家庭金融科技使用对风险承担的影响及作用机制

Analysis of the Impact and Mechanism of Household FinTech Adoption on Risk-Taking

家庭合理承担风险在增加城乡居民财产性收入进程中扮演着重要角色。近年来,金融科技逐渐深入家庭资产配置流程,与家庭风险承担行为紧密相关。本文基于中国家庭金融调查2019年数据,从家庭流动性资产和家庭消费性支出两个维度测度家庭金融科技使用,采用Heckman两阶段模型和中介效应模型就家庭金融科技使用对家庭风险承担的影响及作用机制进行了考察。研究发现,受金融科技发展影响越深的家庭具有越高的风险承担水平,该效应在金融服务欠发达地区和收入、教育、信息关注度以及金融知识占优的家庭中更加明显。机制分析表明,金融科技产品降低转账汇款成本,提供家庭间风险分担平台,家庭风险承担水平上升。论文研究为优化金融科技服务家庭参与金融市场相关政策提供参考,也为家庭金融风险防范体系构建提供建议,还从家庭风险承担角度完善了防范化解重大经济金融风险的相关理论。

Reasonable risk-taking by households plays an important role in the process of increasing property income of urban and rural residents.In recent years,FinTech has gradually penetrated into the household asset allocation process and is closely related to household risk-taking behaviors.Based on China Household Finance Survey data in 2019,this paper measures household FinTech adoption in two dimensions:household liquid assets and household consumption expenditures and examines the impact and mechanism of household FinTech adoption on risk-taking by using the Heckman two-stage model and the mediating effect model.We find that households that are more deeply affected by the development of FinTech have more risk-taking,and this effect is more pronounced in areas with less developed financial services and in households with superior income,education,information attention and financial literacy.Mechanism analysis shows that FinTech products reduce the cost of transferring remittances,provide a platform for inter-household risk sharing,and increase the level of household risk-taking.This paper provides reference for optimizing the policies related to the participation of households in the financial market through FinTech services,and also provides suggestions for the construction of a household financial risk prevention system,and also improves theories related to the prevention and resolution of major economic and financial risks from the perspective of household risk-taking.