(1)

(2)

(3)

(4)

Savings

Stock

Risky Assets

Private Lengding

Credit constraints

−0.1077***

−0.5016***

−0.1351**

−0.1141**

(−3.06)

(−3.52)

(−2.48)

(−1.95)

Real estate

−0.000

0.000

0.000***

−0.000

(−0.53)

(1.06)

(4.14)

(−1.20)

Household income

0.000

0.000

0.000**

0.000

(0.98)

(0.36)

(3.26)

(1.49)

Risk-preference

−0.077**

0.343***

0.147***

0.028

(−2.51)

(3.76)

(3.55)

(0.61)

Risk-aversion

−0.047**

−0.101

−0.138***

−0.112***

(−2.01)

(−1.34)

(−4.10)

(−2.99)

Family size

0.015

0.114***

0.033**

0.042**

(1.28)

(2.56)

(1.87)

(2.21)

Male

0.047**

−0.060

0.027

0.112***

(2.38)

(−0.95)

(0.95)

(3.45)

Age

−0.001

−0.005*

−0.010***

−0.016***

(−1.09)

(−1.72)

(−6.95)

(−9.92)

Primary education

0.252***

0.156

0.216***

0.206**

(6.10)

(0.85)

(3.00)

(2.54)

Secondary education

0.328***

0.406*

0.311***

0.149

(5.86)

(1.78)

(3.41)

(1.46)

Higher education

0.363***

0.478*

0.416***

0.147

(5.53)

(1.84)

(4.00)

(1.26)

Urban

0.086***

0.170**

0.101***

0.005

(3.49)

(1.97)

(2.72)

(0.11)

N

8438

8438

8438

8438

F-statistic in first stage regression

31.377

31.377

31.377

31.377

P-statistics in Hausman test

−7.71

−13.36

−5.69

−4.25