Research On The Impact Of Fintech Development Level On Household Financial Vulnerability In China

At present,with the continuous improvement of the development level of fintech,not only limited to the enterprise sector,but also the financial behavior of the household sector has been profoundly affected in a subtle way.Under the wave of fintech,residents have higher requirements on the allocation of family assets,the use of financial instruments and the demand for financial products,which at the same time improves the ability of families to cope with risks and reduces the probability of falling into financial difficulties.Through reviewing the existing literature at home and abroad,it is found that the poor risk resistance ability of families is ultimately due to the financial vulnerability of families.Based on this,this thesis links fintech with household financial vulnerability and explores the influence between the two.This thesis uses the data of China Household Finance Survey and Research Center(CHFS)and Peking University Digital Finance Center,based on the cross-section data of2017,constructs probit model to explore the relationship between the development level of fintech and household financial vulnerability;On this basis,financial literacy is taken as an intermediary variable to study the impact path of fintech on household financial vulnerability.At the same time,the heterogeneity of household type,region and household debt level was analyzed to explore the specific impact of the two.The empirical results show that: the improvement of fintech development level can significantly reduce the probability of household financial vulnerability.After changing the model,changing the indicators of core explanatory variables and changing the control variables for robustness test,this influence relationship still does not change.In addition,as a mediating variable,financial literacy has a significant mediating effect,namely,the improvement of fintech development level can reduce the financial vulnerability of households by improving residents’ financial literacy;Heterogeneity analysis found that the degree to which fintech development alleviates household financial vulnerability varies in different regions and households,generally in less-developed regions.