數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置基于CHFS調(diào)查數(shù)據(jù)的實(shí)證研究

數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置基于CHFS調(diào)查數(shù)據(jù)的實(shí)證研究一、本文概述Overviewofthisarticle隨著科技的快速發(fā)展和互聯(lián)網(wǎng)的普及，數(shù)字金融作為一種新興的金融模式，正在全球范圍內(nèi)改變著人們的生活方式和經(jīng)濟(jì)行為。其便利性、高效性和低成本的特點(diǎn)使得金融服務(wù)能夠更廣泛地覆蓋到社會(huì)的各個(gè)角落，從而影響了居民家庭的金融資產(chǎn)配置。本文旨在通過(guò)實(shí)證研究，探討數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響，以期為我國(guó)金融市場(chǎng)的健康發(fā)展提供理論支持和政策建議。WiththerapiddevelopmentoftechnologyandthepopularityoftheInternet,digitalfinance,asanewfinancialmodel,ischangingpeople'slifestyleandeconomicbehaviorworldwide.Itsconvenience,efficiency,andlowcostcharacteristicsenablefinancialservicestocovervariouscornersofsocietymorewidely,therebyaffectingtheallocationoffinancialassetsforhouseholds.Thisarticleaimstoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationthroughempiricalresearch,inordertoprovidetheoreticalsupportandpolicyrecommendationsforthehealthydevelopmentofChina'sfinancialmarket.本研究基于中國(guó)家庭金融調(diào)查（CHFS）的豐富數(shù)據(jù)資源，采用定性和定量相結(jié)合的研究方法，對(duì)數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系進(jìn)行深入分析。通過(guò)文獻(xiàn)綜述，梳理數(shù)字金融發(fā)展和居民家庭金融資產(chǎn)配置的相關(guān)理論和研究成果，明確研究問(wèn)題和假設(shè)。利用CHFS調(diào)查數(shù)據(jù)，描述我國(guó)居民家庭金融資產(chǎn)配置的現(xiàn)狀和數(shù)字金融發(fā)展的基本情況。接著，通過(guò)構(gòu)建計(jì)量經(jīng)濟(jì)學(xué)模型，實(shí)證檢驗(yàn)數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響，以及這種影響在不同家庭特征、不同地區(qū)、不同金融市場(chǎng)環(huán)境下的差異性。根據(jù)實(shí)證研究結(jié)果，提出針對(duì)性的政策建議和研究展望。ThisstudyisbasedontherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS)andadoptsacombinationofqualitativeandquantitativeresearchmethodstoconductanin-depthanalysisoftherelationshipbetweenthedevelopmentofdigitalfinanceandtheallocationoffinancialassetsinresidentialhouseholds.Throughliteraturereview,sortouttherelevanttheoriesandresearchresultsofdigitalfinancedevelopmentandhouseholdfinancialassetallocation,andclarifytheresearchquestionsandhypotheses.UsingCHFSsurveydata,describethecurrentsituationoffinancialassetallocationinChinesehouseholdsandthebasicdevelopmentofdigitalfinance.Next,byconstructinganeconometricmodel,weempiricallytesttheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,aswellasthedifferencesinthisimpactacrossdifferenthouseholdcharacteristics,regions,andfinancialmarketenvironments.Basedonempiricalresearchresults,proposetargetedpolicyrecommendationsandresearchprospects.本文的研究不僅有助于豐富和完善數(shù)字金融與家庭金融資產(chǎn)配置的理論體系，還能為政策制定者提供決策參考，以更好地推動(dòng)數(shù)字金融的健康發(fā)展，優(yōu)化居民家庭金融資產(chǎn)配置結(jié)構(gòu)，提升家庭財(cái)富水平。本文的研究也為未來(lái)相關(guān)研究提供了有益的借鑒和啟示。Theresearchinthisarticlenotonlyhelpstoenrichandimprovethetheoreticalsystemofdigitalfinanceandhouseholdfinancialassetallocation,butalsoprovidesdecision-makingreferencesforpolicymakerstobetterpromotethehealthydevelopmentofdigitalfinance,optimizethestructureofhouseholdfinancialassetallocation,andenhancethewealthlevelofhouseholds.Thisstudyalsoprovidesusefulreferenceandinspirationforfuturerelatedresearch.