| Variable | Investment rejection | Credit exclusion | Financial exclusion | |||
| probit | ivprobit | probit | ivprobit | probit | ivprobit | |
| Inflation expectations | 0.016*** (0.005) | 0.088*** (0.013) | 0.003* (0.002) | 0.005* (0.004) | 0.016*** (0.005) | 0.093*** (0.012) |
| Urban hukou or not | 0.142*** (0.006) | 0.141*** (0.006) | 0.006** (0.002) | 0.006** (0.002) | 0.138*** (0.006) | 0.137*** (0.006) |
| Educated class | 0.088*** (0.005) | 0.088*** (0.004) | 0.003* (0.002) | 0.003* (0.002) | 0.093*** (0.005) | 0.093*** (0.004) |
| Whether this city county registered permanent residence | 0.035*** (0.009) | 0.031*** (0.009) | 0.008** (0.003) | 0.007** (0.003) | 0.028*** (0.009) | 0.024** (0.009) |
| Logarithm of household income | 0.036*** (0.006) | 0.037*** (0.007) | 0.008 (0.007) | 0.008 (0.007) | 0.033*** (0.007) | 0.031*** (0.006) |
| Risk aversion | 0.011 (0.007) | 0.012* (0.007) | 0.011*** (0.003) | 0.011*** (0.003) | 0.016** (0.007) | 0.017** (0.007) |
| Risk appetite | 0.011* (0.006) | 0.007 (0.006) | 0.004* (0.002) | 0.004* (0.002) | 0.015** (0.006) | 0.012* (0.006) |
| age | 0.001 (0.001) | 0.001 (0.001) | 0.0006 (0.0004) | 0.0006 (0.0004) | 0.0004 (0.001) | 0.0004 (0.001) |
| Age party | 0.00001 (0.015) | 0.00001 (0.00005) | 0.008 (0.009) | 0.008 (0.009) | 0.024 (0.00001) | 0.022 (0.00001) |
| Family resident population | 0.007*** (0.002) | 0.006*** (0.002) | 0.002*** (0.0006) | 0.003*** (0.0006) | 0.004* (0.002) | 0.002 (0.002) |
| Whether engaged in business or not | 0.027*** (0.008) | 0.024*** (0.008) | 0.47*** (0.002) | 0.47*** (0.002) | 0.076*** (0.008) | 0.072*** (0.008) |
| gender | 0.018 (0.005) | 0.018 (0.005) | 0.0008 (0.002) | 0.0008 (0.002) | 0.018 (0.005) | 0.018 (0.005) |
| Are married or not | 0.035*** (0.008) | 0.034*** (0.008) | 0.005 (0.003) | 0.005 (0.003) | 0.040*** (0.008) | 0.039*** (0.008) |
| The local public security | 0.011*** (0.004) | 0.011*** (0.004) | 0.009*** (0.002) | 0.010*** (0.001) | 0.018*** (0.004) | 0.018*** (0.004) |
| Whether the han nationality | 0.013* (0.007) | 0.012* (0.007) | 0.0009 (0.002) | 0.0009 (0.002) | 0.010 (0.007) | 0.009 (0.007) |
| Employment with a business or organization | 0.044*** (0.006) | 0.045*** (0.006) | 0.008*** (0.003) | 0.008*** (0.003) | 0.037*** (0.006) | 0.038*** (0.006) |
| Entrepreneurship | 0.026** (0.011) | 0.026** (0.011) | 0.009*** (0.003) | 0.009*** (0.003) | 0.042*** (0.011) | 0.042*** (0.011) |
| Regional variables | control | control | control | control | control | control |
| Wald Chi2 |
| 1877.91*** |
| 794.18*** |
| 1813.07*** |
| Pseudo R2 | 0.121 |
| 0.2069 |
| 0.11 |
|
| The first stage The F value |
| 185.74*** |
| 185.74*** |
| 185.74*** |
| Wald test |
| 8.38*** |
| 8.03*** |
| 9.85*** |