数字普惠金融对贫困脆弱性的影响效应与作用机制研究

The Effect and Mechanism of Digital Inclusive Finance on Poverty Vulnerability

文章通过匹配北京大学数字金融研究中心发布的中国数字普惠金融指数与中国家庭追踪调查(CFPS)数据,系统探究了数字普惠金融对居民家庭贫困脆弱性的影响效应与作用机制。研究发现:数字普惠金融因其独特的低成本和普惠性优势,能够给贫困弱势群体提供有效的金融服务,显著缓解家庭低水平贫困脆弱性和高水平贫困脆弱性,而且对缓解高水平贫困脆弱性的效果更好,这一结论在多重稳健性检验后依然成立;数字普惠金融对贫困脆弱性的影响存在显著的异质性特征,显著减缓城市家庭和东中部地区家庭的贫困脆弱性,但却对农村家庭与西部地区家庭的贫困脆弱性有显著增加效应。通过作用机制检验发现数字普惠金融可通过缓解信贷约束、推动创新创业以及拓宽投资增收渠道,对提升家庭收入水平和降低贫困脆弱性产生积极影响。

This paper matches the China digital inclusive finance index released by the digital finance research center of Peking University with the data of China Family Panel Studies(CFPS),and systematically explores the im-pact of digital inclusive finance on household poverty vulnerability and its mechanism.The results show that:(1)Digital inclusive finance can provide effective financial services to the poor vulnerable groups due to its unique ad-vantages of low cost and being inclusive,which can significantly alleviate low-level and high-level household pover-ty vulnerability especially high-level poverty vulnerability,and this conclusion is still established after multiple ro-bustness tests;(2)the impact of digital inclusive finance on poverty vulnerability has significant heterogeneity,which can significantly retard the poverty vulnerability of urban households and households in eastern and central regions,but can significantly increase the poverty vulnerability of rural households and households in western re-gions.The mechanism test finds that Digital inclusive finance can improve household income and reduce poverty vulnerability by easing credit constraints,promoting innovation and entrepreneurship,and broadening investment in-come channels.