Digital Inclusive Finance And Household Asset Liability Structure

With the help of digital technology,inclusive finance is developing rapidly in our country.In recent years,the development of digital inclusive finance has had a profound impact on the structure of household assets and liabilities.Therefore,this paper studies the relationship between digital inclusive finance and household asset and liability structure,which is helpful to prevent and defuse household debt risks,design digital inclusive finance products and services,and provide positioning and policy suggestions for the future development of digital inclusive finance.Based on the data of CHFS2017,CHFS2019 and Peking University Digital Inclusion Finance Index,this paper uses Tobit model and Probit model to explore the impact of digital inclusion finance on household asset and liability structure.This paper explores the impact of digital inclusive finance on the asset liability ratio,asset structure and liability structure of Chinese households.From the aspect of influencing mechanism,the regulating effect of household income,formal credit and Internet payment on household asset-liability ratio is tested.The impact of regional differences,individual differences,cognitive differences and household assets and liabilities on digital financial inclusion is studied in terms of heterogeneity.The conclusions of this paper are as follows:(1)Digital inclusive finance can effectively reduce the asset-liability ratio of Chinese households and reduce the debt risk faced by Chinese households.(2)Digital financial inclusion significantly reduced the asset-liability ratio of household agriculture and industrial and commercial industries.(3)From the perspective of household assets structure,the development of digital inclusive finance promotes the selection and allocation of financial assets and industrial and commercial assets,but is not conducive to the selection and allocation of agricultural assets,and has no significant impact on the selection and proportion of household housing assets.(4)From the perspective of household debt structure,digital inclusive finance promotes household choice and allocation of industrial and commercial debt and housing debt,but is not conducive to household choice and allocation of agricultural debt,and has no significant impact on the choice and proportion of household financial debt.(5)Mechanism analysis shows that digital inclusive finance can reduce household asset-liability ratio from household income channels,formal credit channels and Internet payment channels.(6)Heterogeneity analysis shows that digital financial inclusion has regional differences,individual differences of household heads,cognitive differences of household heads and household assets and liabilities.The innovation points of this paper are as follows:(1)It broadens the perspective of existing researches and studies the impact of digital inclusive finance on household asset-liability structure and household asset-liability ratio as a whole.(2)It enriches the existing research content,and studies total assets and liabilities into different types.Based on the above research conclusions,this paper puts forward policy suggestions from the perspectives of promoting the construction of digital inclusive finance,developing digital inclusive finance services tilted towards household production and operation,focusing on the popularization of digital inclusive finance knowledge and improving the depth of use.