数字鸿沟对家庭金融资产组合有效性的影响研究

【作者】 王锐；

【导师】 吕学梁；

【作者基本信息】 青岛大学 ， 应用经济学， 2024， 硕士

【摘要】 党的“二十大”报告提出要:“多渠道增加城乡居民财产性收入”。而家庭积极参与金融市场、进行资产配置是获取财产性收入的重要途径,关系居民家庭福祉。近年来,随着我国经济的迅速发展,居民家庭收入和财富规模不断增加,尽管如此,金融市场有限参与以及资产配置多样性不足问题依然存在,影响家庭财产性收入的获得,从而导致家庭福利受损。数字技术快速发展为经济社会发展带来了新的技术红利,有效缓解了金融排斥,提高了金融产品和服务可得性。但不同地区基础设施建设水平的差异以及不同家庭对数字技术使用上的差异均会导致数字鸿沟,进而在数字化快速发展的同时产生新的数字不平等,影响家庭金融市场参与和资产配置行为。因此,研究数字鸿沟对家庭金融资产组合有效性的影响,对于引导家庭破除数字壁垒、优化资产配置、提升福利水平具有重要意义。本文基于2017和2019年中国家庭金融调查(CHFS)数据,采用Heckman两阶段模型实证分析数字鸿沟对家庭金融资产组合有效性的影响,并分别探讨一级数字鸿沟和二级数字鸿沟的不同影响;为保证结果稳健,本文使用地形起伏度与全国数字鸿沟均值的交乘项作为工具变量进行内生性处理,并从剔除特殊样本、改变变量度量方式、年龄分组回归、排除调查时间影响等方面进行进一步检验;此外,本文从家庭金融信息获取和流动性约束两个方面进行机制分析,并从户主受教育水平、户主风险态度、家庭整体健康状况和城乡、城市类型、金融发展水平等方面进行异质性分析;最后本文计算了家庭持有的金融资产种类数量和分散化指数,研究数字鸿沟对家庭金融资产多样性的影响,并计算了因资产组合低效造成的收益损失,探讨数字鸿沟对其产生的影响。研究结果表明:(1)数字鸿沟显著降低了家庭金融资产组合有效性,数字鸿沟每增加一个单位,夏普比率平均降低0.0317,并且二级数字鸿沟对家庭金融资产组合有效性的负向影响更大,在经过内生性处理等一系列稳健性检验后负向影响仍然显著;(2)机制分析发现,数字鸿沟抑制了家庭金融信息获取、加剧了家庭流动性约束,从而降低了家庭金融资产组合有效性;(3)异质性分析表明,这种负向效应在低教育程度和高风险厌恶投资者群体,以及家庭健康状况差、农村、三线及以下城市、低金融发展水平地区家庭中更大;(4)数字鸿沟降低了家庭金融资产组合的多样性,并增大了因资产组合低效而产生的收益损失。数字鸿沟降低了金融资产组合有效性,不利于财产性收入的增加,会进一步扩大财富不平等,因此,政府应通过加大数字基础设施建设、加强数字素养教育等方式,对此加以防范和缓解。本文结论有助于丰富家庭金融资产组合有效性影响因素的相关研究,提高居民家庭财产性收入,提升家庭福祉。更多还原

【Abstract】 The "Report of the 20 th National Congress of the Communist Party of China" proposed to: "Increase urban and rural residents’ property income through multiple channels." Active participation in the financial market and allocation of family assets are important approaches to obtaining property income,which are related to the welfare of resident families.In recent years,with the rapid development of China’s economy,the income and wealth levels of resident families have been greatly enhanced.Nonetheless,issues such as limited participation in the financial markets and nondiversified family asset allocation still exist,affecting the acquisition of property income and thus leading to compromised family welfare.The rapid development of digital technology has brought new technological dividends to economic and social development,effectively alleviating financial exclusion and improving the availability of financial products and services.However,differences in infrastructure construction levels across regions and differences in the use of digital technology among families can lead to a digital divide.The existence of the digital divide can lead to new digital inequalities while digital technology is rapidly developing,affecting family participation in financial markets and asset allocation behavior.Therefore,studying the impact of the digital divide on the household portfolio efficiency is of great significance for guiding families to break through digital barriers,optimize asset allocation,and enhance welfare levels.Based on the 2017 and 2019 China Household Finance Survey(CHFS)data,this paper empirically analyses the impact of digital divide on the household portfolio efficiency using a Heckman two-stage model,and explores the different impacts of the first-order and second-order digital divides,respectively;in order to ensure the robustness of the results,this paper uses the cross-multiplier term between the degree of topographical undulation and the national mean of the digital divide as an instrumental variable for endogeneity treatment,and conducts further tests in terms of excluding special samples,changing variable measures,age-grouping regressions,and excluding the effect of survey time;in addition,this paper analyses the mechanism in terms of households’ access to financial information and liquidity constraints,and analyses the heterogeneity in terms of the level of education of the head of the household,the head of the household’s attitude towards risk,the overall health of the household,urban and rural,type of city,the level of financial development;Finally,this paper calculates the number of types of financial assets held by households and the diversification index to study the impact of the digital divide on the diversity of household financial assets,and calculates the loss of returns due to inefficient asset portfolios to explore the impact of the digital divide on them.The research results show that:(1)the digital divide significantly reduces the household portfolio efficiency.For every standard deviation increase in the digital divide,the average Sharpe ratio decreases by 0.0451.Moreover,the secondary digital divide has a larger negative impact on the household portfolio efficiency,and this negative impact remains significant after a series of robustness checks such as endogeneity treatment.(2)Mechanism analysis found that the digital divide inhibits the acquisition of family financial information and exacerbates family liquidity constraints,thus reducing the household portfolio efficiency.(3)Heterogeneity analysis shows that this negative effect is greater among families with low educational levels and high riskaverse investors,as well as families with poor health,rural areas,third-tier and lower cities,and areas with low financial development levels.(4)The digital divide reduces the diversity of family financial asset portfolios and increases the loss of income due to inefficient asset portfolios.The digital divide reduces the effectiveness of financial asset portfolios,which is not conducive to the increase in property income and will further exacerbate wealth inequality.Therefore,the government should prevent and mitigate this by increasing digital infrastructure construction and strengthening digital literacy education.The conclusions of this article help to expand and deepen the research on the factors affecting the household portfolio efficiency,increase the property income of resident families,and enhance family welfare.更多还原