数字金融与家庭资产配置效率——基于夏普比率的研究

Digital Finance and Household Asset Allocation Efficiency--A Research Based on Sharp Ratio

为回应数字金融发展的效率与公平争议,评估近年来数字金融发展在家庭资产配置方面的贡献,本文利用2017年中国家庭金融调查(CHFS)数据,以夏普比率衡量家庭资产配置效率,运用Tobit模型研究数字金融对家庭资产配置效率的影响。研究发现,数字金融能够提高家庭资产配置效率,但其影响存在异质性,具体表现为对城镇家庭资产配置效率的促进作用大于农村家庭,对于中等收入和高收入家庭资产配置效率也有一定积极影响,但对低收入家庭资产配置效率影响为负。进一步研究发现,信贷约束和社会资本是数字金融影响家庭资产配置效率的主要机制,并且该影响显著受制于居民的金融素养水平。

In order to respond to disputes about the efficiency and fairness of digital finance development,and to evaluate the contribution of digital finance development in household asset allocation in recent years,this article uses the 2017 China Household Finance Survey(CHFS)data to measure household asset allocation efficiency with the Sharpe ratio and uses the Tobit model to study the impact of digital finance on the efficiency of household asset allocation.The study found that digital finance can improve the efficiency of household asset allocation,but its impact is heterogeneous.Specifically,it promotes the efficiency of urban household asset allocation more than rural households.Digital finance also has a positive impact on the asset allocation efficiency of middle-income and high-income households,but it has a negative impact on the asset allocation efficiency of low-income households.Further research found that credit constraints and social capital are the main mechanisms for digital finance to affect the efficiency of household asset allocation,and the impact is significantly restricted by the level of residents'financial literacy.