中文摘要：

基于中国家庭金融调查（CHFS）的微观数据,运用Probit模型和Tobit模型分别研究信贷约束对家庭金融市场参与和资产选择的影响.结果表明：信贷约束降低了家庭预防性储蓄比例;面临信贷约束的家庭股票和金融风险资产的市场参与率和配置比例均降低;信贷约束提高了民间借入市场的参与率,减少了家庭的民间借出;减少信贷约束有助于家庭参与金融市场.

英文摘要：

Based on the micro data of China household finance survey（CHFS）,Probit model and Tobit model were used to study the effect of credit constraints on financial market participation and household portfolio choice respectively. Results show that credit constraints can reduce the proportion of precautionary savings; family facing credit constraints are less like to participate in stock markets and risk assets market. Credit constraints will improve the participation rate of private borrowing market and reduce private lending of family, and less credit constraints can encourage families to actively participate in the financial market.