数字普惠金融是否能改善中国家庭风险金融资产配置?

Does Digital Inclusive Finance Enhance Risk-Based Financial Asset Allocation among Chinese Households?

利用北京大学数字普惠金融指数和西南财经大学中国家庭金融调查(CHFS)数据,实证研究了数字普惠金融发展对中国家庭风险金融资产配置的可能影响,并在此基础上探讨了不同性质房产对家庭风险金融资产配置的影响差异。结果发现,数字普惠金融发展能够显著提高家庭风险金融市场参与和风险资产配置比例,并且这种影响具有明显的门限效应,家庭可支配收入则存在部分中介效应,即数字普惠金融发展能通过提升家庭收入来改善其风险金融资产配置,“刚需性房产”和“投资性房产”则分别会对家庭风险金融资产配置产生挤出效应和财富效应;不仅如此,异质性分析还表明,在农村和受教育程度低的群体中,数字普惠金融发展对家庭风险金融资产配置的改善效应更为明显。通过健全数字金融法律法规以优化“软环境”,加快新型数字基础设施建设以创设“硬环境”,从而全面推进我国数字普惠金融高质量发展,提升金融服务效率和优化家庭风险金融资产配置,进而实现数字发展红利的全民共享。

Using the Digital Inclusive Finance Index from Peking University and the survey data of China Household Finance Survey(CHFS)conducted by Southwestern University of Finance and Economics,this study empirically examines the potential impacts of the development of digital inclusive finance on Chinese households risk-based financial asset allocation,and further explores the differential effects of property attributes on household risk-based financial asset allocation.The results indicate that the development of digital inclusive finance significantly enhances household participation in the risk-based financial market and the proportion of risk-based asset allocation.This effect is evident with a threshold impact,and disposable household income exhibits a partial mediating effect,suggesting that the development of digital inclusive finance can improve risk-based financial asset allocation by increasing household income.Besides,“rigid demand real estate”has crowding out effect while investment real estate has a wealth effect on household risk-based financial asset allocation.Further heterogeneity analysis discovers that for households in rural areas or with lower levels of education,the improvement effect of development of digital inclusive finance on household risk-based financial asset allocation is more obvious.It is crucial to promote the high-quality development of digital inclusive finance in China by improving the“soft environment”of digital financial laws and regulations as well as by creating the“hard environment”of accelerating the construction of new digital infrastructure,so as to increase the efficiency of financial services,improve household risk-based financial asset allocation,and further enable the shared by all of the digital development dividends.