【摘要】 为分析数字普惠金融对相对贫困代际传递的影响，基于新古典增长理论构建了两部门代际传递模型，并利用2014—2022年CFPS数据与PKU-DFI指数进行实证检验。研究发现，数字普惠金融对相对贫困代际传递具有显著影响，其阻断效应在学术分析意义上呈现倒U型的非线性特征，即存在发展阈值，并且阈值后边际效应逐步减弱。作用机制在于：家庭内部，数字普惠金融通过提高父代对子代发展型消费的支出比例，缓解人力资本积累不足；家庭外部，通过营造包容性增长环境，促进子代非农就业，改善其发展机会结构。此外，数字普惠金融在不同群体间的边际效应存在显著差异，对父代人力资本较低、从事农业及女性子代、经济发展水平较低地区的群体，其作用更为显著。相关结论为后脱贫时代通过数字普惠金融工具防范返贫风险、促进代际机会公平与共同富裕提供了经验证据和政策启示。更多还原

【Abstract】 This paper constructs a two-sector inter-generational transmission model based on neoclassical growth theory,incorporating digital financial inclusion(DFI). Empirical tests are conducted using data from the China Family Panel Studies(CFPS)covering the years 2014 to 2022 and the Peking University digital financial inclusion Index. The findings reveal that DFI significantly affects the inter-generational transmission of relative poverty. Its blocking effect demonstrates a pronounced inverted U-shaped non-linearity,suggesting that there is a development threshold beyond which the marginal effects begin to diminish. Mechanism analysis indicates that within households,DFI helps alleviate insufficient human capital accumulation by increasing parental expenditure on developmental consumption for their children. Externally,it fosters inclusive growth environments that promote non-agricultural employment opportunities for the next generation,thereby enhancing their developmental prospects. Heterogeneity analysis shows significant variations in the marginal effects of DFI among different groups. The marginal improvements are particularly notable for groups with lower parental human capital,agricultural workers,female offspring,and individuals in regions with lower economic development levels. These findings provide empirical evidence and policy insights for leveraging DFI tools to prevent a relapse into poverty,promote inter-generational equitable opportunities,and advance common prosperity in the post-poverty-alleviation era.更多还原