Research on Digital Finance and Residents'Happiness:Based on the Perspective of Household Leverage Ratio
Continuously enhancing residents'happiness is an important aspect of meeting the growing needs of the people for a better life.Against the backdrop of the robust development of digital finance,it is crucial to study the impact of digital finance development on the happiness of residents.Using the data of China Family Panel Studies(CFPS)in 2014,2018,2020,this paper constructs panel Ordered Probit models to explore the impact of digital finance development on residents'happiness from the perspective of household leverage ratio.The results indicate that the impact of digital finance development on residents'happiness exhibits a significant inverted U-shaped trend.With the development of digital finance,residents'hap-piness first increases and then decreases.Mechanism analysis shows that digital finance development can affect residents'happiness by influencing household leverage ratio.Heterogeneity analysis reveals that the impact of digital finance develop-ment on the happiness of low-educated,middle-aged and elderly,middle-and low-income,urban residents,as well as those in central and western regions,all displays a significant inverted U-shaped pattern.Therefore,the government should bridge the digital divide between urban and rural areas to improve residents'happiness.Meanwhile,the government should also strengthen supervision over digital finance to prevent the spillover of debt risk caused by high household leverage ratio.
Digital FinanceResidents'HappinessHousehold Leverage RatioDebt Risk
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