附录A 外文原文

The impact of digital finance on household consumption: Evidence

from China

Abstract

Using panel data from the China Household Finance Survey (CHFS) in 2013, 2015, and 2017 and the digital inclusive finance index developed by Peking University, this study examined impacts of the digital inclusive finance on household consumption and explored its mechanisms. Results suggest that the digital inclusive finance could promote households consumption. A heterogeneity analysis showed that households with fewer assets, lower income,

less financial literacy and in third- and fourth-tier cities experienced larger facilitating effects of digital finance on consumption compared to their counterparts. For consumption categories, digital finance was positively correlated with food, clothing, house maintenance, medical care, and education and entertainment expenditures. In terms of consumption structure, digital finance mainly promoted the recurring household ex- penditures rather than the non-recurring expenditures. Further analyses based on the mediating model found thatonline shopping, digital payment, obtainment of online credit, purchase of financing products on the internet and business insurance, were the main mediating variables through which digital finance affected household consumption.

Keyword: Didital; Household; Mediating effect;

1. Introduction

Since Chinarsquo;s economy entered the new normal, consumption has been gradually becoming an important driving force for economic development. In recent years, the government has been working on the expansion of residents rsquo; consumption demand. However, Chinese householdsrsquo;consumption behavior indicates that the consumption de- mand is still low. The household consumption rate has declined from 47.5% in 2000 to 35.6% in 2010, which is far below the world average. Inadequate consumption has become an important restraining factor for economic transformation and sustainable development in China. How to promote the growth of household consumption has become a major subject of concern among both policy makers and the academia. Existing research on inadequate consumption has suggested that liquidity con- straints (Kuijs, 2005), imperfect security systems (Meng, 2003), and in- come inequality (Schmidt-Hebbel and Serve n., 2000) are important enforcing factors for inadequate consumption. Therefore, financial development can relieve consumers from liquidity constraints through reasonable and efficient resource allocation and realization of inter-temporal smoothing of consumption, thus increasing consumption demand (Levchenko, 2005).

In recent years, with the deep integration between Internet technol- ogy and finance, the new digital finance model supported by information technology is gradually becoming an indispensable part of Chinarsquo;s financial system as it can help decrease the degree of information asymmetry, reduce transaction costs, improve availability of financial services and optimize resource allocation in the financial market. Ac- cording to the report released by a research group from the Institute of Digital Finance of Peking University in 2016, the digital inclusive finance index increased from 40 in 2011 to 220 in 2015. Digital finance has developed rapidly in just a few years. Meanwhile, the household con- sumption rate has picked up slightly in recent years, reaching 39.3% in 2016. Therefore, is the rapid development of digital finance able to significantly influence household consumption? Which consumer groups are most affected? How about the influence path? This paper examines these questions. Answers to these questions will not only help to un- derstand the impacts of digital finance on Chinarsquo;s economic development at household level, but will also provide useful information on the growth of Chinarsquo;s household consumption and a basis for improving relevant policies.

Digital finance including online loans, mobile payment, Internet finance, Internet insurance and other kinds of innovative products may impact household consumption from various aspects. First of all, online credit makes it possible to match the financial demand side with the supply side where the parties may be geographically disparate (Pierrakis and Collins, 2014). Consumption credit services represented by Alipay, cash loans and many kinds of P2P platforms and other new types of financial models have expanded the channels for obtaining funds, changed the traditional mode of credit services, lowered the bar for financial services and improved the borrowing convenience, thus relieving households from the constraints of credit to a certain extent. Then, relieving liquidity constraints promotes household consumption. Secondly, the rapidly developed Internet financing market represented by Yursquo;E Bao2 has expanded the channels for people to invest using small funds, increased the rate of return on investment and promoted the growth of household wealth, thus increasing household consumption. Meanwhile, rapidly developed digital payment platforms have greatly reduced the transaction and time costs of financial services, improved the efficiency of payment and transfer for household consumption. Addi- tionally, the development of digital finance has not only promoted the upgrade of the service mode of traditional insurance companies, but also led to the emergence of Internet insurance companies such as Zhongrsquo;an Insurance, thus breaking the geographical barriers of the former offline outlet mode and improving insurance accessibility. Meanwhile, the application of big data technology has reduced operating costs, which may encourage residents to purchase insurance, improve residentsrsquo;social security, and reduce uncertainty losses, thus increasing consumption. 剩余内容已隐藏，支付完成后下载完整资料

附录A 外文译文

数字和金融素养是数字支付和个人理财的决定因素

摘要：

这项工作表明，在各国，数字支付工具和平台的使用与各级金融素养中更高的数字素养相关。相反，更明智的个人理财选择与各级数字素养的更高金融素养有关。这种描述性分析的结果表明，在评估数字化对在没有金融素养的情况下可以访问数字金融产品和市场的个人投资者的影响时，应同时考虑数字和金融素养。

