Liu Jianhe, Chen Yuan, Chen Xuanyu, Chen Bin
School of Finance, Zhejiang University of Finance and Economics, China.
Heliyon. 2024 Jul 31;10(15):e35540. doi: 10.1016/j.heliyon.2024.e35540. eCollection 2024 Aug 15.
In recent times, a notable increase in the leverage ratios among numerous households across China has been witnessed, culminating in heightened household financial vulnerability. Concurrently, the sphere of digital inclusive finance has witnessed rapid advancement, establishing itself as a crucial mechanism for Chinese households to counteract financial risk shocks. This research article meticulously constructs an ordered regression model, anchored in micro-level data from household surveys, to delve into the influence and operative mechanisms of digital inclusive finance on the vulnerability of household finances. Empirical findings from this study robustly indicate that the evolution of digital inclusive finance significantly mitigates the household financial vulnerability. A thorough mechanism analysis reveals that digital inclusive finance primarily curtails household financial vulnerability through several avenues: it notably enhances financial literacy, augments the income derived from household financial assets, and elevates contributions to commercial insurance. Intriguingly, a heterogeneity analysis underscores that the impact of digital inclusive finance is more pronounced in reducing financial vulnerability amongst households registered in rural areas and those with lower income levels. This article contributes to the expansion of the theoretical framework concerning household financial vulnerability, offering insightful guidance and policy implications for addressing financial vulnerability concerns and forestalling macro-financial risks.
近年来,中国众多家庭的杠杆率显著上升,导致家庭财务脆弱性加剧。与此同时,数字普惠金融领域发展迅速,成为中国家庭应对金融风险冲击的关键机制。本文精心构建了一个基于家庭调查微观数据的有序回归模型,以探究数字普惠金融对家庭财务脆弱性的影响及其作用机制。研究实证结果有力表明,数字普惠金融的发展显著降低了家庭财务脆弱性。深入的机制分析显示,数字普惠金融主要通过以下几种途径降低家庭财务脆弱性:显著提高金融素养、增加家庭金融资产收益以及提高商业保险参保率。有趣的是,异质性分析强调,数字普惠金融在降低农村户籍家庭和低收入家庭的财务脆弱性方面影响更为显著。本文有助于拓展家庭财务脆弱性的理论框架,为解决财务脆弱性问题和防范宏观金融风险提供了有价值的指导和政策建议。