数字普惠金融发展能促进代际收入流动吗?  

Does Digital Financial Inclusion Promote Intergenerational Income Mobility?

作　　者：赵立业 吴卫星[1] ZHAO Li-ye;WU Wei-xing(School of Banking&Finance,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]对外经济贸易大学金融学院,北京100029

出　　处：《财经问题研究》2023年第5期64-75,共12页Research On Financial and Economic Issues

基　　金：国家社会科学基金重大项目“中国消费金融的发展、风险与监管研究”(16ZDA033)。

摘　　要：数字普惠金融的快速发展已经成为促进经济高质量发展和推动共同富裕的新契机。本文采用2014年、2016年和2018年中国家庭追踪调查(CFPS)三轮调查数据,以及2012年北京大学数字普惠金融指数相关数据,运用门槛模型实证分析了数字普惠金融对代际收入流动影响的门槛效应,并运用OLS模型实证检验了数字普惠金融对代际收入流动的影响及作用机制。研究发现,数字普惠金融对代际收入流动的影响具有门槛效应。在未达到门槛值时,数字普惠金融的发展不利于代际收入流动;在超过门槛值后,数字普惠金融对代际收入流动具有促进作用。机制分析表明,初期阶段数字普惠金融受限于数字鸿沟,增大了代际收入关联性,不利于代际收入流动。异质性分析表明,数字普惠金融对低收入家庭、农业家庭、低受教育水平家庭和西部地区的代际收入流动产生不利影响。本文的研究为数字普惠金融发展政策的制定提供了决策参考,为促进代际收入流动和推动共同富裕提供了微观证据。During the rapid economic development,intergenerational income mobility has increasingly become the focus of the whole society.At the same time,digital financial inclusion has become a new driving force for high⁃quality economic development.The positive role of digital financial inclusion has been proved from multiple levels.With the help of digital technology,digital financial inclusion can promote the upgrading of industrial structure,which is conducive to economic growth.Digital financial inclusion breaks through the bottleneck of traditional finance relying on credit data and simplifies the borrowing process with the borrowing threshold lowered.It broadens the channels for households obtaining credit.However,the threshold effect of digital financial inclusion is seldom analyzed from the perspective of digital divide.This paper uses the threshold regression model and the OLS regression model to empirically study the impact of digital financial inclusion on intergenerational income mobility with the China Family Panel Studies(CFPS)data.The threshold effect of digital financial inclusion is found when it comes to intergenerational income mobility.In the early stage,digital financial inclusion is limited by the digital divide and increases intergenerational income correlation.This conclusion still holds in robustness tests with endogeneity alleviated.This paper analyzes the heterogeneity according to income level,registered permanent residence type,education level and region.From the perspective of income level,digital financial inclusion in the early stage mainly improves the intergenerational income correlation of high⁃income and low⁃income families.From the perspective of registered permanent residence type,digital financial inclusion in the early stage significantly enhances the intergenerational income correlation of agricultural families.From the perspective of education level,digital financial inclusion in the early stage enhances the intergenerational income correlation of less⁃educated families.F

关 键 词：数字普惠金融 代际收入流动 数字鸿沟 共同富裕 

分 类 号：F830.3[经济管理—金融学]