二、文獻(xiàn)綜述Literaturereview隨著數(shù)字技術(shù)的飛速發(fā)展，數(shù)字金融作為一種新興的金融模式，正逐漸改變著人們的生活方式和金融行為。數(shù)字金融不僅為居民提供了更加便捷、高效的金融服務(wù)，而且深刻影響了居民家庭的金融資產(chǎn)配置。因此，探究數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系，具有重要的理論和現(xiàn)實(shí)意義。Withtherapiddevelopmentofdigitaltechnology,digitalfinance,asanemergingfinancialmodel,isgraduallychangingpeople'swayoflifeandfinancialbehavior.Digitalfinancenotonlyprovidesresidentswithmoreconvenientandefficientfinancialservices,butalsoprofoundlyaffectsthefinancialassetallocationofhouseholds.Therefore,exploringtherelationshipbetweenthedevelopmentofdigitalfinanceandtheallocationoffinancialassetsinhouseholdshasimportanttheoreticalandpracticalsignificance.近年來(lái)，國(guó)內(nèi)外學(xué)者對(duì)數(shù)字金融與居民家庭金融資產(chǎn)配置的關(guān)系進(jìn)行了廣泛而深入的研究。早期的研究主要關(guān)注數(shù)字金融的基本概念、發(fā)展歷程及其對(duì)傳統(tǒng)金融的影響。隨著研究的深入，學(xué)者們開(kāi)始關(guān)注數(shù)字金融對(duì)居民家庭金融資產(chǎn)配置的具體影響。這些研究普遍認(rèn)為，數(shù)字金融的發(fā)展能夠降低居民參與金融市場(chǎng)的門(mén)檻，提高金融服務(wù)的可獲得性，從而促使居民更加積極地參與金融市場(chǎng)，優(yōu)化家庭金融資產(chǎn)配置。Inrecentyears,domesticandforeignscholarshaveconductedextensiveandin-depthresearchontherelationshipbetweendigitalfinanceandhouseholdfinancialassetallocation.Earlyresearchmainlyfocusedonthebasicconcepts,developmenthistory,andimpactontraditionalfinanceofdigitalfinance.Withthedeepeningofresearch,scholarshavebeguntopayattentiontothespecificimpactofdigitalfinanceontheallocationoffinancialassetsinhouseholds.Thesestudiesgenerallybelievethatthedevelopmentofdigitalfinancecanlowerthethresholdforresidentstoparticipateinthefinancialmarket,improvetheaccessibilityoffinancialservices,andthusencourageresidentstoactivelyparticipateinthefinancialmarketandoptimizehouseholdfinancialassetallocation.在研究方法上，大多數(shù)學(xué)者采用問(wèn)卷調(diào)查、實(shí)證分析等方法，利用大樣本數(shù)據(jù)來(lái)探究數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系。這些研究不僅揭示了數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響機(jī)制，還為政策制定者提供了有益的參考。Intermsofresearchmethods,mostscholarsusemethodssuchasquestionnairesurveysandempiricalanalysistoexploretherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationusinglargesampledata.Thesestudiesnotonlyrevealtheimpactmechanismofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,butalsoprovideusefulreferencesforpolicymakers.然而，現(xiàn)有的研究仍存在一定的不足。盡管已有研究證明了數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置有積極影響，但尚未深入探究其影響的具體路徑和機(jī)制?，F(xiàn)有研究多側(cè)重于宏觀層面的分析，缺乏對(duì)微觀層面?zhèn)€體行為的深入研究。不同地區(qū)的數(shù)字金融發(fā)展水平存在差異，這種差異如何影響居民家庭金融資產(chǎn)配置也是一個(gè)值得研究的問(wèn)題。However,existingresearchstillhascertainshortcomings.Althoughresearchhasshownthatthedevelopmentofdigitalfinancehasapositiveimpactonhouseholdfinancialassetallocation,thespecificpathsandmechanismsofitsimpacthavenotbeenthoroughlyexplored.Existingresearchmostlyfocusesonmacrolevelanalysis,lackingin-depthresearchonindividualbehavioratthemicrolevel.Therearedifferencesinthedevelopmentlevelofdigitalfinanceindifferentregions,andhowthesedifferencesaffecttheallocationoffinancialassetsforhouseholdsisalsoaquestionworthstudying.