数字金融对我国家庭金融资产配置多样性的影响与机制研究

The Impact of Digital Finance on the Diversification of China's Household Financial Asset Allocation and Its Mechanism

一直以来,我国居民家庭资产配置不够优化,多样化程度较低,本文利用2017年中国家庭金融调查(CHFS)和北京大学数字普惠金融指数(2016)进行实证研究发现:第一,数字金融显著提高了家庭金融资产配置的多样性,特别地,数字金融通过影响家庭的金融素养和家庭的风险偏好程度影响金融资产配置的多样性。第二,数字金融对家庭金融资产配置多样性的影响在城镇地区、低收入家庭以及受教育程度较低的家庭中更加明显。第三,在中等收入家庭与受教育程度较低的家庭中,影响机制主要体现在提高其金融素养方面;而在中高收入家庭以及教育水平较高的家庭中,数字金融主要通过提高其风险偏好而提高投资多样化。最后,本文针对研究结论提出了相应的政策建议。

For a long time,China's household asset allocation has been relatively single and insufficient diversification.This paper uses the China Household Finance Survey(CHFS)2017 and the Peking University Digital Inclusive Finance Index(2016)for empirical research and finds that:First,digital finance has significantly increased the diversity of household financial asset allocation,particularly by influencing the financial literacy and risk preference of households.Second,the impact of digital finance on the diversity of household financial asset allocation is more pronounced in urban areas,low-income households,and households with lower levels of education.Third,in the middle income families and the families with low education level,the influence mechanism is mainly through financial literacy;For middle and high income households and households with higher education level,digital finance mainly improves investment diversification by increasing their risk preference.Finally,this paper puts forward corresponding policy suggestions according to the research conclusions.