数字普惠金融发展影响家庭资产配置结构了吗

2016年,我国政府提出发展数字普惠金融,倡导利用数字化技术提高金融体系的普惠水平。文章以数字普惠金融发展为切入点,研究了其对家庭资产配置的影响。使用2017年CHFS调查数据、北京大学数字普惠金融指数和中国城市统计年鉴数据,实证发现数字普惠金融能显著提高家庭参与金融市场和股票市场的概率,提高配置风险资产和股票资产的比例,此结果经过多种稳健性检验后保持一致。这一影响在城镇地区的家庭和使用第三方支付的家庭中更显著。这一影响的作用机制是数字金融降低了家庭参与成本、增加了金融可得性和扩宽了信息渠道。文章为数字普惠金融发展影响家庭金融行为提供了实证证据。

The Impact of the Development of Inclusive Digital Finance on Household Asset Allocation

With the sustained and rapid development of my country's economy and society, the level of household wealth in our country has continued to increase, but the overall financial market participation rate of households is still low, the proportion of risk assets allocated is low, and the development of household financial markets lags behind economic development. In 2016, the Chinese government proposed the development of digital inclusive finance and advocated the use of digital technology to improve the inclusive level of the financial system. Based on big data and cloud computing and other information technologies, digital financial inclusion has the advantages of wide coverage and low marginal costs, which can make up for the shortcomings of traditional financial services to a large extent and increase household financial participation. Based on the above background, this article takes the development of digital financial inclusion as an entry point to study its impact on household asset allocation. Through literature review and theoretical analysis, it analyzes the possible mechanism of digital financial inclusion influencing household financial market participation and risk asset allocation. It is believed that digital financial inclusion can reduce household participation costs, increase household financial availability, and broaden household information channels. In the empirical part, this paper uses the 2017 CHFS survey data, the Peking University Digital Financial Inclusive Index and China City Statistical Yearbook data to empirically test the impact of the development of digital financial inclusion on household asset allocation using econometric models. Significantly increase the probability of households participating in the financial market and stock market, and increase the proportion of risk assets and stock assets allocated. This result remains consistent after a variety of robustness tests. The heterogeneity test found that for households in urban areas and households that use third-party payment, the promotion effect of digital finance is more significant. On the basis of current situation analysis, theoretical analysis and empirical research, this article proposes the following recommendations. Firstly, we should steadily promote the development of digital finance, and strive to promote traditional financial institutions to carry out digital financial services. Secondly, we should strive to meet the reasonable financial needs of families and participate in the family The financial market provides a good financial environment. Finally, we should adhere to the development of inclusive finance and bring more families into the financial market.