本文旨在基于中國(guó)家庭金融調(diào)查（CHFS）數(shù)據(jù)，實(shí)證研究數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系，探討其影響機(jī)制和路徑，以期為相關(guān)政策制定和實(shí)踐提供有益的參考。ThisarticleaimstoempiricallystudytherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationbasedondatafromtheChinaHouseholdFinanceSurvey(CHFS),exploreitsimpactmechanismandpath,andprovideusefulreferencesforrelevantpolicyformulationandpractice.三、理論框架與研究假設(shè)Theoreticalframeworkandresearchhypotheses隨著數(shù)字技術(shù)的飛速發(fā)展和廣泛應(yīng)用，數(shù)字金融作為金融科技與金融業(yè)務(wù)深度融合的新興領(lǐng)域，正在逐步改變傳統(tǒng)的金融業(yè)態(tài)和居民家庭的金融資產(chǎn)配置方式。本文基于中國(guó)家庭金融調(diào)查（CHFS）的微觀數(shù)據(jù)，旨在探討數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響，并嘗試構(gòu)建相應(yīng)的理論框架和研究假設(shè)。Withtherapiddevelopmentandwidespreadapplicationofdigitaltechnology,digitalfinance,asanemergingfieldthatdeeplyintegratesfinancialtechnologyandfinancialbusiness,isgraduallychangingtraditionalfinancialformatsandthewayresidentsallocatefinancialassets.ThisarticleisbasedonmicrodatafromtheChinaHouseholdFinanceSurvey(CHFS),aimingtoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,andattempttoconstructcorrespondingtheoreticalframeworksandresearchhypotheses.本文首先構(gòu)建了一個(gè)包含數(shù)字金融發(fā)展、居民家庭金融資產(chǎn)配置以及家庭社會(huì)經(jīng)濟(jì)特征的理論框架。在這個(gè)框架中，數(shù)字金融發(fā)展作為外部因素，通過(guò)影響家庭金融市場(chǎng)的參與、金融產(chǎn)品選擇以及資產(chǎn)配置比例等方面，進(jìn)而對(duì)居民家庭的金融資產(chǎn)配置產(chǎn)生影響。同時(shí)，家庭社會(huì)經(jīng)濟(jì)特征如收入、教育水平、風(fēng)險(xiǎn)偏好等作為內(nèi)部因素，也會(huì)在一定程度上影響家庭金融資產(chǎn)配置。Thisarticlefirstconstructsatheoreticalframeworkthatincludesthedevelopmentofdigitalfinance,householdfinancialassetallocation,andhouseholdsocio-economiccharacteristics.Inthisframework,thedevelopmentofdigitalfinance,asanexternalfactor,affectsthefinancialassetallocationofhouseholdsbyinfluencingtheirparticipationinthehouseholdfinancialmarket,financialproductselection,andassetallocationratio.Atthesametime,familysocio-economiccharacteristicssuchasincome,educationlevel,riskpreference,etc.,asinternalfactors,canalsoaffecttheallocationoffamilyfinancialassetstoacertainextent.假設(shè)1：數(shù)字金融發(fā)展將促進(jìn)居民家庭參與金融市場(chǎng)，提高家庭金融資產(chǎn)配置的多樣性。隨著數(shù)字金融服務(wù)的普及和便利，居民家庭更容易接觸到各類(lèi)金融產(chǎn)品和服務(wù)，從而增加參與金融市場(chǎng)的機(jī)會(huì)和意愿。Assumption1:Thedevelopmentofdigitalfinancewillpromotehouseholdparticipationinthefinancialmarketandenhancethediversityofhouseholdfinancialassetallocation.Withthepopularizationandconvenienceofdigitalfinancialservices,householdsaremoreeasilyexposedtovariousfinancialproductsandservices,therebyincreasingopportunitiesandwillingnesstoparticipateinthefinancialmarket.假設(shè)2：數(shù)字金融發(fā)展將優(yōu)化居民家庭金融資產(chǎn)配置結(jié)構(gòu)，提高金融資產(chǎn)的收益率。