Li Zhengyin, Hu Xiangdong
Institute of Agricultural Economics and Development, Chinese Academy of Agricultural Sciences, Beijing, China.
Front Public Health. 2024 Dec 10;12:1457921. doi: 10.3389/fpubh.2024.1457921. eCollection 2024.
Common prosperity holds significant importance in ensuring social equity, promoting sustainable economic growth, and achieving long-term national security. The management of multidimensional relative poverty is a crucial pathway to realizing the common prosperity of all individuals. It is worthwhile to investigate whether the formal and informal financial involvement of rural households can synergistically alleviate multidimensional relative poverty, ultimately contributing to the realization of common prosperity.
Using data from 5,303 farm households in the 2018 China Family Panel Studies, this study employs multiple linear regression, instrumental variable methods, and propensity score matching to empirically analyze the common prosperity effect of formal and informal financial participation from the perspective of multidimensional relative poverty.
The research demonstrates that both formal and informal financial participation can alleviate multidimensional relative poverty, with formal financial participation exhibiting a more pronounced poverty reduction effect compared to informal financial participation. Mechanism analysis reveals that both forms of financial participation mitigate multidimensional relative poverty by facilitating land transfer and non-farm employment. Heterogeneity analysis reveals that formal financial participation yields a more pronounced poverty reduction effect among rural households experiencing lower levels of multidimensional relative poverty, whereas informal financial participation is more effective in reducing poverty among rural households facing higher levels of multidimensional relative poverty.
To achieve common prosperity and enhance the precision of financial interventions for poverty alleviation, it is recommended to leverage the strengths of formal finance over informal finance, enhance financial assistance for land transfer and non-farm employment, and implement tailored financial support policies.
共同富裕对于确保社会公平、促进经济可持续增长以及实现国家安全具有重要意义。多维相对贫困治理是实现全体人民共同富裕的关键路径。农村家庭的正规金融和非正规金融参与能否协同缓解多维相对贫困，最终助力共同富裕的实现，这一问题值得研究。
本研究利用2018年中国家庭追踪调查（CFPS）中5303户农户的数据，采用多元线性回归、工具变量法和倾向得分匹配法，从多维相对贫困视角实证分析正规金融和非正规金融参与的共同富裕效应。
研究表明，正规金融和非正规金融参与均能缓解多维相对贫困，且正规金融参与的减贫效果比非正规金融参与更为显著。机制分析显示，两种形式的金融参与均通过促进土地流转和非农就业来缓解多维相对贫困。异质性分析表明，正规金融参与在多维相对贫困程度较低的农村家庭中减贫效果更显著，而非正规金融参与在多维相对贫困程度较高的农村家庭中减贫效果更显著。
为实现共同富裕并提高金融扶贫干预的精准度，建议发挥正规金融相对于非正规金融的优势，加强对土地流转和非农就业的金融支持，并实施有针对性的金融扶持政策。
