数字普惠金融对我国家庭金融资产配置的影响——基于CHFS数据的实证研究

The Impact of Digital Inclusive Finance on Chinese Household Financial Asset Allocation:Empirical Research Based on CHFS Data

后疫情时代,无接触金融服务需求凸显,我国家庭多样化金融投资意愿强烈。而数字普惠金融成本可负担、覆盖范围广、服务多元化等特点恰与日益增长的家庭参与金融市场活动以实现财富增值保值的需求相契合。本文运用中国家庭金融调查中2011、2013、2015、2017四年的家庭面板数据,研究数字普惠金融对我国家庭金融资产配置的影响。研究发现:数字普惠金融能够显著提升家庭持有风险性金融资产的比例,信息不对称和交易成本降低是主要影响机制。结构上,数字普惠金融覆盖广度、数字化程度、支付和信用服务均促进了家庭投资风险性金融资产;异质性上,数字普惠金融对于我国农村地区、东部地区、高收入群体及受教育程度较高家庭的风险性金融资产持有比例的提升效果更为明显。

In the post-epidemic era,the demand for contactless financial services is prominent,and Chinese households have strong willingness to diversify financial investment.Digital finance possesses the characteristics of low cost,wide coverage and convenient access,which are in line with the current strong demand of households to participate in the financial market to achieve wealth appreciation and preservation.Based on the family-level panel data in 2011,2013,2015 and 2017,this paper studies the impact of digital inclusive finance on the allocation of family financial assets in China.It is found that digital inclusive finance can significantly increase the proportion of households holding risky financial assets,and its influencing mechanism is to reduce information asymmetry and transaction costs.From the structural point of view,the breadth of coverage,the degree of digitalization,payment and credit services all promote families to invest in risky financial assets.From the perspective of heterogeneity,digital inclusive finance has a more obvious effect on improving the proportion of risk assets held by families in rural and eastern regions,and families with higher education level.