The Impact Of Digital Inclusive Finance On Residents’ Property Income Study

In the context of the increasingly mature intelligent communication and mobile internet,digital inclusive finance,empowered by big data and artificial intelligence technology,has promoted the rapid progress of the financial services industry in its continuous development.The development of digital inclusive finance can not only meet the diverse forms and content of financial activities and businesses for micro households through financial institutions on the supply side,but also meet the diverse investment needs of micro households on the demand side.Digital inclusive finance has not only improved the quality of micro household financial services,but also made financial services more diversified and financial product channels more open,thereby optimizing the allocation of household risky financial assets and improving residents’ property income.Using 2019 data from the Chinese Household Survey(CHFS),this article uses Probit and Tobit models to explore the impact of digital inclusive financial development on residents’ property income.The results show that the development of digital inclusive finance has a significant promoting effect on the acquisition and scale of residents’ property income.Mechanism analysis shows that whether residents participate in the financial market plays a mediating effect in the process of the impact of digital inclusive finance on residents’ property income.The regulatory effect based on financial literacy indicates that financial literacy has a positive regulatory effect on the acquisition and scale of residents’ property income.Heterogeneity analysis shows that,based on the quantile regression of different property income scales,the impact of digital inclusive finance on the property income scale of residents at different quantiles has a weakening effect,that is,the higher the property income of residents,the weaker the positive impact of digital inclusive finance on them;In terms of regional differences between urban and rural areas,the impact of digital inclusive finance on the acquisition and scale of property income of rural residents is greater than that of urban residents;In terms of differences in risk attitudes,digital inclusive finance has a significantly greater impact on property income of risk averse individuals.In terms of robustness testing,we first used the instrumental variable method to conduct an endogenous test,and selected Internet coverage as the instrumental variable of the digital inclusive finance index.Digital inclusive finance still significantly and positively affects various indicators of residents’ property income.Secondly,the top 20% of the areas of digital inclusive finance were used as the experimental group,and the rest were used as the control group.The propensity score matching was used to perform similar matching on the characteristics of household heads.The average processing effect after matching passed the balance test.Finally,we select the secondary indicator of digital inclusive finance as a proxy variable to test,and the results once again verify the conclusion that digital inclusive finance has a positive promoting effect on residents’ property income.Finally,three targeted suggestions are given for the conclusions of this study.1、 Improve residents’ financial literacy,enrich financial knowledge,and improve their educational level.Strengthen financial knowledge training and publicity for rural and other remote areas as well as low-income urban groups,so that residents can have the ability to identify financial products that are suitable for their own risk bearing capacity.2、 Vigorously develop digital inclusive finance and reform the risky financial market,thereby lowering market access barriers and enhancing the availability of financial services.We should also attach great importance to the construction of network facilities in rural areas,central and western cities,and areas with traditional financial backwardness,bridging the gap between families and financial services in backward areas,so that backward areas can also enjoy the dividends brought by the development of digital inclusive finance,thereby reducing the income gap between urban and rural areas.3、 Financial institutions such as banks should appropriately increase resident investment channels,accelerate financial product innovation from the supply side,and provide diversified financial services.For high income and risk preference groups such as cities and towns,various financial instruments should be developed to enable residents to rationally allocate assets and improve the effectiveness of their asset portfolios.In response to the characteristics of rural residents such as small investment in finance and weak risk bearing capacity,financial institutions are encouraged to introduce financial products suitable for rural residents’ investment,reducing the market access threshold for rural residents.