| Household portfolio choice is the core issue of family finance research.Keeping pushing forward research on the influencing factors of household portfolio choice and its working mechanism will provide the necessary micro basis for the government's economic and financial policies making.Through improving the supply efficiency and quality of financial services for special groups and enhancing the adaptability and flexibility of supply structure to changes in demand,effectively dealing with the market fai ure problem that financial institutions cannot effectively meet the financial needs of special group is the primary task of our country that advances the inclusive financial development n the next several year.In China,th e construction of inclusive financial services and secur y systems is dominated by the government;the coordination and interaction between gover ment,financial institutions and consumers depends primarily on the accuracy and effective ress of government related policies.And to do this,it is indispensable to have thorough research to the operating mechanism at the micro level such as the household portfoli,choice.Considering that inclusive finance puts emphasis on the countryside and combined with the current research status,this paper,on the basis of the depicting detailedly the fin ncial literacy of farmers in the poor areas,credit constraints and the current situation of(?)ousehold portfolio choice,attempts to probe into the reasons and its formation mechanism of the heterogeneity of rural household portfolio choice in the poor areas of China from the angle of financial literacy.The main contents and innovations of the study are as follows:Firstly,the study use the specific method that will translate the concepts of financial literacy,credit constraints and household portfolio choice into the measurable evaluation index system,which further promotes the recognition ability and measurement accuracy of these three to objective facts,more comprehensively shows the situation of the financial literacy of farmers in the poor areas?credit constraints they are facing?credit rationing mechanism and the features of household portfolio choice,and then enhances the explanatory power of related research findings on the real world.However,many challenges still remain because the existing researches on the boundary and measurement of financial literacy and credit constraints are different.Therefore,the study,focusing on these challenges and related consensus views,reconstructs the evaluation and measurement system of financial literacy and credit constraints,which further enhances their recognition capability and measurement accuracy to the current situation.Specifically,there are two innovation points:firstly,the study uses the principle of multiple dimensions and wide aperture to define and measure financial literacy from the three dimensions:financial knowledge,financial behavior and financial attitude;secondly,it further optimizes the capability to identify credit rationing and classification process,resets the classification of the credit rationing mechanism and recognizes self rationing as the third independent method of demand-type rationing.The study finds that there is the overall low level of farmers' financial literacy in the impoverished region in China and also there are big differences between them.From the perspective of three subsystems that constitute financial literacy,financial knowledge mastering of farmers in poor areas and the degree of prudence in financial behaviors is so mited that it leads to conservative outlook on fortune and consumption and strongly initiative savings,which make the three mentioned before maintain dynamic equilibrium of the whole system.In China,the issue of credit constraints the farmers in the poor areas are facing is still serious;to be specific,the proportion of farmers who bear the demand side of credit constraints has far exceeded that on the supply side.The primary reason inducing demand-type credit constraints is the cognitive bias on the negativity of conditions of which farmers possibly get the best credit contract.In China,the market participation of financial risk for farmers in the poor areas and its depth are comparatively low,and it is strongly influenced by the issue of whether members of family hold public office.In fact,in consideration of risk aversion,farmers prefer to choose informal financial risk assets such as lending directly to one another or formal financial assets with low risk such is bank finance product.Secondly,the study brings financial literacy and credit constraints together into the analysis framework of the influence factors and inward mechanism of household portfolio choice,makes an empirical study of the interactive mechanism among financial literacy,credit constraints and household portfolio choice and reveals the forming reason of heterogeneity about household portfolio choice of farmers in the poor areas.It further illustrates that there are some deviation between the classic investment theory model and the reality of household portfolio choice,which lays the foundation of optimizing and broadening household portfolio choice theory model.In the previous researches,it is rare that financial literacy,credit constraints and household portfolio choice are placed in the same framework and their interactive mechanism is discussed synchronously.Given this,in this research,the simple multivariate Logit model is used to estimate the impact and the marginal contribution of the financial literacy on certain types of credit rationing that farmers bear,eventually explaining the influence of financial literacy on credit constraints.Then,from these two aspect of market participation of financial risk and its participation depth,the Probit model and the Tobit model are used separately to examine the mechanism of financial literacy and credit constraints on household portfolio choice.The results show that the promotion of financial literacy not only directly drives farmers to participate in financial risk market,but also increases the proportion of farmers' financial asset allocation.Besides,alleviating demand credit constraints the farmers are facing affects the farmers' financial risk market participation and the depth of their participation.Specifically,it includes the following three points:?financial literacy has significantly positive influence on the farmers' financial market,the participation of formal financial market and their participation depth;?financial literacy has significantly negative influence on the demand credit constraints that farmers aer bearing;?the demand credit constraints has notably negative influence on the farmers'financial market,the participation of formal financial market and their participation depth.Thirdly,the study makes use of relevant micro statistics of farmers in the poverty-stricken areas to present the heterogeneity and its forming reasons of Chinese household portfolio choice from another level.In China,due to the huge rural-urban differences,objectively and truthfully reflecting the current situation and its causes of Chinese household portfolio choice relies on careful observation and analysis on urban and rural households from different areas.However,the current studies mainly take urban household as the research object and their relevant research findings are not completely suitable for farmers,especially those from impoverished areas.Therefore,the study does research on farmers in the poor areas,reveals the heterogeneity and its forming reasons of household portfolio choice of farmers in poor areas,which provides a new perspective and path for the development of inclusive finance. |
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