数字普惠金融发展与农户财务脆弱缓解——政策冲击与经济机会提升视角  

The Development of Digital Inclusive Finance and Alleviation of Rural Households'Financial Vulnerability:A Perspective of Policy Impact and Economic Opportunity Promotion

作　　者：胡士华[1] 王若诗 HU Shi-hua;WANG Ruo-shi(School of Economics and Management,Southwest University,Chongqing 400715,China)

机构地区：[1]西南大学经济管理学院,重庆400715

出　　处：《现代财经（天津财经大学学报）》2023年第6期18-36,共19页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家哲学社会科学基金项目(22BJY105);中央高校基本科研业务费专项资金资助项目(SWU1909033)。

摘　　要：作为一种新兴金融模式,数字普惠金融的发展有赖于政策的规范指引,而《G20数字普惠金融高级原则》是国家推进数字普惠金融发展的重要举措。本文以《G20数字普惠金融高级原则》政策颁布为准自然实验,基于2011—2019年中国家庭金融调查数据,利用广义双重差分和一元并行多重中介效应模型评估了政策对农户财务脆弱的冲击效果以及经济机会在其中的作用机制。研究结果发现:政策能够缓解农户财务脆弱,经过平行趋势检验、PSM-DID、安慰剂检验以及替换指标等稳健性检验后结论依然不变。机制分析表明,政策通过提升农户经济机会(创业和金融市场)参与意愿及参与能力缓解了农户财务脆弱。异质性分析表明,政策具有显著普惠效应,对高龄、高健康风险以及低财富的农户具有更明显作用。因此,应加强相关金融部门对数字普惠金融发展的政策指引,强化对农户等弱势群体的扶持力度,从而解决农户财务脆弱问题。As an emerging financial model,the development of digital financial inclusion de-pends on the normative guidance of policy,and the G2o High-Level Principles for Digital Financial Inclusion is an essential national measure to promote the development of digital financial inclusion.This study uses the promulgation of the G2o High-Level Principles for Digital Financial Inclusion policy as a quasi natural experiment.Based on data from the 2011 to 2019 Chinese household fi-nance survey,this study evaluates the impact of policy on the financial vulnerability and economic opportunity mechanisms of rural households using generalized differential and unitary parallel mul-tiple intermediary effects models.The results show that the policy can alleviate the financial vulner-ability of rural households,and the results remain consistent after robustness tests.Mechanical a-nalysis shows that policy alleviate the financial vulnerability of rural households by enhancing their willingness and ability to participate in economic opportunities(entrepreneurship and financial mar-ket).Heterogeneity analysis shows that the policy has a significant inclusion effect,which is more pronounced for elderly,high-risk,and low-wealth rural households.Therefore,it is suggested to strengthen policy guidance from relevant financial departments for the development of digital inclu-sive finance,strengthen support for rural households and other vulnerable groups,and address the financial vulnerability of rural households.

关 键 词：数字普惠金融发展 政策效应 财务脆弱 经济机会 

分 类 号：F328[经济管理—产业经济]