数字普惠金融、收入水平与家庭负债

摘要伴随着以互联网为基础的第三次技术革命,数字普惠金融对家庭经济行为产生了巨大影响。利用中国数字普惠金融发展指数和中国家庭追踪调查(CFPS)的匹配数据,探讨了数字普惠金融发展下不同收入水平的家庭负债变化。实证结果表明:数字普惠金融的发展显著提升了家庭负债水平和家庭债务杠杆,数字普惠金融通过流动性约束、非理性支出和便捷化交易三条机制促进家庭债务规模和债务杠杆上升;数字普惠金融在不同收入水平的家庭中对债务杠杆的提升幅度不一样,相比于高收入家庭,数字普惠金融对低收入家庭债务杠杆的提升幅度更明显。面对层出不穷的金融创新,如何防范金融风险,引导数字普惠金融健康有序发展具有重要意义。

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关键词：数字普惠金融家庭负债债务杠杆收入水平

Abstract： With the third technological revolution based on the Internet, the rapid development of digital inclusive finance has had a great impact on household economic behavior. Based on the matching data of China Digital Inclusive Financial Development Index and China Family Panel Studies (CFPS), this paper discusses the changes of household debt debt at different income levels under the digital inclusive finance. The empirical results show that the development of digital inclusive finance has significantly increased the level of household debt and household debt leverage. Digital inclusive finance promotes the increase of household debt scale and debt leverage through the three mechanisms of liquidity constraints, irrational spending, and convenient transactions. The increase of debt leverage of digital inclusive finance is different among households with different income levels, and the increase of debt leverage of low-income households is more obvious than that of high-income households. Therefore, in the face of endless financial innovation, it is of great significance for the government and relevant departments to prevent financial risks and guide the healthy and orderly development of digital inclusive finance.

Keywords： Digital Inclusive Finance Household Debt Debt Leverage Income Levels

收稿日期 2021-06-10; 接受日期 ;

作者简介: 陈宸(1994— ),女,安徽合肥人,博士研究生,主要从事金融理论研究;方芳(1962—),女,北京人,博士,教授,博士生导师,主要从事金融理论研究;张乐(1992— ),男,河北邢台人,博士研究生,主要从事宏观经济研究。张乐为本文通讯作者。

引用本文:

陈宸, 方芳, 张乐.数字普惠金融、收入水平与家庭负债[J]. 经济经纬, 2022,1: 127-137

CHEN Chen, FANG Fang, ZHANG Le.Digital Inclusive Finance, Income Levels and Household Debt[J] Economic Survey, 2022,V39(1): 127-137

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I1/127

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