数字金融能力与城镇家庭债务风险:倒U形特征与机制解释  

Digital Financial Capability and Urban Household Debt Risk:Inverted U-Shaped Characteristics and Mechanistic Explanations

作　　者：罗娟[1] 曾诗婕 Luo Juan;Zeng Shijie(School of Business,Hunan Normal University,Changsha 410081,Hunan,China)

机构地区：[1]湖南师范大学商学院,湖南长沙410081

出　　处：《金融发展研究》2024年第7期37-47,共11页Journal Of Financial Development Research

基　　金：湖南省自然科学基金项目“数字金融缓解居民消费不平等的效应、机制及优化路径研究”(2022JJ30404);湖南省社会科学基金项目“不确定性预期下家庭资产配置对居民消费的影响及优化策略研究”(20YBA167)。

摘　　要：本文基于2019年中国家庭金融调查(CHFS)数据,以城镇居民为研究对象,从微观视角构建了数字金融能力指数,并在此基础上实证检验了数字金融能力对家庭债务风险的影响。研究结果表明,数字金融能力对城镇家庭债务风险的影响表现为先增大后减小的倒U形关系。进一步分析发现,一方面,数字金融能力通过增加非理性支出、提升信贷可得性和增加风险偏好扩大家庭债务规模,进而导致债务风险增加;另一方面,数字金融能力也会通过增加财富积累能力和减少非正规渠道借贷行为实现资产增值和降低借贷成本,从而降低家庭债务风险,而两者之间的倒U形关系是由数字金融能力提升所带来的净效应决定的。异质性分析表明,低资产城镇居民的数字金融能力与家庭债务风险表现出正相关关系,而中、高资产城镇居民的数字金融能力与家庭债务风险呈现出倒U形特征;不同教育程度的城镇居民数字金融能力与其家庭债务风险之间均呈现倒U形特征,但受教育程度越高,拐点出现得越靠左。Based on the 2019 China Household Finance Survey(CHFS)data,this paper constructs a digital financial capability index from a micro perspective with urban residents as the research object,and empirically tests the impact of digital financial capability on household debt risk on this basis.The results of the study show that the impact of digital financial capability on urban household debt risk exhibits an inverted U-shaped relationship that increases first and then decreases.Further analysis reveals,on the one hand,that digital financial capabilities expand the size of household debt by increasing irrational spending,boosting credit availability and increasing risk appetite,which in turn leads to increased debt risk;On the other hand,digital financial capability also reduces household debt risk by increasing asset appreciation and reducing borrowing costs through increased wealth accumulation capacity and reduced borrowing behavior in informal channels,and the inverted U-shaped relationship between the two is determined by the net effect of increased digital financial capability.Heterogeneity analysis shows that the digital financial capability of low-asset urban residents exhibits a positive correlation with household debt risk,while the digital financial capability of middle-and high-asset urban residents shows an inverted U-shape with household debt risk;urban residents with different levels of education show an inverted U-shape between their digital financial capability and their household debt risk,but the higher the level of education,the more to the left the inflection point appears.

关 键 词：数字金融能力 家庭债务风险 倒U形特征 

分 类 号：F832[经济管理—金融学]