deepening in various fileds such as household registry, health care, pension, housing and education,many outstanding achievements on orderly promotion of ATP's citizenization have been made. However, due to the shortage of financial support policy aiming at agricultural transfer population, supply lead innovation of consumer finance is relatively rare and the consumer financial gap of this group still exists. The study on ATP's consumer finance is in early stage and lacked of data-based quantitative analysis. The imbalance between functional supply and new normal situation does not receive enough attention in the market segmentation of consumer financial supply and demand.Therefore this research reviews related literature and reconstructs ATP's consumer financial structure f-rom demand and supply perspecties. Pattern of consumption and consumer financial demand are detected via the survey in Jiangsu and Anhui province to reveal the contact between demand structure and supply alternatives. ATP's situation,problem and trend under different financing sourses are dissected from aspect of supply availability and various factors influencing either generation are pointed to explain their financing difficulties. And this article analyzes ATP's regulating mechanism of financial citizenization with heritage factors of financing capitals to provide theoretical reference to making long-term, effective and sustainable policies. This article is divided into 9 chapters and the main contents and conclusions are summed up as following:Content 1: Consumption Structure and Consumer Financial Demand StructureThis chapter divides family consumption structure by purpose and compares to RMW's and urban families; consumer financial demand structure is examined in financing services and products to point out the ralationship between structures of consumption and financial demand. The survey result suggests that ATP's consumption has characteristics of hypersensibility and compensation while the alternatives of financing channel are dependant on consumption purposes. On ATP's income distribution, the proportion of annual consumption is much higher than saving and the main rest purpose besides consumption and saving is sending back to rural family which makes savings ratio of men lower than of women. ATP families' annual consumption is 116% higher than RMW families and 29% higher than unban ones with different consumption structures of hypersensibility and compensation. ATP's non-financing demands are generally low with little discrimination in banking services. However, there used to be some amount of loan in each consumption purpose and current demands are also in request on housing, medical,educational and traffic areas. This survey draw the conclusion that ATP choose different financing channels based on consumption structure, so the core to meet ATP's various consumer financial demands is to promote the availability of financing functions in different channels and build a more diversified consumer fiancial market.Content 2: Study on Influencing Factors of Folk Borrowing Availability and Lending WillThis chapter builds binary-choice Probit model from aspects of individual statistical characteristics and credit characteristics of relationship, fund and behaviours to analyze the various influencing f-actors of ATP's folk borrowing availability and lending will in Jiangsu and Anhui province and reveals the involution situation and trend. The survey result suggests that the convergent mechanism exists for real in ATP's folk credit and promotes price threshold in old generation and non-price thresholds in both generations. This research points out that ATP continue the limitation of social network and relativityof financing status in the background of high transfer rate and low citizenizing rate, so the folk credit market converge to a more dividing and complicate situation which named as"Financial Involution" and confirmed by quantitative analysis. Non-price thresholds such as coworker relationship, heterosexual relationship and warrant condition increase the financing cost while price threshold effects new generation only. Comparing the borrowing availability and lending will, research indicates the different lending decision-making mechanisms under different information symmetry. Under a better symmetry of hard information, the lenders' decision-making will be less strict and make folk credit more flexible and dangerous.Content 3: Study on Influencing Factors of Banking Consumer Credit DecisionThis chapter disigns field experiment on consumer credit officers of commercial banks in Jiangsu and Anhui province and builds ordered multi-choice Logit model from aspects as objective credit rating, strong and weak subjective information to analyze various influencing factors of consumer credit availability grouped by CRRA revealing discrimination against ATP. The survey result suggests that there are social identity discrimination and different decision-making mechanisms in banking consumer credit. This research analyzes the objective standards of consumer credit and points out the non-discrimination. However, the credit officers who are not eligible for audit have in fact the right to reject applications or to lower credit line and thus the subjective recognition of'ATP contributes to the availability of banking consumer loans. The field experiment verfies that the current and former identity of peasant has a negative effect on availability via credit officers' decisions. To distinguish the intensity of information,the result shows that strong subjective information affects the availability more than weak one and has crowding effects on it, so the credit decision-making mechanism based on information intensity exists for real and has stronger force on higher CRRA group. Contrary to agricultural background's negative effect, the contractual operation right of rural lands has a positive effect on consumer financing.Content 4: Study on Influencing Factors of New Financing Channels' AvailabilityThis chapter describes the usage of P2P financing and the reasons of non-usage of ATP in Jiangsu and Anhui Pronvince; then bulids binary-choice Logit model from aspects of person, finance, liquidity, consumption and social contact to confirm that transfer and consumption behaviours have different effects on the availability of network credit payment (NCP). The survey result suggests that the ATP use P2P financing platforms for capital turnover of own business and the purchase behaviours online influence the availability of network consumption credit instead of household register and region. As new consumer financing channels, there are rare internet credit products for ATP group like P2P platform and network credit payment. A microscopic scale of ATP use P2P and the main purpose is capital turnover of own business; the average financing amount is below 200 thousands and the average period under 1 year. The primary reason of no-using P2P is low level of knowledge, social assessment and respect to private information. The percentage of NCP usage is much lower than banking credit cards and has significant differences among ATP families of diverse register forms and member structures. More than 50% ATP families who have online shopping experience are able to be approved of NCP and the main influencing factors are consumption behaviours instead of transfer xwhere the shopping frequency makes the very most contribution. For consumption stimulation, the decision-making mechanisms are different between generations.Content 5: Study on Intergenerational Transmission of ATP's Financing CapitalsThis chapter builds multiple linear regression from aspects of economic, social and cultural capitals to confirm the relationship between financial capitals of parent generation and financial citizenization of the descendant in Jiangsu and Anhui Province, and the builds quantile regression model to verify the long-term changes of impact. The survey result suggests that descendant generation of ATP will inherit parent financial capitals and bring an enhancement of financial citizenization along with which will the influencing structure of financial capitals change. The financing demand of ATP has phases, so the persistence,orderliness and reciprocity will be a new normal situation in future. This research surveys the financial capitals of new generation inheriting from their parents and the result shows that the descendant perception to their parents' degree of citizenization is close to their parents' self-cognition only with different structures. Meanwhile the OLS confirms the existence and effects of financial capitals which inherited from parent generation: in terms of economic capitals, income has a positive force on financial citizenization and CSR negative with housing condition non-significant; iterms of social capitals, parents'behaviours, values and belongingness are positive overall; in terms of cultural capitals,educational environment and religious convert has a positve force on financial citizenization while the rural complex positive only for the male. Along with the enhancement of financial citizenization, informal education in family becomes more effective instead of informal education in school; income and rural complex effect less ton cognition with SCR failing after rising.As to conclusions above, we propose 6 policy decisions as follows. (1)Establish agricultural transfer population monitoring and surveying system and guide migrant workers to diversify the flow of transfer; (2)extend the scope of RC's f-acilities and provide omnibearing financing support; (3)regulate ATP's private lending market and broaden matching channels of lending and borrowing information; (4)conduct financial institutions to establish dedicated funding pool for ATP's consumer financing; (5)encourage e-conmmercial platforms to lay local and online networks of consumer credit; (6)secure the liquidity of economic capitals and attach more importance of social and cultural captical heritage.