數(shù)字金融通過(guò)提供更為精準(zhǔn)和個(gè)性化的金融服務(wù)，有助于家庭根據(jù)自身的風(fēng)險(xiǎn)承受能力和收益需求來(lái)優(yōu)化金融資產(chǎn)配置，提高資產(chǎn)的整體收益。Assumption2:Thedevelopmentofdigitalfinancewilloptimizetheallocationstructureoffinancialassetsforhouseholdsandincreasethereturnonfinancialassets.Digitalfinance,byprovidingmorepreciseandpersonalizedfinancialservices,helpshouseholdsoptimizefinancialassetallocationbasedontheirownrisktoleranceandreturnneeds,andimproveoverallassetreturns.假設(shè)3：數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響將受到家庭社會(huì)經(jīng)濟(jì)特征的調(diào)節(jié)。不同收入、教育水平和風(fēng)險(xiǎn)偏好的家庭在利用數(shù)字金融服務(wù)進(jìn)行金融資產(chǎn)配置時(shí)可能存在差異，因此家庭社會(huì)經(jīng)濟(jì)特征將作為調(diào)節(jié)變量影響數(shù)字金融發(fā)展的作用效果。Assumption3:Theimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationwillbemoderatedbythesocio-economiccharacteristicsofhouseholds.Familieswithdifferentincomes,educationlevels,andriskpreferencesmayhavedifferencesinutilizingdigitalfinancialservicesforfinancialassetallocation.Therefore,thesocio-economiccharacteristicsofhouseholdswillserveasmoderatingvariablestoaffecttheeffectivenessofdigitalfinancialdevelopment.通過(guò)實(shí)證研究，本文旨在驗(yàn)證以上假設(shè)，并深入探討數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的具體影響機(jī)制，為相關(guān)政策制定和實(shí)踐操作提供科學(xué)依據(jù)。Throughempiricalresearch,thisarticleaimstoverifytheabovehypothesesanddeeplyexplorethespecificimpactmechanismofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,providingscientificbasisforrelevantpolicyformulationandpracticaloperation.四、研究方法與數(shù)據(jù)來(lái)源Researchmethodsanddatasources本研究采用實(shí)證研究方法，以探究數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響。通過(guò)文獻(xiàn)回顧，梳理數(shù)字金融發(fā)展和家庭金融資產(chǎn)配置的相關(guān)理論和研究成果，為實(shí)證研究提供理論基礎(chǔ)。Thisstudyadoptsempiricalresearchmethodstoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.Throughliteraturereview,summarizetherelevanttheoriesandresearchresultsofdigitalfinancedevelopmentandhouseholdfinancialassetallocation,andprovideatheoreticalbasisforempiricalresearch.在數(shù)據(jù)來(lái)源方面，本研究利用中國(guó)家庭金融調(diào)查（CHFS）的數(shù)據(jù)進(jìn)行實(shí)證分析。CHFS是一項(xiàng)全國(guó)性的家庭金融調(diào)查項(xiàng)目，涵蓋了家庭資產(chǎn)、負(fù)債、收入、消費(fèi)、保險(xiǎn)和投資等多個(gè)方面的信息，為本研究提供了豐富的數(shù)據(jù)支持。本研究選取了CHFS2017年和2019年的調(diào)查數(shù)據(jù)，以反映數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的動(dòng)態(tài)影響。Intermsofdatasources,thisstudyconductsempiricalanalysisusingdatafromtheChinaHouseholdFinanceSurvey(CHFS).CHFSisanationalhouseholdfinancialsurveyprojectthatcoversinformationonvariousaspectsofhouseholdassets,liabilities,income,consumption,insurance,andinvestment,providingrichdatasupportforthisstudy.ThisstudyselectedsurveydatafromCHFSin2017and2019toreflectthedynamicimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.在研究方法上，本研究采用面板數(shù)據(jù)模型進(jìn)行實(shí)證分析。對(duì)數(shù)字金融發(fā)展和家庭金融資產(chǎn)配置進(jìn)行描述性統(tǒng)計(jì)分析，了解其發(fā)展?fàn)顩r和分布特征。