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| 文章编号：1672-3104(2021)05-0092-14 |
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移动支付带来了更多家庭金融风险资产投资行为吗？——基于CHFS数据的实证研究 |
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饶育蕾，张梦莉，陈地强 |
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（中南大学商学院，湖南长沙，410012） |
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| 摘 要： 针对我国家庭金融风险市场的有限参与问题，基于2017年中国家庭金融调查(CHFS)数据，构建Probit和Tobit模型，实证探讨了移动支付对家庭金融风险资产的影响。为克服潜在的内生性，运用工具变量法(IV-Probit和IV-Tobit)做了进一步估计，结果依旧稳健。研究发现，移动支付的使用显著提高了家庭风险资产的配置意愿和持有规模。机制分析表明，移动支付缓解了家庭所受到的流动性约束，而这种流动性约束的缓解主要来自金融服务可得性的增加。进一步分析发现，移动支付对家庭金融风险资产配置的促进作用在农村地区和低收入群体中更加明显，表明移动支付具有一定的普惠作用。 |
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| 关键词： 风险资产投资；移动支付；流动性约束 |
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Does mobile payment bring about more household investment in financial risk assets? An empirical study based on CHFS data |
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RAO Yulei, ZHANG Mengli, CHEN Diqiang |
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（School of Business, Central South University, Changsha 410012, China） |
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| Abstract: Aiming at the limited participation in household financial risk market in China, and based on the 2017 China Household Finance Survey (CHFS) data, this paper constructs Probit and Tobit model to empirically analyze the influence of mobile payment on household investment in financial risk assets. In order to overcome the potential endogeneity, this paper conducts a further assessment of instrumental variables estimation by adopting IV-Probit and IV-Tobit, and the results are still consistent with basic findings. The study finds that mobile payment can significantly improve the participation willingness and scale of household risk assets. Mechanism analysis shows that mobile payment can relieve the household liquidity constraints, which are mainly attributed to the expansion of financial service availability. Further analysis finds that mobile payment can effectively facilitate the financial risk asset allocation of rural areas and low-income groups, suggesting that mobile payment has inclusive ability. |
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Key words: risk asset investment; mobile payment; liquidity constraints |
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