摘要
随着近年来家庭可支配收入的增长,家庭金融在我国经济中的重要性不断提高。而在数字信息时代,传统的金融已经无法再满足人们的需求,数字金融由此兴起。在此背景下,研究数字金融发展对家庭风险资产投资的影响有着重要的现实意义。本文通过构建家庭金融资产配置理论模型从理论上证明了数字金融会影响家庭风险金融投资,并结合数字金融特点和优势将影响路径分为直接和间接两层,一层是由于数字金融直接降低了家庭参与风险金融投资的效用成本和资金成本,从而影响了家庭风险金融投资的决策;另一层是数字金融通过提高家庭金融素养和改善当地的金融市场发展环境间接影响了家庭风险金融投资的决策。本文采用CHFS最新公开的2017年中国家庭金融数据,基于Probit、Tobit以及中介效用模型实证分析了数字金融风险对家庭参与风险金融投资的影响及机制,结果表明数字金融会显著促进家庭进行风险金融投资;同时提高家庭风险金融投资的占比;而中介效应模型表明家庭金融素养和当地金融市场发展在数字金融对家庭参与风险金融投资的影响中起到了部分中介作用。
With the growth of household disposable income in recent years,the household financial investment has been increasingly important in Chinese economy.In the digital age,traditional finance can no longer meet people’s needs,and digital finance has emerged.In this situation,studying the influence of the development of digital finance on household risk asset investment are essential.This paper theoretically proves that digital finance can affect household risk financial investment by constructing a theoretical model explaining the household asset decisions.Recognizing the characteristics of digital finance,we divide the influence into direct and indirect layers.The first layer is that the digital finance directly reduces the utility cost and capital cost of households participating in risk financial investment.The other layer is that digital finance indirectly affects household risk financial investment decision-making by improving household financial literacy and the local financial market development environment.Then,the paper utilize the latest public financial data of China’s households in 2017 by CHFS,and conduct an empirical analysis of the impact of digital financial risks on households participating in risk financial investment based on Probit,Tobit and the Mediator Effect model.The results show that digital finance can significantly promote households to take part in risk financial investment,and increase the proportion of household risk financial investment.Mediator analysis shows that household financial literacy and local financial market development indirectly influences risk financial investment of households.
作者
孙燕
严书航
SUN Yan;YAN Shuhang
出处
《金融发展》
2021年第1期12-23,共12页
Financial Development
基金
国家自然科学基金项目(批准号:71873085)的资助
