数字金融发展与居民家庭金融资产配置——基于CHFS(2019)调查数据的实证研究

Digital Finance Development and Household Financial Asset Allocation:An Empirical Study based on CHFS (2019) Survey Data

“双循环”新发展格局下,以数字金融发展促进家庭金融资产配置结构优化和效率提升,优化家庭财富管理,成为扩大内需与畅通国内循环的重要路径。利用CHFS(2019)调查数据,实证研究数字金融对家庭金融资产配置的影响。结果表明,数字金融能够显著提高家庭金融资产配置比例,且对东部和东北地区的影响显著强于中西部地区,对一、二线城市家庭的影响大于三线城市。进一步的机制分析发现,数字金融可以通过提高居民金融知识水平提升家庭金融资产配置比例和概率。因此,有必要进一步加强金融基础建设,提高居民金融素养,从而促进更多人群使用数字金融,优化家庭金融资产结构。

Under the new development pattern of“double circulation”,digital financial development has be-come an important path to expand domestic demand and smooth domestic circulation by promoting the optimiza-tion of the structure and efficiency of household financial asset allocation and optimizing household wealth manage-ment.Using the survey data of CHFS(2019),this paper empirically studies the impact of digital finance on house-hold financial asset allocation. The results show that digital finance can significantly increase the proportion ofhousehold financial assets allocation,and the impact on the eastern and northeastern regions is significantly stron-ger than that in the central and western regions,and the impact on the households in the first and second-tier cit-ies is greater than that in the third-tier cities.Further mechanism analysis shows that digital finance can improvethe proportion and probability of household financial asset allocation by improving residents’ financial knowledgelevel.Therefore,it is necessary to further strengthen the financial infrastructure and improve the financial literacyof residents,so as to promote the use of digital finance by more people and optimize the structure of family finan-cial assets.