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| 文章编号：1672-3104(2026)01-0115-16 |
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数字普惠金融对家庭财富不平等的影响：理论模型与实证检验 |
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汪进贤1，张浩宇1，胡唯真1，汪晨2 |
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（1. 中南大学商学院，湖南长沙，410083；
2. 上海财经大学公共管理学院，上海，200433） |
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| 摘 要： 数字普惠金融的发展为消除财富不平等、实现共同富裕提供了契机。通过构建一个二阶段跨期模型，从理论层面阐释数字普惠金融与财富不平等之间的非线性关系，并结合2014—2022年中国家庭追踪调查数据进行了实证检验。研究发现，数字普惠金融与财富不平等存在显著的“倒U”形关系，在发展初期可能加剧不平等，而随着其进一步发展则有助于缓解不平等；异质性分析显示，数字普惠金融的影响在东部、西部地区，未创业、低收入和农村家庭中更加显著；机制分析则表明，信息获取能力是数字普惠金融影响财富不平等的一个关键因素，使得两者之间的“倒U”形关系趋于平缓。因此，推动数字普惠金融发展，并通过提升家庭信息获取能力以弥合“数字鸿沟”，是缓解财富不平等、助力弱势群体共享发展成果、最终实现共同富裕的关键路径。 |
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| 关键词： 数字普惠金融；财富不平等；信息获取能力；CFPS |
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Impact of digital inclusive finance on household wealth inequality: Theoretical model and empirical analysis |
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WANG Jinxian1, ZHANG Haoyu1, HU Weizhen1, WANG Chen2 |
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（1. School of Business, Central South University, Changsha 410083, China;
2. School of Public Administration and Policy, Shanghai University of Finance & Economics, Shanghai 200433, China） |
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| Abstract: The development of digital inclusive finance presents an opportunity to narrow wealth inequality and achieve common prosperity. This study, by constructing a two-stage intertemporal model, theoretically elucidates the nonlinear relationship between digital inclusive finance and wealth inequality, and conducts an empirical test by adopting data from the China Family Panel Studies (CFPS) from 2014 to 2022. The study finds a significant “inverted U-shaped” relationship between digital inclusive finance and wealth inequality, suggesting that it may exacerbate inequality in its early stages but helps alleviate it as it further develops. Heterogeneity analysis shows that the impact of digital inclusive finance is more pronounced in the eastern and western regions, as well as among non-entrepreneurial, low-income, and rural households. Mechanism analysis reveals that information acquisition capability is an influential factor in how digital inclusive finance affects wealth inequality, with variations in this capability leading to systematic differences in the effects of digital inclusive finance. Therefore, promoting the development of digital inclusive finance and enhancing households' information acquisition capability to bridge the “digital divide” are crucial pathways for mitigating wealth inequality, assisting vulnerable groups in sharing development outcomes, and ultimately achieving common prosperity. |
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Key words: digital inclusive finance; wealth inequality; information acquisition; CFPS |
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