Digital Inclusive Finance,Over-Indebtedness and Household Financial Risk
Digital inclusive finance increases the household financial risk while lowering the threshold of household financial access.Based on the micro-survey data of CHFS from 2013 to 2019,the study analyses the impact of digital inclusive finance on household financial risk,with household over-indebtedness as the research focus,and explores its impact mechanism and effect path.The results show that digital inclusive finance raises the risk of household over-indebtedness by increasing household high-risk debt,which in turn leads to a decrease in household debt repayment ability and asset liquidity,and thus heightening household financial risk.Through further research it is found that financial vulnerable households such as low-and-middle-income families and rural households are more likely to be affected by digital inclusive finance,which might lead to over-indebtedness and financial risk. The government should improve the digital financial regulatory system, strengthen the construction of social financial welfare security system,and guide the healthy development of digital inclusive finance market.