互联网使用是否助推了家庭金融市场参与?——基于CFPS数据的经验研究

Does Internet Usage Contribute to Household Financial Market Participation?An Empirical Study Based on CFPS Data

作为经济参与最基本的单位,家庭的金融市场参与对其自身福利水平和金融市场健康发展都至关重要,而互联网的使用又对家庭金融市场的参与存在不可忽视的影响。基于中国家庭追踪调查(CFPS)数据,从风险金融市场和正规信贷市场两方面分析,发现互联网使用对家庭金融市场参与存在显著的正向效果。异质性分析发现,经常使用互联网学习、工作、社交以及商业活动能够显著促进家庭参与金融市场,而经常使用互联网娱乐没有显著影响;互联网对家庭金融市场参与的促进效应在城镇和高教育水平家庭中表现更为显著。机制分析表明,互联网使用能够通过提升家庭金融素养水平和信息渠道效应助推家庭金融市场参与。

This study utilizes data from the China Family Panel Studies(CFPS)to examine the impact of Internet usage on household financial market participation,specifically focusing on the risk financial market and the formal credit market.The findings reveal a significantly positive impact of Internet usage on household participation in these markets.This conclusion holds true even after employing a panel two-way fixed-effects model and conditional mixed process(CMP)estimation to address endogenous is⁃sues.Heterogeneity analysis demonstrates that frequent Internet usage for learning,working,socializing,and business activities sig⁃nificantly promotes household financial market participation,while Internet usage for entertainment purposes has no significant im⁃pact.Moreover,the positive effect of Internet usage on financial market participation is more pronounced among urban and highly educated households.Mechanism analysis suggests that Internet usage enhances household financial literacy and the information channel effect,thereby promoting household financial market participation.