数字金融使用能缓解城乡家庭金融脆弱性吗  

Can the Use of Digital Finance Alleviate the Financial Vulnerability of Urban and Rural Households

作　　者：温涛[1] 刘亭廷 Wen Tao;Liu Tingting

机构地区：[1]西南大学经济管理学院

出　　处：《金融经济学研究》2025年第1期39-59,共21页Financial Economics Research

基　　金：国家社会科学基金重大项目(21ZDA062);国家社会科学基金重点项目(20AZD080);国家社会科学基金青年项目(22CTJ008)。

摘　　要：利用中国家庭金融调查(CHFS)数据,分析数字金融使用与城乡家庭金融脆弱性之间的关系。实证结果表明,数字金融使用能缓解家庭金融脆弱性,且对农村家庭的缓解效果更强。进一步分析发现,家庭对数字金融的使用能通过优化资产配置和放松流动性约束,增加家庭资产组合的多样性,加强家庭在面临意外冲击时平滑经济损失的能力,从而缓解家庭金融脆弱性。此外,数字金融使用缓解城乡家庭金融脆弱性的效果随着金融素养水平的提升逐渐减弱,且对“长尾群体”的家庭金融脆弱性的影响更大,体现了数字金融的普惠性。基于此,建议积极创新金融产品与服务,推进数字金融的深度发展,提高农村家庭等“长尾人群”的数字金融使用水平,使家庭享受“数字金融红利”,加强自身风险抵御能力,有效降低家庭金融脆弱性。Using the data of 2015,2017,and 2019 from the China Household Finance Survey(CHFS),this study analyzed the relationship between the use of digital finance and the financial vulnerability of urban and rural households.Empirical results showed that using digital finance can alleviate households’financial vulnerability,and the alleviating effect is stronger for rural households.Mechanism analysis found that a household’s use of digital finance can optimize its asset allocation,relax its liquidity constraints,increase the diversity of its asset portfolios,and strengthen its ability to smoothen economic losses when faced with unexpected shocks,thereby alleviating its financial vulnerability.Additionally,the effect of using digital finance in alleviating the financial vulnerability of urban and rural households gradually weakened as the level of financial literacy increased,and this effect was greater on the financial vulnerability of households in the“long-tail groups,”which reflects the inclusive nature of digital finance.These findings suggest actively innovating financial products and services,promoting the in-depth development of digital finance,and improving the use of digital finance among rural households and other long-tail groups.These measures can enable households to enjoy the dividends of digital finance,strengthen their own risk resistance,and effectively reduce their financial vulnerability.

关 键 词：城乡家庭金融脆弱性 数字金融使用 资产配置 流动性约束 金融素养 

分 类 号：F830.3[经济管理—金融学]