Digital literacy and household financial asset allocation
Based on the 2019 China Household Finance Survey(CHFS)data,this paper con-structs digital literacy indicators through the summation method and entropy method,and em-pirically examines the impact of digital literacy on household financial asset allocation.The empirical results show that digital literacy has a significant positive impact on household partic-ipation in financial markets,in terms of the participation depth and breadth.Specifically,as the level of household digital literacy increases,the proportions and types of risky financial assets enhance significantly.After using instrumental variables to alleviate the endogeneity problem and conducting a variety of robustness checks,the results are still consistent.In terms of the mechanism investigation,we analyze the underlying mechanisms by which digital literacy affects household financial asset allocation from the perspectives of information channels and risk at-titudes.The enhanced understanding of economic and financial information and the reduction of household risk aversion can promote household allocation of financial assets.In addition,we explore the heterogeneous effects of digital literacy on household financial asset allocation from three perspectives including financial literacy,household asset,and urban-rural differences.
digital literacyrisky financial assetinformation channelrisk attitude
NETL
NSTL
万方数据
