| 摘要: |
| 摘要：改革开放以来，中国经济取得长足进步，居民收入及财富得到有效增长，但长期以来我国居民的储蓄率较高，不利于扩大内需。数字金融的快速发展对居民的消费和储蓄行为产生深刻的影响。基于2017年和2019年CHFS数据，实证考察数字金融对中国家庭储蓄率的影响及其作用机制。研究发现：首先，数字金融对家庭储蓄率有显著的负向影响；其次，数字金融对家庭储蓄率产生的影响通过降低家庭面临的流动性约束、提高商业保险的参与和降低家庭面临的收入不确定性的机制实现；最后，异质性分析表明，数字金融对农村家庭、人均收入较低的家庭和受教育水平较低的家庭储蓄率影响更大。因此，为降低家庭储蓄率，释放消费潜力，应进一步推动数字金融的发展和家庭数字金融的参与，降低家庭的流动性约束，提高居民收入水平，推动家庭商业保险的参与。 |
| 关键词: 关键词：数字金融；家庭储蓄率；预防性储蓄；不确定性；流动性约束 |
| DOI： |
| 分类号:F832.2 |
| 基金项目: |
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| Research on the Impact of Digital Finance on the Household Savings Rate in China |
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MA Yu-fei，WU Zhuo-shan
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（School of Finance,Yunnan University of Finance and Economics）
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| Abstract: |
| Abstract：Since the reform and opening up,China’s economy has made considerable progress and residents’ income and wealth have increased effectively.However,for a long time,the savings rate of Chinese residents has been relatively high,which is not conducive to the expansion of domestic demand.The rapid development of digital finance has a profound impact on residents’ consumption and savings behaviors.Based on the CHFS data of 2017 and 2019,this paper empirically examines the impact of digital finance on the household savings rate in China and its mechanism of action.The research finds that:Firstly,digital finance has a significant negative impact on household savings rates;Secondly,the impact of digital finance on the household savings rate is achieved through mechanisms that reduce the liquidity constraints faced by households,increase the participation of commercial insurance,and reduce the income uncertainty faced by households.Finally,heterogeneity analysis indicates that digital finance has a greater impact on the savings rate of rural households,households with lower per capita income,and households with lower educational levels.Therefore,in order to reduce the household savings rate and release the consumption potential,efforts should be made to further promote the development of digital finance and the participation of households in digital finance,reduce the liquidity constraints on households,increase the income level of residents,and promote the participation of household commercial insurance. |
| Key words: Key words：Digital Finance;Household Savings Rate;Precautionary Savings;Uncertainty;Liquidity Constraint |
