金融包容的需求侧与供给侧探析——基于CHFS项目28 143户家庭的实地调查数据

主流银行包容存在需求不足、潜在需求、供给排斥、供求错配及供求平衡状态。与传统的“金融包容指数越高则越优”的理解不同，需求层面包容指数的最优未必等同于供给层面的包容最优；供给不足也并非金融排斥的唯一原因。要从需求侧、供给侧入手剖析包容的表现与诱因，寻求供求匹配解；金融包容相同的诱因其作用强度、方式不尽相同，细化的个性分析可揭示各个要素对不同种类金融包容的边际作用；微观与宏观视角的金融包容不同，普惠金融不等于全民金融；金融包容需要将“大数据”与“厚数据”相结合，家庭金融视角将与国别视角、区域视角一起构成金融包容的重要维度。对家庭金融包容需求侧与供给侧的探析，在一定程度上拓宽了金融地理学的内涵和外延。

The Supply-side and Demand-side of Financial Inclusion: Survey Data from the CHFS

Unlike the traditional opinion of ″higher the financial inclusion index, the better,″ this thesis makes an empirical analysis using the data of 28,143 households collected by the CHFS (China Household Finance Survey). Agricultural loans, business loans, house loans and auto loans are studied separately and they reveal that bank inclusiveness covers many aspects, including insufficient demand, potential demand, supply exclusion, mismatch of supply-demand and the equilibrium of supply-demand; moreover, both insufficient supply and insufficient demand are the very two causes of financial exclusion. One the one hand, the percentage of the households surveyed which clearly stated ″We don't need agricultural loans, business loans, house loans and auto loans″ are 78.10%, 79.79%, 77.52% and 89.75% respectively. On the other hand, in the developed parts in Eastern China, the supply-side refusal is not a serious issue while ″not need″ and ″not apply″ are the root causes of invalid demand and high financial exclusion index there. Only under the condition of the equilibrium of supply and demand can the regional financial inclusion index become most objective and useful and the paradox of the coexistence of high financial exclusion index and high financial overall competitiveness be avoided. Financial inclusion is a dynamic, complex and multi-dimensional concept. However, post hoc analysis or common analysis not only leads easily to the vulnerability of the research results, but also is difficult to meet the needs of diversified perspectives. Financial inclusion involves many layers and their affecting factors play different roles at different levels on different bank loans. As the variables of household financial inclusion, family characteristics and regional features have a wide range of influences and impacts on various types of bank inclusions, so only personalized and detailed studies could give insight into the marginal contributions of all elements to diverse financial inclusions. Empirical research shows changes of rrr (Relative Risk Ratio), which reflects the relative fluctuations of the supply and demand of funds. Furthermore, the mainstream financial institutions should not only make full use of big data and block chain technology and cooperate with internet enterprises in order to gain a niche in the competitive market, but also closely embrace the community and the consumers to get a good understanding of the characteristics and special requirements of individuals, which is surely helpful to the implementation of targeted marketing. In a word, demand side and supply side complement each other and greatly contribute to the improvement of household financial inclusion by adopting the so-called ″precise″ principles. The innovations of this research are as follows： （1) The optimal demand inclusion index may not be equal to the optimal supply level of financial inclusion, so we should study financial inclusion from the two angles of demand-side and supply-side, which provide applicable and feasible perspectives to explore different external performances and internal incentives of financial inclusion and lay a sound foundation in locking in supply and demand matching solutions. （2) In view of related studies in China which focus on the national or regional level, we expand our studies to micro households. We find that micro and macro financial inclusions are different, active and passive financial exclusions are different, and that the inclusive financial system doesn't mean universal finance for everyone everywhere. We should prevent the ″index-only theory″ and ″decomposition fallacy″ and bear in mind that the inclusive financial system doesn't mean advocating financial start-ups without prudent evaluations and it isn't a synonym for charity finance. Last but not least, the financial capacity of each family should be emphasized. Under the circumstances of information symmetry and through adequate comparison of cost-revenue analysis, any decision of choices and allocations of household assets made by independent, capable and rational individuals should be viewed as a sensible and right decision and the process is also known as full financial inclusion scope. （3) It is vital to combine ″big data″ and ″thick data″ in order to supplement our on-going research and household finance will become one of the important dimensions of financial inclusion from the national and regional perspectives. Most important of all, analysis on household financial inclusion of demand side and supply side expands the discipline of financial geography either in a narrow or broad sense. Moreover, analysis on household financial inclusion is both an organic part of and enriches case studies of financial geography which is a frontier discipline and an important part of household finance.