互联网使用对家庭财富积累与分配的影响——基于中国家庭追踪调查(CFPS)面板数据的经验研究

The Impact of Internet Use on Household Wealth Accumulation and Distribution——Empirical Research Based on CFPS Panel Data

在新发展阶段,寻求促进财富积累和缩小财富差距的有效路径,对于规范财富积累机制、实现共同富裕意义重大。基于2014年、2016年和2018年中国家庭追踪调查(CFPS)三期面板数据,运用双向固定效应模型实证考察互联网使用对家庭财富积累与分配的影响,可以发现,互联网的使用能够显著提高家庭财富水平、降低财富不平等。在一系列稳健性检验以及运用工具变量法解决内生性问题后,上述结论仍然成立。异质性分析表明:使用互联网学习工作对家庭财富积累与分配的影响最大,使用互联网进行商业活动的影响次之,而使用互联网社交娱乐产生的影响最小;互联网使用对农村以及中西部地区家庭财富积累与分配的影响更显著。机制分析表明,互联网使用能够提高家庭的收入和金融素养水平,进而提高家庭财富水平、降低财富不平等。进一步分析发现,互联网使用对家庭财富结构具有优化作用,具体表现为互联网使用显著提高金融资产占比和生产性固定资产占比,并且降低房产占比。这些发现为全面认识互联网的微观经济效应提供了新的证据,为理解家庭财富积累与分配提供了新的视角,为推动共同富裕提供了政策参考依据。

Based on 2014,2016 and 2018 panel data of China Family Panel Studies(CFPS),this paper uses the two-way fixed effect model to analyze the influence of Internet use on household wealth accumulation and distribution.This study finds that using the Internet can significantly increase household wealth and reduce wealth inequality.After using the instrumental variable method to solve the endogeneity problem and the robustness test,the conclusions are still valid.The heterogeneity analysis shows that the use of the Internet for study and work has the largest impact on family wealth accumulation and distribution,followed by the use of the Internet for commercial activities,and the use of the Internet for social entertainment has the smallest impact.Moreover,the use of the internet has a more significant impact on the accumulation and distribution of household wealth in rural and central and western regions.The mechanism analysis shows that Internet use can enhance household wealth and reduce wealth inequality by improving income and financial literacy channel effect.Further analysis shows that Internet use can increase the proportion of household financial and productive fixed assets,and reduce the proportion of housing assets,which reflects the optimization effect of Internet use on the wealth structure of the household.Our study provides new evidence for a comprehensive understanding of the microeconomic effects of the Internet,a new perspective for understanding household wealth accumulation,and a policy reference for promoting common prosperity.