摘要
通过建立及推导跨期投资决策模型证明了数字普惠金融发展对农户家庭金融资产配置的影响及其异质性,并进一步运用中国家庭金融调查(CHFS)和北京大学数字金融研究中心的数据进行了实证检验。研究表明,数字普惠金融发展促进了农户家庭参与金融市场的概率和配置风险金融资产的比例,而且当农户金融素养或智能化素养更高时,数字普惠金融发展对其金融市场参与和风险金融资产配置的影响更为强烈。研究结论有助于解释数字普惠金融发展对缓解农村金融排斥和农村金融市场“有限参与”的重要现实作用,从宏观上说明推动数字普惠金融发展对深化农村金融服务的必要性,从微观上启示提高农户家庭金融素养和智能化素养有助于优化其家庭金融资产配置决策。
This paper theoretically proves the effect of digital inclusive finance development on farmers’household financial assets allocation and its heterogeneity by developing a stylized two period model of portfolio choice.On this basis,an empirical test is carried out using the data from the China Household Financial Survey(CHFS)and the Digital Finance Research Center of Peking University.In the empirical process,the instrumental variable method is used to overcome the endogenous problem,and the robustness test is carried out by the propensity score matching(PSM).The results show that digital inclusive finance development promotes the participation of households in financial markets and the risky financial assets allocation.Moreover,when the households are more familiar with the financial knowledge or internet(with smartphones or online shopping),the effect of digital inclusive finance development on their financial behavior is stronger.The conclusion of the study is helpful to explain the important realistic role of digital inclusive finance development in alleviating rural financial exclusion and“limited participation”in rural financial market,which not only explains the necessity of improving digital inclusive finance development to deepen rural financial services from macro perspective,but also enlightens farmers to strengthen financial literacy and intelligent literacy to optimize their household financial asset allocation from micro perspective.
作者
周雨晴
何广文
ZHOU Yuqing;HE Guangwen(School of Economics and Management,China Agricultural University,Beijing 100083,China)
出处
《当代经济科学》
CSSCI
北大核心
2020年第3期92-105,共14页
Modern Economic Science
基金
国家自然科学基金青年基金项目“多元信息传递视角下互联网金融对缓解农户信贷约束的影响及对策优化”(71603259)。
关键词
数字普惠金融
农村金融排斥
金融资产配置
金融市场参与
金融素养
智能化素养
Digital inclusive finance
Rural financial exclusion
Financial asset allocation
Financial markets participation
Financial literacy
Intelligent literacy
