数字金融发展如何影响家庭财产性收入及其分配?
How Does the Development of Digital Finance Affect Family Property Income and Its Distribution?
肖威 1舒心1
作者信息
摘要
数字金融的蓬勃发展对中国家庭的金融决策产生了重要影响.本文通过实证方法研究数字金融发展对于家庭财产性收入及其分配的影响,结论如下:首先,数字金融发展能够促进家庭财产性收入的增加和收益率的提高,在利用工具变量法控制内生性之后的结果仍然显著.这种促进效应在农村地区更加显著,表明了数字金融发展的普惠性和包容性.从子指数来看,对家庭财产性收入促进作用较大的是使用深度指数和数字化程度指数,以及使用深度指数下的投资指数.其次,数字金融发展对家庭各项财产性收入的影响不一致:促进了股票投资、互联网理财、人寿保险的收益,挤出了基金投资收益和金融理财产品收益.机制分析的结果表明,数字金融发展通过缓解金融抑制和提高家庭金融知识两种机制促进了家庭财产性收入的增长.最后,利用无条件分位数回归,发现数字金融的发展能够缩小财产性收入差距和收益率的差距.
Abstract
The rapid development of digital finance has had a significant impact on Chinese households'financial decisions.This study empirically examines the effects of digital finance development on household property income and its distribution and yields the following conclusions:First,the development of digital finance can promote an increase in household property income and improve its yield rate,and the results remain significant after controlling for endogeneity using the instrumental variable method.This promotional effect is more pronounced in rural areas,indicating the inclusiveness and universality of the digital finance development.In terms of sub-indices,the use depth and digitalization degree indices,along with the investment index under the use depth index,had a greater promotional effect on household property income.Second,the impact of digital finance development on various types of household property income was inconsistent.It promoted returns from stock investments,Internet finance,and life insurance while crowding out returns from fund investments and financial products.Mechanism analysis indicates that the development of digital finance promotes the growth of household property income through two mechanisms:alleviating financial repression and enhancing household financial knowledge.Finally,using an unconditional quantile regression,we find that the development of digital finance can narrow the disparities in property income and return rates.
关键词
数字金融/财产性收入/金融知识Key words
Digital Finance/Property Income/Financial Knowledge引用本文复制引用
基金项目
国家社会科学基金青年项目(20CJL028)
出版年
2024
NETL
NSTL
万方数据