数字素养与家庭金融资产配置

Digital literacy and household financial asset allocation

本文基于2019年中国家庭金融调查(CHFS)数据,通过加总法和熵值法构建了数字素养指标,实证考察了数字素养对家庭金融资产配置的影响.实证结果显示,数字素养对家庭参与金融市场的深度和广度都存在显著的促进作用.具体而言,随着家庭的数字素养水平提高,家庭金融资产中风险金融资产的资金比重和持有种类都会显著增加.利用工具变量缓解内生性问题以及进行多种稳健性检验以后,结果依然一致.机制检验方面,本文从信息渠道和风险态度两个角度,对数字素养影响家庭金融资产配置的机制进行了分析,发现数字素养会促进家庭了解金融经济信息和降低家庭风险厌恶,从而提高家庭金融资产配置.本文还从金融素养、家庭资产和城乡差异这三个角度,探索了数字素养对家庭金融资产配置影响的异质性作用.

Based on the 2019 China Household Finance Survey(CHFS)data,this paper constructs digital literacy indicators through the summation method and entropy method,and empirically examines the impact of digital literacy on household financial asset allocation.The empirical results show that digital literacy has a significant positive impact on household participation in financial markets,in terms of the participation depth and breadth.Specifically,as the level of household digital literacy increases,the proportions and types of risky financial assets enhance significantly.After using instrumental variables to alleviate the endogeneity problem and conducting a variety of robustness checks,the results are still consistent.In terms of the mechanism investigation,we analyze the underlying mechanisms by which digital literacy affects household financial asset allocation from the perspectives of information channels and risk attitudes.The enhanced understanding of economic and financial information and the reduction of household risk aversion can promote household allocation of financial assets.In addition,we explore the heterogeneous effects of digital literacy on household financial asset allocation from three perspectives including financial literacy,household asset,and urban-rural differences.