数字普惠金融发展影响居民杠杆率吗?——来自2011-2018年30个省级面板数据的经验证据  

Does the Digital Financial Inclusion Affect Residents'Leverage Ratio:Based on the Data of 30 Provincial-level Data from 2011 to 2018

作　　者：黄晓莉 林丽琼[1] Huang Xiaoli;Lin Liqiong(College of Economics and Management,Fujian Agriculture and Forestry University,Fuzhou 350002,Fujian,China)

机构地区：[1]福建农林大学经济管理学院,福建福州350002

出　　处：《金融发展研究》2021年第11期29-35,共7页Journal Of Financial Development Research

基　　金：国家社科基金一般项目“经济下行压力加大条件下农村家庭债务风险生成机理、影响因素及防范机制研究”(19BJY162)阶段性成果。

摘　　要：随着数字技术更迭推新,数字普惠金融迎来了跨越式发展,其零距离接触长尾客户群体、提供低价便捷的服务,延伸了金融服务半径,满足了中低收入家庭的借贷需求,对居民杠杆率的传导效应不容忽视。本文利用2011—2018年北京大学数字普惠金融发展指数与我国30个省(自治区、直辖市)的相关经济数据,采用固定效应模型实证检验数字普惠金融发展对居民杠杆率的影响。研究结果表明:(1)数字普惠金融发展对居民杠杆率产生正向影响。分维度来看,数字普惠金融发展主要通过覆盖广度和使用深度对居民杠杆率产生正向影响。(2)异质性检验结果显示,数字普惠金融发展对居民杠杆率的影响随着杠杆率分位数水平的上升而下降;数字普惠金融发展对西部地区和中高收入群体影响程度较大。本研究的发现为认识居民杠杆率成因提供了新的证据,也为有关部门分类施策管控居民杠杆率提供了经验证据。With the development of digital technology,digital inclusive finance has seen a leap forward,with its zero-distance access to long-tail customer groups,low-cost and convenient services,extending the radius of financial services and meeting the borrowing needs of low-and middle-income households,with a transmission effect on residents'leverage that cannot be ignored.This paper uses the Peking University Digital Financial Inclusion Index of China and relevant economic data from 30 provinces in China from 2011 to 2018 to make a fixed-effect model to explore the impact of digital financial inclusion on residents'leverage ratio.The results show that:(1)the digital financial inclusion has a positive impact on residents'leverage ratio.By dimension,the development of digital financial inclusion has a positive impact on the leverage ratio of residents mainly through the breadth of coverage and depth of use;(2)the results of the heterogeneity test show that the impact of digital inclusive financial development on residents'leverage decreases as the level of leverage quantile ratios rises;the degree of impact of digital inclusive financial development on western regions and middle and high-income groups is greater.The findings of this paper provides a new evidence for the cause of residents'leverage ratio and empirical evidence for the relevant regulatory authorities to prevent and control financial risks.

关 键 词：数字普惠金融 居民杠杆率 固定效应模型 分位数回归 

分 类 号：F830[经济管理—金融学]