数字普惠金融与家庭风险金融市场参与：基于CHFS的实证研究

管理评论 ›› 2023, Vol. 35 ›› Issue (5): 42-53.

数字普惠金融与家庭风险金融市场参与：基于CHFS的实证研究

刘志峰¹, 曾莹芳², 张婷婷²

1. 海南大学管理学院, 海口 570228;
2. 海南大学经济学院, 海口 570228

收稿日期:2021-08-30 出版日期:2023-05-28 发布日期:2023-06-21
通讯作者: 张婷婷（通讯作者），海南大学经济学院副教授，博士。
作者简介:刘志峰，海南大学管理学院教授，博士；曾莹芳，海南大学经济学院本科生。
基金资助:
国家自然科学基金项目72163004；72171063；71861008）；海南省基础与应用基础研究计划（自然科学领域）高层次人才项目（2019RC151）。

Digital Inclusive Finance and Household Participation in Risky Financial Market:An Empirical Study Based on the Chinese Household Finance Survey

Liu Zhifeng¹, Zeng Yingfang², Zhang Tingting²

1. Management School, Hainan University, Haikou 570228;
2. School of Economics, Hainan University, Haikou 570228

Received:2021-08-30 Online:2023-05-28 Published:2023-06-21

摘要/Abstract

摘要： 本文基于北京大学数字普惠金融指数和中国家庭金融调查数据，对数字普惠金融和家庭风险金融市场参与的关系进行实证研究。本文发现数字普惠金融对家庭参与风险金融市场有显著的正向影响，而且数字普惠金融不同维度的影响具有异质性。工具变量回归和稳健性检验均不改变本文主要结论。进一步检验数字普惠金融影响机制的结果表明，数字普惠金融主要通过增强金融可得性来促进家庭参与风险金融市场，而由于存在“数字排斥”现象，并没有通过提高居民金融素养产生显著影响。异质性分析发现，数字普惠金融对家庭风险金融市场参与的促进作用在城镇、西部地区及高教育水平的家庭更为显著。

关键词: 数字普惠金融, 金融市场参与, 金融可得性, 家庭金融

Abstract: Based on the Peking University Digital Financial Inclusion Index and Chinese Household Finance Survey data, this paper conducts an empirical test on the relationship between digital financial inclusion and household participation in risk financial market. The paper finds that digital financial inclusion has a significant positive impact on household participation in risk financial market, and the effects of different dimensions of digital financial inclusion are different. Results of instrumental regression and robustness tests are not inconsistent with the main conclusions of this study. The paper further tests the influence mechanism and finds that digital financial inclusion mainly promotes household participation in risky financial markets by enhancing financial availability. However, due to the phenomenon of "digital exclusion", it does not significantly impact residents' financial literacy. The analysis of heterogeneity finds that the promotion of digital financial inclusion in the participation of households in risky financial markets is more significant in urban areas, west regions, and well-educated households.

Key words: digital financial inclusion, participation in risk market, financial availability, household finance

刘志峰, 曾莹芳, 张婷婷. 数字普惠金融与家庭风险金融市场参与：基于CHFS的实证研究[J]. 管理评论, 2023, 35(5): 42-53.

Liu Zhifeng, Zeng Yingfang, Zhang Tingting. Digital Inclusive Finance and Household Participation in Risky Financial Market:An Empirical Study Based on the Chinese Household Finance Survey[J]. Management Review, 2023, 35(5): 42-53.

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