智能手机应用与农户金融市场参与——基于中国农村家庭数据的实证

Smartphone Use and the Choice of Farmers’Financial Assets——An Empirical Study Based on Chinese Rural Household Demonstration

本文利用2017年中国家庭金融调查的农户数据,从“质”和“量”的双重视角实证检验智能手机应用对农村家庭参与风险性金融市场的影响,并识别其中可能存在的影响机制。采取工具变量法解决内生性问题后发现,智能手机应用在农户投资风险性金融资产方面起到显著的正向激励作用。进一步的机制分析揭示,智能手机应用可以通过增进金融知识和提高信贷可得性的途径,促进农户参与风险性金融市场。异质性分析结果表明,智能手机应用在帮助风险管理能力弱和没有务工经历的农户参与风险性金融市场方面,发挥的影响更大。因此,政府需要努力打通农村网络设施“最后一公里”,缓解农户面临的信贷约束,不断填平农村“数字鸿沟”,采取因地制宜、因人施策的金融知识普及政策,提高农户的金融知识素养和金融市场参与度。

Based on the data collected by Chinese Household Finance Survey(CHFS)in 2017,This paper investigates the impact of smartphone on farmers’financial market participation from the perspective of quality and quantity.Taking into account the possible endogeneity in the model,the results finds that using smartphone can promote rural households to participate in the risky financial market significantly.Mechanism analysis shows that smartphone can affect farmers’financial decision-making indirectly by increasing credit availability and financial literacy.Heterogeneity analysis finds that smartphone has a greater positive effect on financial decision-making of farmers who are left-behind families or lack of ability of risk management.Hence,this paper put forward some related policy proposal around both better promotion of raising property income and narrowing the digital divide.