家庭多维数字鸿沟对居民风险投资决策的影响  

Impact of Household Multidimensional Digital Divide on Residents’Venture Capital Decision

作　　者：马良 甘崎旭 蔡晓陈[3] Ma Liang;Gan Qixu;Cai Xiaochen(School of Economics,Hangzhou Dianzi University;School of Economics,Lanzhou University of Finance and Economics;School of Economics,South Western University of Finance and Economics)

机构地区：[1]杭州电子科技大学经济学院 [2]兰州财经大学经济学院 [3]西南财经大学经济学院

出　　处：《调研世界》2022年第9期32-44,共13页The World of Survey and Research

摘　　要：本文利用2017年中国家庭普惠金融调查数据(CHFIS),系统性地研究了家庭多维数字鸿沟对居民风险投资决策的影响。采用工具变量法解决相关内生性问题后发现:首先,不论是综合数字鸿沟还是分维度的一级和二级数字鸿沟,都显著地抑制了家庭的广义和狭义风险投资参与,同时也抑制了家庭广义和狭义风险投资强度,通过变换多维数字鸿沟构造方法进行的稳健性检验也验证了结论的可靠性。进一步研究发现,在普惠金融发展好的地区,多维数字鸿沟对家庭风险投资参与的抑制作用反而更加明显,数字鸿沟影响到了居民平等获取普惠金融的机会,造成了“强者恒强,弱者越弱”的马太效应。另外,机制分析表明,数字鸿沟通过抑制家庭社会网络、金融信息获取以及替代线下金融可得性,进而影响到家庭风险投资决策。Using the data from the China Household Financial Inclusion Survey(CHFIS)2017,this paper systematically studies the impact of the multidimensional digital divide on household venture capital participation.After using the instrumental variable method to solve the related endogeneity problems,the results of the study find that:first,both the overall digital divide and the dimensional first-and second-level digital divides significantly inhibit households’broad-and narrow-sense venture capital participation and investment intensity.The robustness test by transforming the multi-dimensional digital divide construction method also verifies the reliability of the conclusion.Further research finds that in areas with well-developed inclusive finance,the multi-dimensional digital divide has a more obvious inhibitory effect on household venture capital participation.The digital divide negatively influences residents’equal access to inclusive finance and creats a“Matthew effect”.In addition,the mechanism analysis shows that digital divide inhibits family social network,financial information acquisition,and substitutes offline financial availability,which in turn affects family’s venture capital investment decisions.

关 键 词：多维数字鸿沟 风险投资决策 马太效应 

分 类 号：F832.48[经济管理—金融学]