数字金融是否降低了债务杠杆对家庭金融资产配置的影响——基于CHFS调查数据的微观实证  

Does Digital Finance Reduce the Impact of Debt Leverage on the Allocation of Household Financial Asset——Microscopic Evidence Based on CHFS Survey Data

作　　者：曾世宏[1] 林佳 ZENG Shihong;LIN Jia(School of Business,Hunan University of Science and Technology,Xiangtan,Hunan 411201)

机构地区：[1]湖南科技大学商学院,湖南湘潭411201

出　　处：《商学研究》2024年第4期102-116,共15页Commercial Science Research

基　　金：国家社会科学基金项目“数字技术条件下全球服务业价值链的嵌入、升级和治理研究”(22BJY046);湖南省自然科学基金项目“数字技术视角下两业双向融合的驱动机制、时空演化与政策模拟”(S2022JJMSXM0301)。

摘　　要：本文基于CHFS调查数据和数字普惠金融指数数据,探究数字金融能否降低债务杠杆对家庭金融资产配置的影响,进而促进家庭金融资产配置的结构优化和效率提升。研究表明,债务杠杆影响负债家庭参与金融市场的积极性并导致金融资产配置效率降低,但对低债务家庭的影响具有一定的非线性效应。而数字金融通过提升低负债家庭的投资便利性和信贷可及性,有效降低了低债务杠杆对家庭金融资产配置的负面影响;但对高债务杠杆家庭而言,不合理地运用数字金融反而进一步降低了其金融资产配置的效率。本文的异质性检验结果表明,数字金融使用广度、数字金融使用深度和数字金融化程度可抑制债务杠杆的上升,显著降低长期贷款对低负债家庭金融资产配置的消极影响,但会加剧短期贷款对高负债家庭金融资产配置的负面影响。This paper uses CHFS survey data and digital financial inclusion index data to explore whether digital finance can reduce the impact of debt leverage on the allocation of household financial asset portfolios,and thus promote the structural optimization and efficiency improvement of household asset allocation.The study shows that debt leverage affects households’motivation to participate in the financial market and leads to a reduction in the efficiency of financial asset allocation,but the impact on lowly indebted households has a certain nonlinear effect.Digital finance effectively reduces the negative impact of low debt leverage on the allocation of financial assets by enhancing the investment convenience and credit accessibility of lowly indebted households;however,for highly indebted households,the irrational use of digital finance further reduces the efficiency of their allocation of financial assets.The heterogeneity test result of this paper shows that the breadth,depth and digitization degree of the use of digital finance can inhibit the rise of debt leverage rate and significantly reduce the negative impact of long-term loans on the financial asset allocation of low debt households,but exacerbate the negative impact of short-term loans on the financial asset allocation of highly indebted households.

关 键 词：数字金融 债务杠杆 非线性效应 家庭金融资产配置 

分 类 号：F832[经济管理—金融学] F49