Digital Financial Capability and Urban Household Debt Risk:Inverted U-Shaped Characteristics and Mechanistic Explanations
Based on the 2019 China Household Finance Survey(CHFS)data,this paper constructs a digital fi-nancial capability index from a micro perspective with urban residents as the research object,and empirically tests the impact of digital financial capability on household debt risk on this basis.The results of the study show that the impact of digital financial capability on urban household debt risk exhibits an inverted U-shaped relationship that increases first and then decreases.Further analysis reveals,on the one hand,that digital financial capabilities expand the size of household debt by increasing irrational spending,boosting credit availability and increasing risk appetite,which in turn leads to increased debt risk;On the other hand,digital financial capability also reduces household debt risk by in-creasing asset appreciation and reducing borrowing costs through increased wealth accumulation capacity and reduced borrowing behavior in informal channels,and the inverted U-shaped relationship between the two is determined by the net effect of increased digital financial capability.Heterogeneity analysis shows that the digital financial capability of low-asset urban residents exhibits a positive correlation with household debt risk,while the digital financial capability of middle-and high-asset urban residents shows an inverted U-shape with household debt risk;urban residents with dif-ferent levels of education show an inverted U-shape between their digital financial capability and their household debt risk,but the higher the level of education,the more to the left the inflection point appears.
digital financial capabilityhousehold debt riskinverted u-shaped features
万方数据
维普
