数字金融发展与老年人群金融风险资产投资

Digital Finance Development and Financial Risky Asset Investment of the Elderly Population

利用中国健康与养老追踪调查(CHARLS)数据与北京大学数字普惠金融指数,本文研究了数字金融发展对我国老年人群金融风险资产投资行为的影响。研究发现,数字金融发展能够显著提升我国老年人群投资金融风险资产的概率和金额,进而有助于提高其财产性收入。数字金融发展对于受教育程度较高、居住于城镇和东部地区的老年人群具有更大的促进作用,这表明相关影响可能受限于“数字鸿沟”。此外,本文还发现数字金融发展所导致的金融服务便利性的提升、老年人群信息获取渠道的多元化以及个体风险偏好水平的上升是潜在作用机制。基于研究发现,本文建议继续推进我国数字金融发展,在弱势老年人群中推广和普及数字金融服务,同时有针对性地加强对老年人群的金融教育。

Using data from the China Health and Retirement Longitudinal Study(CHARLS)and the Digital Inclusive Finance Index from Peking University,this paper investigates the impact of digital finance development on the investment behavior in financial risk assets among elderly Chinese.It is found that digital finance development significantly increases both the likelihood and the amount of investments in financial risk assets by the elderly,thereby contributing to an increase in their property income.Digital finance development exerts a greater influence on elderly individuals who are more educated and reside in urban and eastern regions,suggesting that the impact is still constrained by the“digital divide”.Additionally,this paper also finds that the improvement in financial service convenience brought about by the development of digital finance,the diversification of information acquisition channels for the elderly population,and the rise in individual risk preference levels are potential mediating mechanisms.Based on these findings,this paper suggests that China should continue to promote the development of digital finance,popularize related services among disadvantaged elderly groups,and strengthen targeted financial education for the elderly population.