数字金融、流动性约束与共同富裕——基于代际流动视角  

Digital Finance,Liquidity Constraints and Common Prosperity:From the Perspective of Intergenerational Mobility

作　　者：周广肃 丁相元 ZHOU Guangsu;DING Xiangyuan(School of Labor and Human Resources,Renmin University of China;National School of Development,Peking University)

机构地区：[1]中国人民大学劳动人事学院 [2]北京大学国家发展研究院

出　　处：《数量经济技术经济研究》2023年第4期160-179,共20页Journal of Quantitative & Technological Economics

基　　金：国家社科基金青年项目(22CJY072)的资助。

摘　　要：本文基于中国数字普惠金融指数和中国家庭追踪调查2014年、2016年和2018年的三期数据,从代际流动的视角探究数字金融发展对共同富裕的影响。基准结果表明,地区数字金融的发展能够显著降低代际收入弹性,促进代际流动和社会公平。通过计算持久性收入、换用代际收入秩相关系数等系列稳健性检验以及进行内生性处理后,结论依然成立。机制分析表明,数字金融发展可以通过缓解家庭的流动性约束进而改善家庭部门人力资本投资、促进代际教育流动,最终对代际收入流动产生影响。此外,本文还对数字金融影响的子指标分解和异质性分析做了进一步讨论,发现数字金融主要改善了低人力资本和低社会资本家庭的代际流动,具备普惠性特征,这也为共同富裕背景下的政策制定提供了学术参考。With the continuous advancement of information technology,such as the Internet and big data,the digital economy and digital finance are developing rapidly in China,and their economic impact is attracting more and more attention.The expansion of digital finance improves the accessibility and affordability of financial services,especially for people who have been excluded from the traditional financial system.The development of digital finance can benefit these underserved people by easing their liquidity constraints,improving their consumption and investment,and increasing their children's education and income in the long run.Therefore,digital finance will play an active role in common prosperity.This paper systematically examines the impact of digital finance on common prosperity in China from the perspective of intergenerational income mobility.We match the digital financial inclusion index of China to a nationally representative household data set from the China Family Panel Studies(CFPS).The index is widely used to measure the development of digital finance,which is constructed and published by the Institute of Digital Finance at Peking University.The main results reveal that the development of digital finance can significantly reduce intergenerational income elasticity and promote intergenerational mobility and social equity.Specifically,for every 10%increase in the digital finance inclusion index,the intergenerational income elasticity of father-child decreases significantly by approximately 0.03,which is equivalent to 24.6% of the average intergenerational income elasticity in the sample.This means that the results are both statistically and economically significant.Considering the possible bias in the measurement process of intergenerational income mobility,we conduct a series of robustness tests such as calculating persistent income using rank-rank slope and estimate the lag effect and find that the main results remain robust.To mitigate the endogeneity problem,we employ the instrumental variable(IV)metho

关 键 词：数字金融 共同富裕 代际流动 流动性约束 

分 类 号：F061.3[经济管理—政治经济学]