Digital Financial Participation,Financial Literacy and Household Financial Risk Taking:Empirical Evidence from CHFS Data
Improving the level of financial risk taking and management ability is an important way to improve the efficiency of household asset allocation and increase residents'property income.Based on the data of China Household Finance Survey(CHFS)in 2019,this paper theoretically explores and empirically tests the relationship between digital financial participation and household financial risk taking,as well as the moderating role of financial literacy in the relationship.The results show that digital financial participation has a significant role in promoting residents'financial risk taking,and this conclusion is still valid after the endogeneity and robustness treatments such as using instrumental variables and changing estimation methods.From the perspective of mechanism,financial literacy positively moderates the impact of digital financial participation on household financial risk taking,and plays an intermediary role through two channels:purchasing commercial insurance and reducing excessive debt.The impact of digital financial participation on household financial risk taking is heterogeneous,which is more significant in the households with higher education level,married,non-agricultural household registration and middle income.This study enriches the relevant literature on how digital finance plays a role in household financial asset allocation,and provides policy implications for residents to improve the efficiency of household asset allocation.
digital financehousehold financefinancial risk takingfinancial literacy
万方数据
