Does Digital Finance Reduce the Impact of Debt Leverage on the Allocation of Household Financial Asset—Microscopic Evidence Based on CHFS Survey Data
This paper uses CHFS survey data and digital financial inclusion index data to explore whether digital finance can re-duce the impact of debt leverage on the allocation of household financial asset portfolios,and thus promote the structural optimization and efficiency improvement of household asset allocation.The study shows that debt leverage affects households'motivation to partici-pate in the financial market and leads to a reduction in the efficiency of financial asset allocation,but the impact on lowly indebted households has a certain nonlinear effect.Digital finance effectively reduces the negative impact of low debt leverage on the allocation of financial assets by enhancing the investment convenience and credit accessibility of lowly indebted households;however,for highly in-debted households,the irrational use of digital finance further reduces the efficiency of their allocation of financial assets.The heteroge-neity test result of this paper shows that the breadth,depth and digitization degree of the use of digital finance can inhibit the rise of debt leverage rate and significantly reduce the negative impact of long-term loans on the financial asset allocation of low debt house-holds,but exacerbate the negative impact of short-term loans on the financial asset allocation of highly indebted households.
digital financedebt leveragenonlinear impactallocation of household financial asset
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NSTL
万方数据
