| With the continuous development of China’s economy,people’s living standards and per capita wealth have significantly improved,but there are also some problems--in recent years,the growth rate of household consumption is lower than that of income,and the growth rate of debt is greater than that of income,leading to greater uncertainty in the future of household financial conditions.In the long run,if some unexpected events,such as natural disasters and unemployment,obstruct the source of household income,it will not only increase the financial vulnerability of households,reduce the happiness of life of residents,but also affect the stability of the financial market,and may even lead to a systemic crisis in the credit market.Therefore,how to reduce the financial vulnerability of households is an important practical problem.Digital inclusive finance has the advantages of "fast speed,wide coverage and low cost",which greatly reduces the transaction cost and time cost of financial services,and may play a positive role in alleviating the financial vulnerability of households.Therefore,from the perspective of household finance,this thesis adopts 2017 CHFS data to construct an ordered Probit model to explore the impact of digital inclusive finance on household financial vulnerability.Through empirical test,this thesis study the following conclusions: first,the benchmark return found that pratt &whitney financial can significantly reduce the household financial fragility,in order to overcome model of endogenous,this article further lag issue of pratt &whitney financial index as the tool of pratt &whitney financial variables,two stage least squares estimate,the results show that the above conclusion is established;Second,the above conclusions still hold regardless of whether ordinary regression or ordered regression methods are used,different types of financial indexes are used,core explanatory variables are replaced,or some extreme values are removed,proving that the above conclusions are robust enough.Thirdly,through heterogeneity analysis,it is found that digital inclusive finance has a greater impact on the financial vulnerability of urban households than rural households,and has a significant negative impact on the financial vulnerability of young and middle-aged households,but has no significant impact on the financial vulnerability of elderly households.The financial vulnerability of households with lower financial literacy is more strongly promoted than that of households with higher financial literacy.Fourthly,further mechanism analysis shows that digital inclusive finance significantly reduces the financial vulnerability of Chinese households through reducing credit constraints,increasing household income and improving social capital.Based on the analysis results of this thesis,in order to better reduce household financial vulnerability and prevent and defuse financial risks,this thesis puts forward corresponding policy suggestions from the three levels of the government,financial institutions and individual residents.From the government level,one is to accelerate the construction of digital financial inclusion infrastructure and reduce financial exclusion;Second,through the corresponding policy measures to improve the residents’ financial literacy,optimize the residents’ family financial decision-making;Third,we will establish and improve a regulatory system for digital financial inclusion.From the perspective of financial institutions,one is to enrich digital inclusive financial products and services;Second,strengthen the integration of traditional institutions and digital technologies.From the personal level of residents,one is to improve the residents’ personal financial literacy;Second,appropriately reduce the proportion of bank savings deposits,investment in fund financial products. |
