【摘要】 金融科技成为推进普惠金融发展的核心动能。在此背景下，探究金融科技对家庭基金投资的影响，对于提高家庭金融福利和促进资本市场持续健康发展具有重要的意义。利用2013年互联网金融的兴起作为准自然实验，建立双重差分模型，实证分析了金融科技发展对家庭基金投资的影响和作用机制。研究发现：金融科技显著增加了家庭基金投资的广度、深度和投资金额；这种影响存在异质性，户主教育水平较高、位于东部地区和城镇地区的家庭，基金投资的概率更大；金融科技发展导致家庭资产配置发生改变，主要表现为现金和银行存款显著减少，但是银行理财投资所受影响较小。机制分析显示，金融科技通过降低交易成本和增加社会互动，促进家庭的基金投资。因此，要认识到金融科技并非万能良药，也存在局限性。在大力发展金融科技的同时，也应重视完善配套措施。应充分发挥基金公司和商业银行等正规金融机构的作用，鼓励各金融机构利用金融科技创新金融产品，提高资本市场包容水平。更多还原

【Abstract】 With the rapid growth of household assets in China, the optimization of household financial asset structure has attracted the attention of many researchers.From the supply side, most traditional financial products have threshold restrictions, which lead to the failure to effectively meet the financial needs of a large number of long-tail customers.As a result, the savings become the main or even the only way of financial investment for households, and the allocation ratio of risky financial assets such as stocks and funds is low.At present, Fintech is becoming the core driving force for the development of inclusive finance.In 2013,the rise of Internet finance, marked by the birth of “Yu’e Bao”,provided opportunities for a large number of grassroots and low-income groups to break through traditional financial constraints and share capital market dividends.Against this backdrop, it is important to explore the impact of financial technology on household fund investment.Encouraging households to invest in funds is not only conducive to improving the household financial asset allocation and enhancing household financial welfare, but also an important step to consolidate the investor base of the capital market and promote the sustainable and healthy development of the capital market.Based on data from China Household Finance Survey and Chinese Family Panel Studies, and using the rise of internet finance in 2013 as a quasi-natural experiment, the impact of Fintech on household fund investment is explored using a Difference-in-Difference model by setting experimental and control groups according to the magnitude of the impact of Fintech, and the mechanism and heterogeneity of this effect are further empirically analyzed by using three multiplication methods.The study found that Fintech significantly increased the breadth, depth and amount invested in household funds, and that the baseline regression findings still hold after various robustness tests such as parallel trend tests, placebo tests, split-sample regressions, the use of fixed effects models, and replacement of explanatory variables.There is heterogeneity in the impact of Fintech on fund investment, with a greater probability of fund investment for households with a higher level of education of the head of household and located in the eastern and urban areas.The development of Fintech has led to changes in household asset allocation, which is mainly manifested as a significant decrease in cash and bank deposits, while bank wealth management investments are less affected.Mechanism analysis shows that Fintech boosts households’ fund investment by reducing transaction costs and increasing social interaction.The research in this paper has important policy implications for household financial inclusion and financial market development.While Fintech can facilitate household fund investment, in comparison, those households with some education and the ability to use Fintech will benefit more from it.It is therefore important to recognize that Fintech is not a panacea and has limitations.While vigorously developing Fintech, attention should also be paid to improving supporting measures.The role of formal financial institutions, such as fund companies and commercial banks, should be fully exploited to encourage financial institutions to use Fintech to innovate financial products and improve the level of capital market inclusion.更多还原