| With the constant development of economic in our country and further perfecting the financial markets,the informal finance and formal finance jointly make up the financial system in our country.The informal finance,which as the the supplement of non-formal finance,is very important for the economic development of China.Credit is an important factor to improve the level of residents' welfare and the satisfaction of lives.The existence of informal finance provides a wider choice of credit channels for Chinese residents.For a long time,China has been a relational society,and social capital plays an important role in the life of urban residents,including credit,and has an impact on the credit channels of residents.In addition,with the continuous deepening of marketization and the continuous improvement of financial market,the level of financial literacy of residents has also attracted the attention of the state.Financial literacy level is based on financial knowledge,which is more likely to have an impact on residents' preference for credit channels.So it's vital to study the relationship between the residents' social capital,financial literacy and the residents' credit channel preference in order to extend redit channels and increase the residents' welfare level.What's more,it's also important to maintain the stability and development of China's financial security and financial markets.Based on previous studies,this paper uses data from China Family Panel Studies(CFPS)to explore the influence of social capital and financial literacy level on China's residents' credit channel preference.This article mainly introduces the research content from four aspects: firstly,the research background and significance,research methods of the article and the technical route were introduced.Secondly,from the perspective of social capital theory,financial literacy theory and two influences on credit channel preference,the existing theories and literatures are summarized.Third,tracked 2014 urban residents of China's family,the samples of descriptive statistics,mainly from the basic situation of urban residents,physical capital,borrowing situation,social capital and financial literacy characteristics are analyzed,and the social capital structure that USES the cognitive model of social capital and social capital of the measurement method of the comprehensive score for financial literacy,adopt aggregation method,factor analysis,two methods of measurement.Finally,the basic characteristics of the inhabitants of family variables,physical capital,social capital variables,financial literacy into the Probit model to the residents' preferences for empirical study of credit channel,then consider social capital and the level of financial literacy interaction effects on credit channels,and finally concluded that the proposed policy recommendations.The basic conclusions of this study are as follows:(1)through descriptive statistical analysis of the sample we come to the conclusion that at present our country residents' financial literacy level is relatively low,although financial literacy and financial education has cause the attention of the residents,but it still needs to further improve.(2)social capital in the cognitive social capital influence on residents credit channel preference is not obvious,but structural social capital has significantly contributed to the residents choose formal credit channels for borrowing.The level of financial literacy obtained by either the scoring method or the factor analysis method has significantly promoted the residents to choose the formal credit channel to borrow.(3)the interaction of social capital and the financial literacy levels after item,social capital's impact on residents choose formal credit channel as the financial literacy levels changed,financial literacy to join inhibits the social capital of residents formal credit option.According to the conclusion of the article,this paper puts forward some suggestions from both the residents themselves and the government. |
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