互联网使用对家庭风险金融资产持有的影响——基于CFPS微观数据的实证研究

The Impact of Internet Use on Households’Holding of Risky Financial Assets:An Empirical Study Based on CFPS Micro Data

基于北京大学中国家庭追踪调查(CFPS)数据,实证检验微观层面上互联网使用对家庭风险金融资产持有与否的影响,选择风险金融资产持有与否作为被解释变量,互联网使用作为解释变量,从互联网使用与否、互联网使用强度两个维度构建并测度了互联网使用指标,利用Logit模型实证检验了互联网使用对家庭风险金融资产持有与否的影响。结果表明:在信息成本与交易成本机制下,互联网使用对家庭风险金融资产的持有呈现显著的正向影响,且经过一系列稳健性检验后结论依然成立。

The rapid proliferation of the mobile Internet has led to its extensive integration across various sectors of economic and social development,influencing residents’cognitive processes,thinking patterns,and financial behaviors.This study utilizes data from Peking University’s China Household Panel Survey(CFPS)to empirically examine the role of Internet usage in household investment in risky financial assets at the micro level.The study identifies risky financial asset holding as the dependent variable and Internet usage as the primary explanatory variable.An Internet usage index is constructed and measured from two dimensions:Internet usage and Internet usage intensity.The impact of Internet usage on household investment in risky financial assets is empirically tested using the Logit model.The findings indicate that,driven by reduced information and transaction costs,Internet usage has a significant positive effect on households’propensity to invest in risky financial assets.This conclusion remains valid after a series of robustness tests.