然后，通過(guò)構(gòu)建面板數(shù)據(jù)模型，控制個(gè)體和家庭特征等因素，分析數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響。本研究還將采用多種穩(wěn)健性檢驗(yàn)方法，以確保研究結(jié)果的可靠性和穩(wěn)健性。Intermsofresearchmethods,thisstudyadoptsapaneldatamodelforempiricalanalysis.Conductdescriptivestatisticalanalysisonthedevelopmentofdigitalfinanceandhouseholdfinancialassetallocationtounderstandtheirdevelopmentstatusanddistributioncharacteristics.Then,byconstructingapaneldatamodelandcontrollingforfactorssuchasindividualandhouseholdcharacteristics,theimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationisanalyzed.Thisstudywillalsoadoptvariousrobustnesstestingmethodstoensurethereliabilityandrobustnessoftheresearchresults.本研究還將進(jìn)一步探討數(shù)字金融發(fā)展對(duì)不同類(lèi)型家庭金融資產(chǎn)配置的影響，包括股票、債券、基金、保險(xiǎn)等不同類(lèi)型的金融資產(chǎn)。通過(guò)對(duì)比分析，本研究旨在揭示數(shù)字金融發(fā)展對(duì)各類(lèi)金融資產(chǎn)配置的異質(zhì)性影響，為政策制定和實(shí)踐應(yīng)用提供有益的參考。Thisstudywillfurtherexploretheimpactofdigitalfinancedevelopmentontheallocationoffinancialassetsfordifferenttypesofhouseholds,includingstocks,bonds,funds,insurance,andothertypesoffinancialassets.Throughcomparativeanalysis,thisstudyaimstorevealtheheterogeneousimpactofdigitalfinancedevelopmentontheallocationofvariousfinancialassets,providingusefulreferencesforpolicyformulationandpracticalapplication.五、實(shí)證分析Empiricalanalysis本文利用中國(guó)家庭金融調(diào)查（CHFS）的豐富數(shù)據(jù)資源，對(duì)數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系進(jìn)行了深入的實(shí)證分析。CHFS調(diào)查數(shù)據(jù)不僅包含家庭的基本信息，還詳細(xì)記錄了家庭的金融資產(chǎn)配置情況，為我們提供了研究數(shù)字金融對(duì)家庭金融資產(chǎn)配置影響的寶貴數(shù)據(jù)。ThisarticleusestherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS)toconductanin-depthempiricalanalysisoftherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation.TheCHFSsurveydatanotonlycontainsbasicinformationabouthouseholds,butalsoprovidesdetailedrecordsoftheirfinancialassetallocation,providinguswithvaluabledataforstudyingtheimpactofdigitalfinanceonhouseholdfinancialassetallocation.在實(shí)證分析中，我們首先對(duì)CHFS調(diào)查數(shù)據(jù)進(jìn)行了預(yù)處理，包括數(shù)據(jù)清洗、缺失值填充以及異常值處理等步驟，確保數(shù)據(jù)的準(zhǔn)確性和可靠性。隨后，我們?cè)O(shè)定了關(guān)鍵變量，包括數(shù)字金融發(fā)展指數(shù)、家庭金融資產(chǎn)配置比例等，并對(duì)這些變量進(jìn)行了描述性統(tǒng)計(jì)分析，初步揭示了變量的分布特征和潛在關(guān)聯(lián)。Inempiricalanalysis,wefirstpreprocessedtheCHFSsurveydata,includingdatacleaning,missingvaluefilling,andoutlierhandling,toensuretheaccuracyandreliabilityofthedata.Subsequently,wesetkeyvariables,includingtheDigitalFinanceDevelopmentIndex,theproportionofhouseholdfinancialassetallocation,etc.,andconducteddescriptivestatisticalanalysisonthesevariables,preliminarilyrevealingthedistributioncharacteristicsandpotentialcorrelationsofthevariables.為了準(zhǔn)確揭示數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系，我們構(gòu)建了多元線性回歸模型，并采用最小二乘法（OLS）進(jìn)行參數(shù)估計(jì)。在模型構(gòu)建過(guò)程中，我們充分考慮了可能影響家庭金融資產(chǎn)配置的各種因素，如家庭收入、教育水平、年齡結(jié)構(gòu)等，并將這些因素作為控制變量納入模型中。Inordertoaccuratelyrevealtherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation,weconstructedamultiplelinearregressionmodelandusedtheleastsquaresmethod(OLS)forparameterestimation.Intheprocessofmodelconstruction,wefullyconsideredvariousfactorsthatmayaffecthouseholdfinancialassetallocation,suchashouseholdincome,educationlevel,agestructure,etc.,andincludedthesefactorsascontrolvariablesinthemodel.實(shí)證分析過(guò)程中，我們首先對(duì)模型進(jìn)行了回歸分析，并檢驗(yàn)了模型的擬合優(yōu)度和顯著性。通過(guò)回歸分析，我們發(fā)現(xiàn)數(shù)字金融發(fā)展指數(shù)與家庭金融資產(chǎn)配置比例之間存在顯著的正相關(guān)關(guān)系，說(shuō)明數(shù)字金融的發(fā)展確實(shí)促進(jìn)了居民家庭金融資產(chǎn)的配置。Intheprocessofempiricalanalysis,wefirstconductedregressionanalysisonthemodelandtesteditsgoodnessoffitandsignificance.Throughregressionanalysis,wefoundasignificantpositivecorrelationbetweenthedevelopmentindexofdigitalfinanceandtheproportionofhouseholdfinancialassetallocation,indicatingthatthedevelopmentofdigitalfinancehasindeedpromotedtheallocationofhouseholdfinancialassets.接著，我們進(jìn)行了穩(wěn)健性檢驗(yàn)，通過(guò)改變模型設(shè)定、引入其他控制變量等方法，驗(yàn)證了結(jié)果的穩(wěn)健性。穩(wěn)健性檢驗(yàn)結(jié)果表明，數(shù)字金融發(fā)展對(duì)家庭金融資產(chǎn)配置的正向影響是穩(wěn)健的，不受模型設(shè)定和變量選擇的影響。Next,weconductedrobustnesstestsbychangingthemodelsettingsandintroducingothercontrolvariablestoverifytherobustnessoftheresults.Therobustnesstestresultsindicatethatthepositiveimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationisrobustandnotaffectedbymodelsettingandvariableselection.我們進(jìn)一步探討了數(shù)字金融發(fā)展對(duì)不同類(lèi)型家庭金融資產(chǎn)配置的影響。通過(guò)分組回歸分析，我們發(fā)現(xiàn)數(shù)字金融發(fā)展對(duì)不同類(lèi)型金融資產(chǎn)的配置均有顯著的促進(jìn)作用，但影響程度和顯著性因資產(chǎn)類(lèi)型而異。Wefurtherexploredtheimpactofdigitalfinancedevelopmentontheallocationoffinancialassetsfordifferenttypesofhouseholds.Throughgroupregressionanalysis,wefoundthatthedevelopmentofdigitalfinancehasasignificantpromotingeffectontheallocationofdifferenttypesoffinancialassets,butthedegreeandsignificanceoftheimpactvarydependingonthetypeofasset.通過(guò)實(shí)證分析，我們得出以下數(shù)字金融的發(fā)展顯著促進(jìn)了居民家庭金融資產(chǎn)的配置，這種影響在不同類(lèi)型的金融資產(chǎn)中均有所體現(xiàn)。這一結(jié)論對(duì)于深化金融改革、優(yōu)化金融資源配置具有重要的政策啟示意義。Throughempiricalanalysis,wehaveconcludedthatthedevelopmentofdigitalfinancehassignificantlypromotedtheallocationoffinancialassetsforhouseholds,andthisimpactisreflectedindifferenttypesoffinancialassets.Thisconclusionhasimportantpolicyimplicationsfordeepeningfinancialreformandoptimizingtheallocationoffinancialresources.然而，本文的研究仍存在一定的局限性。例如，數(shù)據(jù)樣本可能存在一定的偏差或遺漏，模型設(shè)定也可能無(wú)法完全捕捉數(shù)字金融發(fā)展與家庭金融資產(chǎn)配置之間的復(fù)雜關(guān)系。未來(lái)研究可以進(jìn)一步拓展數(shù)據(jù)來(lái)源、改進(jìn)模型設(shè)定等方法，以更全面地揭示數(shù)字金融發(fā)展與家庭金融資產(chǎn)配置之間的關(guān)系。However,therearestillcertainlimitationstotheresearchinthisarticle.Forexample,theremaybecertainbiasesoromissionsinthedatasamples,andthemodelsettingsmaynotfullycapturethecomplexrelationshipbetweenthedevelopmentofdigitalfinanceandhouseholdfinancialassetallocation.Futureresearchcanfurtherexpanddatasources,improvemodelsettings,andothermethodstomorecomprehensivelyrevealtherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation.