The Impact Of Digital Finance On The Happiness Of Rural Residents

In recent years,digital technology has been rapidly developed and applied around the world.The vigorous development of digital finance empowered by technology has provided new impetus for alleviating the financial restraint of farmers,boosting the high-quality development of the rural agricultural economy,and improving the happiness of rural residents.From the perspective of happiness economics,this paper focuses on analyzing the impact of digital finance on the happiness of rural residents.Specifically,this paper firstly analyzes the development process and characteristics of digital finance and the mechanism by which it affects the happiness of rural residents.Then,based on the 2017 China Household Finance Survey(CHFS)data,the Ordered Probit model is used to empirically analyze and test the impact of digital finance on the happiness of rural residents in my country.Further,using absolute income,relative income,consumption upgrade index and household financial market participation as mediating variables,the mediating effect model was used to analyze the mechanism of digital finance affecting the happiness of rural residents,from regions,gender,education level and income.The four levels are divided into groups of rural residents,taking into account the differential impact of digital finance on different types of groups.Finally,recommendations are made based on the research.Compared with previous studies,this paper makes the following innovations: firstly,this paper systematically discusses the relationship between digital finance and rural residents’ well-being through the impact effect and action mechanism,which makes an important supplement to the current research field of digital finance well-being effect.At the same time,this paper selects chfs micro data that can more carefully describe the use of digital finance and the well-being of rural residents,and provides practical evidence for correctly understanding the inclusive effect of digital finance and improving the well-being of rural residents through heterogeneity analysis.This paper concludes that:(1)Digital finance significantly improves the happiness of rural residents.Digital finance improve the happiness of rural residents by reducing the probability of feeling unhappy and increasing the probability of feeling happy.(2)The analysis of the impact mechanism found that digital finance can improve the happiness of rural residents by increasing the income level of rural residents,promoting the upgrading of rural residents’ household consumption,and strengthening rural households’ participation in the financial market.(3)Heterogeneity analysis found that the impact of digital finance on the happiness of rural residents varies among different groups,and its happiness-enhancing effect mainly occurs in the eastern region,female groups,and groups with primary school education.In terms of income,the effect of digital finance on family happiness mainly affects rural groups with lower income levels.After the research,this paper puts forward the following relevant policy suggestions:First,infrastructure is the prerequisite for the development of rural digital finance,and the construction of rural digital finance should be strengthened first to realize the coordinated development of digital finance between regions.Second,the existence of the "digital divide" and "knowledge divide" is an important reason that hinders the effective use of rural digital finance;only by expanding the coverage of rural basic education and improving the digital financial literacy of rural residents can the efficiency of rural digital finance use be improved.Third,in order to expand the happiness-increasing effect of farmers’ consumption upgrade,the design of digital financial policies should be further optimized,and the content of consumption upgrade services should be customized.Fourth,in order to regulate the healthy development of digital finance,it is necessary to establish and improve a digital risk governance system.The research in this paper comprehensively analyzes and evaluates the social welfare effects of rural digital finance,and provides a new perspective for comprehensively understanding the construction of digital villages and promoting the development of rural digital finance.Wealth has certain implications.