数字经济发展、资产配置效率与居民财产性收入——来自中国家庭微观调查数据的证据  

Digital Economy,Asset Allocation Efficiency and Household Property Income——Evidence from China Household Finance Survey

作　　者：周利 吴雨 易行健 ZHOU Li;WU Yu;YI Xingjian(School of Finance,Guangdong University of Foreign Studies;College of Finance,Nanjing Agricultural University;School of Finance&Investment,Guangdong University of Finance)

机构地区：[1]广东外语外贸大学金融学院,广州510006 [2]南京农业大学金融学院,南京210095 [3]广东金融学院金融与投资学院,广州510521

出　　处：《金融研究》2024年第6期151-168,共18页Journal of Financial Research

基　　金：国家社会科学基金项目(22VRC002);国家自然科学基金面上项目(72273036);广东省自然科学基金面上项目(2022A1515010998)的资助。

摘　　要：基于中国家庭金融调查数据和城市层面的数字经济发展指数,本文探讨了数字经济发展对家庭资产配置效率进而对居民财产性收入的影响。结果表明:数字经济发展显著促进了居民财产性收入的增加,并主要通过提升家庭的资产配置效率而实现;且这一结论在替换核心解释变量、进行工具变量回归和选择“宽带中国”试点作为准自然实验等的稳健性检验后仍然成立。机制分析显示,增加金融可得性、便利信息获取与缓解流动性约束是数字经济提升家庭资产配置效率、促进居民财产性收入的重要渠道。异质性检验显示,数字经济发展对于中年组家庭、城镇地区家庭以及高净值家庭的资产配置效率提升效应更高。最后,数字经济的积极影响对于不同风险偏好的个体而言具有非对称性,对高债务规模家庭的资产配置效率提升更明显。本文是对数字经济发展微观效应的拓展探讨,既说明了发展数字经济的重要性,同时也为优化家庭资产配置、提高居民财产性收入提供合理化建议。Under the impact of a new wave of industrial transformation and technological revolution,the value of data is rapidly accelerating,and digital technology is integrated with the real economy,promoting the development of the digital economy.Meanwhile,household asset allocation efficiency affects property income,wealth accumulation,and social wealth distribution,which in turn impacts household welfare.Therefore,exploring how the development of the digital economy enhances household asset allocation efficiency and promotes property income is of significant practical importance.Taking advantage of the unique attributes of the digital economy,this study measures the digital economy index for 262 prefecture-level cities in 2012,2014,2016,and 2018,and matches household micro-survey data with city-level data to explore the relationship and mechanism between digital economy development,household asset allocation efficiency,and property income using econometric models.The results show that digital economy development significantly increases property income by improving household asset allocation efficiency.Specifically,the main channels include enhancing financial accessibility,facilitating information access,and alleviating liquidity constraints.Meanwhile,the impact of digital economy development on property income exhibits obvious asymmetric effects.These findings still hold up after robustness tests such as replacing the core explanatory variables,conducting instrumental variable regression,and selecting the“Broadband China”strategy as a quasi-natural experiment.The contributions of this paper are as follows:First,while existing literature on the digital economy often focuses on macro-level impacts such as high-quality development,total factor productivity,and economic growth(Zhao et al.,2020;Liu&Ma,2020;Qian et al.,2020),few studies explore the relationship between digital economy development and household property income from a macro-micro perspective.This paper offers a more detailed analysis by examining the effe

关 键 词：数字经济 资产配置效率 居民财产性收入 

分 类 号：F49[经济管理—产业经济] F126.2