数字金融发展对家庭风险金融资产配置的影响——基于Bootstrap有调节的中介模型

The Impact of Digital Finance Development on the Household Risky Financial Asset Allocation ——An Adjustable Moderated Mediation Model Based on Bootstrap

使用Bootstrap有调节的中介模型探究数字金融发展对家庭风险金融资产配置的影响,研究发现:数字金融发展对家庭风险金融资产配置具有显著正向影响;数字金融发展通过收入间接提高家庭风险金融资产配置,但未能通过金融知识促进家庭风险金融资产配置;风险态度对收入和金融知识的中介作用具有显著调节效应,收入增加时,与风险规避家庭相比,风险偏好家庭会配置更多的风险金融资产;金融知识水平较低时,与风险偏好家庭相比,风险规避家庭会较少变动家庭风险金融资产配置。因此,为推进中国资本市场的良好运行,应继续完善数字金融基础设施建设,培育良好的金融市场环境,制定政策推进金融教育。

This paper uses Bootstrap’s adjustable moderated mediation model to examine the impact and mechanism of digital finance development on household risky financial asset allocation. The research results show that: Digital finance development has a positive impact in promoting household risky financial asset allocation;digital finance development can increase the investment of household risky financial assets indirectly through income, but it fails to indirectly promote the increase of household risky financial asset allocation through financial literacy;risk attitudes have a positive moderating effect on the mediating effect of income and financial literacy. When income increases, compared with risk-averse households, risk-averse households will invest more risky financial assets. When the level of financial literacy is low, compared with risk-averse households, risk-averse households will change the allocation of household risk financial assets less. Therefore, for the good operation of China’s capital market, it is necessary to continue to improve the construction of digital financial infrastructure, cultivate a good financial market environment, and formulate policies to promote financial education.