关键词:数字化；数字素养；金融素养；数字支付；个人理财；

1. 引言

通过个人数字设备使用软件应用程序来访问金融服务和产品，即所谓的金融科技，为直接控制其个人财务的个人投资者提供了新的投资机会和风险。本文的动机是，人们既需要数字素养（熟练使用数字平台和应用程序），也需要金融素养（理解经济学和金融学基础知识以做出个人理财决策的能力），以分享银行和金融市场数字化的好处。在文献中，数字素养与更好的劳动力市场结果相关，取决于教育程度，与个人社会经济背景有关（经合组织，2019），并与金融素养一起促进创业（Oggero等人，2020）。金融素养涉及生命周期中个人决策的各个方面，不平等，选举参与，政策结果（见Fornero等人对文献的回顾，2021）。它还与较大的金融资产持有量有关（Lusardi和Mitchell，2014），以及加拿大和波兰现金使用量较小的规模（Henry等人，2018;Swiecka等人，2021），在日本持有更大的现金（Fujiki，2020）。这项工作分析了数字支付和个人理财选择的使用如何与数字和金融素养相关联，首先在一次解释一个指标的模型中，然后在包含两者的模型中。诚然，该分析具有描述性，但也试图分离数字和金融素养的外生成分，将进一步探索因果关系的任务留给未来的研究。在数据中，数字支付的使用与在各级金融素养中使用数字技术的能力有关，而个人理财选择与各级数字素养的金融素养相关。

2. 数字和金融素养

本节提供有关数字和金融素养的信息。经合组织成人技能调查衡量了在技术丰富的环境中解决问题的能力，作为使用数字技术，通信工具和网络获取和评估信息，与他人沟通以及执行实际任务所需的技能水平（经合组织，2019年）。因此，成年人（15-65岁）如果至少能够使用ICT工具和应用程序来实现目标（例如填写在线表格），则具有数字素养。

在图1中，被认为具有数字素养的人口百分比与被认为具有金融素养的人口百分比绘制在图中（描述性统计数据见表1）。金融素养是使用2014年标准普尔评级服务全球金融素养调查编制的指标来衡量的：如果一个人正确回答了关于算术，利息复利，通货膨胀和风险分散概念的四分之三的问题，那么她就有金融素养。图1中回归线的正斜率（相关系数= 0.59，标准误差= 0.11）表明，在人口比例较高的国家，金融素养明显更高，能够使用数字技术和应用程序来执行基本信息处理任务。

图 1 数字和金融素养

表1 描述性统计

注：该表报告有关未转换变量的信息

平均而言，各国掌握数字技术的人口比例（31%）远低于具有金融素养的人口比例（55%）。北欧国家和荷兰的金融和数字素养较高;在东欧，土耳其，智利和希腊较低。在高科技行业发挥了历史相关作用的经济体，如韩国和日本，人们在数字素养方面的得分远高于金融素养。数字和金融素养变化的这种跨国异质性允许讨论哪些技能与数字支付和个人财务管理相关。

3. 数字支付和个人理财

来自世界银行全球普惠金融数据库的可变数字支付衡量的是过去一年中使用手机、银行卡或互联网进行数字支付、支付账单、汇款或购买商品的人口（15岁以上）的百分比。表2小组A的结果表明，如果单独考虑，数字素养（第1栏）和金融素养（第2栏）都与数字支付的较高使用有关，在控制一组标准社会经济决定因素的经验模型中，所有回归量都是样本期间的平均值。然而，在控制数字和金融素养的回归中，在数字素养和人均GDP水平较高的国家，通过互联网使用数字支付方法的次数较高，但与金融素养无关（第3栏）。

表2 数字付款的决定因素

注：括号中的鲁棒性标准错误。图B中的模型包括人均GDP、人口和受抚养人比率（未报告）。符号 *、**和 *** 分别表示 10%、5% 和 1% 水平的显著性。

为了补充这些描述性结果，小组B报告了两阶段最小二乘估计数。数字和金融知识的外生组成部分是使用特定国家的历史特征和一般能力信息来确定的，这些特征和信息可以说与数字支付和个人理财没有直接关系。

接下来，表3使用经合组织家庭金融资产数据库的数据，考虑了更明智的个人理财选择的决定因素，即减少货币和存款持有量，以及对提供退休收入的基金进行较大投资，占家庭金融资产总额的百分比。数字素养与货币和存款之间的关联仅在无法控制金融素养的模型中才有意义（第1栏）。相反，在第2栏中，货币和存款与金融素养之间存在负且显著的联系，在各级数字素养（第3栏中）存在负相关关系。第4-6栏也传达了类似的信息：在金融知识水平较高的国家，家庭持有较多的养老基金资产，这一选择与数字素养从未显著相关。同样，B组IV估计数的结果与A组的估计结果一致。

表3 货币和存款的决定因素