本文利用CHFS調(diào)查數(shù)據(jù)對(duì)數(shù)字金融發(fā)展與居民家庭金融資產(chǎn)配置之間的關(guān)系進(jìn)行了深入的實(shí)證分析，并得出了有益的結(jié)論。這些結(jié)論對(duì)于理解數(shù)字金融對(duì)家庭金融資產(chǎn)配置的影響機(jī)制、制定相關(guān)政策和措施具有重要的參考價(jià)值。Thisarticleconductsanin-depthempiricalanalysisoftherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationusingCHFSsurveydata,anddrawsusefulconclusions.Theseconclusionshaveimportantreferencevalueforunderstandingtheimpactmechanismofdigitalfinanceonhouseholdfinancialassetallocation,andforformulatingrelevantpoliciesandmeasures.六、研究結(jié)果與討論Researchfindingsanddiscussions本研究基于中國(guó)家庭金融調(diào)查（CHFS）的豐富數(shù)據(jù)，深入探討了數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響。通過(guò)實(shí)證分析，我們發(fā)現(xiàn)數(shù)字金融的普及和應(yīng)用顯著改變了居民家庭的金融行為模式，對(duì)家庭金融資產(chǎn)配置產(chǎn)生了積極的影響。ThisstudyisbasedonrichdatafromtheChinaHouseholdFinanceSurvey(CHFS)anddelvesintotheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.Throughempiricalanalysis,wefoundthatthepopularizationandapplicationofdigitalfinancehavesignificantlychangedthefinancialbehaviorpatternsofhouseholds,andhaveapositiveimpactontheallocationofhouseholdfinancialassets.數(shù)字金融的發(fā)展顯著提高了居民家庭的金融市場(chǎng)參與率。隨著數(shù)字金融服務(wù)的普及，越來(lái)越多的家庭開(kāi)始接觸并參與到金融市場(chǎng)中來(lái)，這不僅拓寬了家庭的金融投資渠道，也提高了家庭的金融素養(yǎng)和風(fēng)險(xiǎn)意識(shí)。Thedevelopmentofdigitalfinancehassignificantlyincreasedtheparticipationrateofhouseholdsinthefinancialmarket.Withthepopularizationofdigitalfinancialservices,moreandmorefamiliesarebeginningtocomeintocontactwithandparticipateinthefinancialmarket.Thisnotonlybroadensthefinancialinvestmentchannelsoffamilies,butalsoimprovestheirfinancialliteracyandriskawareness.數(shù)字金融的發(fā)展促進(jìn)了居民家庭金融資產(chǎn)的多元化配置。通過(guò)對(duì)比分析不同數(shù)字金融使用程度的家庭，我們發(fā)現(xiàn)使用數(shù)字金融服務(wù)的家庭更傾向于進(jìn)行多元化的資產(chǎn)配置，包括股票、債券、基金等多種金融產(chǎn)品。這種多元化的資產(chǎn)配置策略有助于降低家庭金融風(fēng)險(xiǎn)，提高金融資產(chǎn)的收益穩(wěn)定性。Thedevelopmentofdigitalfinancehaspromotedthediversifiedallocationoffinancialassetsforhouseholds.Bycomparingandanalyzinghouseholdswithdifferentlevelsofdigitalfinanceusage,wefoundthathouseholdsusingdigitalfinancialservicesaremoreinclinedtodiversifytheirassetallocation,includingstocks,bonds,funds,andotherfinancialproducts.Thisdiversifiedassetallocationstrategyhelpstoreducehouseholdfinancialrisksandimprovethestabilityoffinancialassetreturns.我們還發(fā)現(xiàn)數(shù)字金融的發(fā)展對(duì)居民家庭的風(fēng)險(xiǎn)偏好產(chǎn)生了積極的影響。數(shù)字金融服務(wù)的便捷性和高效性使得家庭更容易接觸到各類(lèi)金融產(chǎn)品，從而提高了家庭的風(fēng)險(xiǎn)承受能力和投資意愿。這種風(fēng)險(xiǎn)偏好的提升有助于推動(dòng)金融市場(chǎng)的創(chuàng)新和發(fā)展。Wealsofoundthatthedevelopmentofdigitalfinancehashadapositiveimpactontheriskpreferencesofhouseholds.Theconvenienceandefficiencyofdigitalfinancialservicesmakeiteasierforhouseholdstoaccessvariousfinancialproducts,therebyimprovingtheirrisktoleranceandinvestmentwillingness.Thisincreaseinriskappetitehelpstodriveinnovationanddevelopmentinfinancialmarkets.