数字普惠金融对家庭消费借贷的影响研究——基于金融素养的调节效应

基于中国家庭金融调查（CHFS）2015年、2017年和2019年三期面板数据探讨数字普惠金融与家庭消费借贷之间的关系。研究表明,数字普惠金融对家庭消费借贷具有扩张效应,其中对低层次消费借贷扩张效应更强,金融素养提高能强化数字普惠金融对消费借贷的扩张效应。分数字普惠金融子维度来看,数字普惠金融对消费借贷的扩张效应主要源于覆盖广度和使用深度的提高,数字化程度作用较小。异质性分析发现,数字普惠金融对消费借贷的扩张效应对“长尾”群体更显著,即对农村和中西部家庭消费借贷具有更强的扩张效应。另外,该扩张效应存在工具门槛及知识门槛,拥有智能手机及高学历的家庭更容易获得消费借贷。

A Study of the Impact of Digital Financial Inclusion on Household Consumer Borrowing and Lending:Moderating Effect Based on Financial Literacy

The relationship between digital financial inclusion and household consumer borrowing and lending was explored based on panel data from the China Household Finance Survey (CHFS) for 2015, 2017 and 2019. The study shows that digital financial inclusion has an expansionary effect on household consumer borrowing and lending, with a stronger expansionary effect on lower-level consumer borrowing and lending, and that improved financial literacy strengthens the expansionary effect of digital financial inclusion on consumer borrowing and lending. In terms of the sub-dimensions of digital financial inclusion, the expansionary effect of digital financial inclusion on consumer borrowing and lending mainly stems from the increase in the breadth of coverage and depth of use, with the degree of digitisation playing a smaller role. Heterogeneity analysis reveals that the expansionary effect of digital financial inclusion on consumer borrowing and lending is more pronounced in the "long tail", it has a stronger expansionary effect on the consumer borrowing and lending of rural and central and western households. In addition, there is an instrumental threshold and a knowledge threshold for this expansionary effect, and households with smartphones and high levels of education are more likely to have access to consumer loans.