数字金融、家庭异质性决策与共同富裕——基于中国家庭金融调查数据的实证

Digital Finance,Heterogeneous Family Decision-making and Common Prosperity—An Empirical Study Based on CHFS Data

降低居民收入不平等程度是实现共同富裕的根本途径。文章基于中国家庭金融调查数据(CHFS),使用OLS、2SLS、Logit模型和分位数回归模型,考察数字金融对收入分配的影响,揭示出数字金融促进共同富裕的作用途径。研究发现,数字金融提高了低收入和高收入家庭总收入、经营性收入、工资性收入以及财产性收入,整体上有助于改善收入分配状况,但是对不同类型的收入差距具有异质性影响。具体而言:(1)数字金融改善了低收入群体的创业行为,并且对低收入群体创业行为的影响大于高收入群体,缩小了家庭经营性收入差距;(2)数字金融能够提高居民就业水平,高收入群体受益更显著,扩大了家庭工资性收入差距;(3)数字金融增加了低收入群体持有金融资产偏好,低收入群体获得资产溢价,缩小了家庭财产性收入差距。进一步研究发现,数字金融显著促进了低收入家庭增收;相较于数字信贷,数字支付和数字理财能较好地缩小收入差距;户主受教育程度较低或者户主年龄在36岁及以上的中老年家庭,数字金融的收入再分配效应更显著。

Reducing income inequality degree is the fundamental way to achieve common prosperity.Based on China Household Finance Survey(CHFS)data,this paper uses OLS,2SLS,Logit model and quantile regression model to investigate the impact of digital finance on income distribution,and then reveals the role of digital finance in promoting common prosperity.The study finds that digital finance increases the total income of low-and high-income households,operational income,wage income and property income,and helps to improve income distribution on the whole,but has a heterogeneous impact on different types of income gaps.Concretely speaking:(1)digital finance has improved the entrepreneurial behavior of low-income groups,and its impact on the entrepreneurial behavior of low-income groups is greater than that of high-income groups,narrowing the gap in household operating income.(2)Digital finance can improve the employment level of residents,and high-income groups benefit more significantly,widening the household wage income gap.(3)Digital finance increases the preference of low-income groups to hold financial assets,and low-income groups gain asset premiums,narrowing the gap in household property income.Further research shows that digital finance has significantly boosted the incomes of low-income households,that compared with digital credit,digital payment and digital financial management can better narrow the income gap,and that the income redistribution effect of digital finance is more significant for middle-aged and elderly households with a head of household having a lower education level or a head of household aged 36 or above.