然而，值得注意的是，數(shù)字金融的發(fā)展也帶來(lái)了一些新的挑戰(zhàn)和問(wèn)題。例如，數(shù)字金融服務(wù)的普及可能會(huì)導(dǎo)致家庭過(guò)度依賴(lài)金融科技，而忽視了傳統(tǒng)金融服務(wù)的優(yōu)勢(shì)。數(shù)字金融的快速發(fā)展也可能加劇金融市場(chǎng)的波動(dòng)性和不穩(wěn)定性，給家庭金融資產(chǎn)配置帶來(lái)新的風(fēng)險(xiǎn)。However,itisworthnotingthatthedevelopmentofdigitalfinancehasalsobroughtsomenewchallengesandproblems.Forexample,thepopularizationofdigitalfinancialservicesmayleadtohouseholdsoverlyrelyingonfinancialtechnologywhileignoringtheadvantagesoftraditionalfinancialservices.Therapiddevelopmentofdigitalfinancemayalsoexacerbatethevolatilityandinstabilityoffinancialmarkets,bringingnewriskstohouseholdfinancialassetallocation.數(shù)字金融的發(fā)展對(duì)居民家庭金融資產(chǎn)配置產(chǎn)生了積極的影響，但也存在一些潛在的風(fēng)險(xiǎn)和挑戰(zhàn)。未來(lái)，我們需要在推動(dòng)數(shù)字金融發(fā)展的加強(qiáng)金融監(jiān)管和風(fēng)險(xiǎn)控制，確保金融市場(chǎng)的健康穩(wěn)定和可持續(xù)發(fā)展。也需要加強(qiáng)金融教育和宣傳，提高居民家庭的金融素養(yǎng)和風(fēng)險(xiǎn)意識(shí)，幫助他們更好地進(jìn)行金融資產(chǎn)配置和風(fēng)險(xiǎn)管理。Thedevelopmentofdigitalfinancehashadapositiveimpactontheallocationoffinancialassetsforhouseholds,buttherearealsosomepotentialrisksandchallenges.Inthefuture,weneedtostrengthenfinancialsupervisionandriskcontrolinpromotingthedevelopmentofdigitalfinance,ensuringthehealthy,stableandsustainabledevelopmentofthefinancialmarket.Itisalsonecessarytostrengthenfinancialeducationandpublicity,improvethefinancialliteracyandriskawarenessofresidents,andhelpthembetterallocatefinancialassetsandmanagerisks.七、結(jié)論與建議Conclusionandrecommendations本研究通過(guò)利用中國(guó)家庭金融調(diào)查（CHFS）的豐富數(shù)據(jù)資源，深入探討了數(shù)字金融發(fā)展對(duì)居民家庭金融資產(chǎn)配置的影響。研究發(fā)現(xiàn)，數(shù)字金融的普及和深化顯著促進(jìn)了居民家庭金融資產(chǎn)的多元化配置，特別是在股票、債券等風(fēng)險(xiǎn)性金融資產(chǎn)上的配置比例有所提升。這一變化不僅提升了居民家庭的整體財(cái)富水平，也對(duì)其風(fēng)險(xiǎn)承受能力、財(cái)富增長(zhǎng)方式產(chǎn)生了積極影響。ThisstudyexploresindepththeimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationbyutilizingtherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS).Researchhasfoundthatthepopularizationanddeepeningofdigitalfinancehavesignificantlypromotedthediversifiedallocationoffinancialassetsinhouseholds,especiallyinriskyfinancialassetssuchasstocksandbonds.Thischangenotonlyenhancestheoverallwealthlevelofresidenthouseholds,butalsohasapositiveimpactontheirrisktoleranceandwealthgrowthmode.數(shù)字金融的便捷性和普惠性特點(diǎn)，使得更多的家庭能夠接觸到多樣化的金融產(chǎn)品和服務(wù)，從而優(yōu)化其金融資產(chǎn)配置結(jié)構(gòu)。數(shù)字金融的發(fā)展還通過(guò)提高金融市場(chǎng)的透明度和效率，降低了居民家庭參與金融市場(chǎng)的門(mén)檻，進(jìn)一步促進(jìn)了金融資產(chǎn)的合理配置。Theconvenienceandinclusivenessofdigitalfinanceenablemorehouseholdstoaccessdiversefinancialproductsandservices,therebyoptimizingtheirfinancialassetallocationstructure.Thedevelopmentofdigitalfinancehasalsoimprovedthetransparencyandefficiencyoffinancialmarkets,loweredthethresholdforhouseholdparticipationi