非正规金融、社会资本与主观幸福感——基于CFPS数据的研究

文章利用中国家庭追踪调查(CFPS)数据,运用中介效应分析研究非正规金融对主观幸福感的影响机制,运用ordered logit模型研究社会资本在非正规金融与主观幸福感关系中的作用。研究结果表明,非正规借入对主观幸福感存在显著负向影响,其中消费、健康的途径存在中介作用,而创业的途径没有发挥中介作用；非正规借出对主观幸福感也存在显著负向影响,收入的途径存在中介作用；社会资本对主观幸福感存在显著正向影响,同时对非正规金融与主观幸福感之间的关系存在调节作用。通过采取措施强化以上影响机制的积极作用,削弱其消极作用,可以缓解非正规金融活动带来的主观幸福感损失。

Informal Finance, Social Capital and Subjective Well-Being

Using the data of China Family Panel Studies (CFPS), this paper uses mediating effect test to study the influence mechanism of informal finance on subjective well-being, uses ordered logit model to study the role of social capital in the relationship between informal finance and subjective well-being. The results show that informal borrowing has a significant negative effect on subjective well-being, in which consumption and health have mediating effects, while entrepreneurship has no mediating effect; informal lending also has a significant negative effect on subjective well-being, and income has mediating effect; social capital has a positive effect on subjective well-being, it also has a moderating effect on the relationship between informal finance and subjective well-being. By taking measures to strengthen the positive effect and weaken the negative effect of the above mechanisms, the loss of subjective well-being caused by informal financial activities can be alleviated.