数字普惠金融、过度负债与家庭财务风险

Digital Inclusive Finance,Over-Indebtedness and Household Financial Risk

数字普惠金融在降低家庭金融准入门槛的同时也增加了家庭的财务风险。基于CHFS2013-2019年微观调查数据进行实证检验,以家庭过度负债为研究重点分析数字普惠金融对家庭财务风险的影响,探究数字普惠金融对家庭部门财务风险的影响机制与作用路径。研究发现,数字普惠金融通过增加家庭高风险型债务的方式扩大家庭过度负债风险,进而导致家庭偿债能力与资产流动性降低,增大家庭财务风险。进一步研究发现,中低收入家庭与农村家庭等财务弱势家庭更易受到数字普惠金融影响从而导致过度负债与财务风险扩大。政府应完善数字金融监管制度,加强社会金融福利保障体系建设,引导数字普惠金融市场良性发展。

Digital inclusive finance increases the household financial risk while lowering the threshold of household financial access.Based on the micro-survey data of CHFS from 2013 to 2019,the study analyses the impact of digital inclusive finance on household financial risk,with household over-indebtedness as the research focus,and explores its impact mechanism and effect path.The results show that digital inclusive finance raises the risk of household over-indebtedness by increasing household high-risk debt,which in turn leads to a decrease in household debt repayment ability and asset liquidity,and thus heightening household financial risk.Through further research it is found that financial vulnerable households such as low-and-middle-income families and rural households are more likely to be affected by digital inclusive finance,which might lead to over-indebtedness and financial risk.The government should improve the digital financial regulatory system,strengthen the construction of social financial welfare security system,and guide the healthy development of digital inclusive finance market.