数字金融与农村家庭收入——基于收入增长和收入波动视角
Digital Finance and Rural Household Income—Based on the Perspective of Income Growth and Income Fluctuation

数字金融的快速发展深刻影响着中国经济和社会，在当前经济下行的压力下，农村家庭收入增速减缓，收入风险逐渐增大，数字金融能否有效促进家庭增收？本文基于中国家庭金融调查(CHFS)数据，首次把家庭收入增长与波动纳入同一框架进行分析。结果表明：数字金融能促进家庭总收入增长，同时也使得收入波动显著提升，引入家庭总收入夏普比率发现，数字金融固然增加了家庭收入的波动性，但仍有效提升了家庭单位风险收益，有效促进了家庭收入增长；此外，数字金融通过提高金融素养、扩宽社会关系网络以及金融市场参与促进家庭总收入的有效增长；最后，数字金融对总收入有效增长的作用在西部地区、非金融脆弱、创业以及风险偏好家庭更明显。本文为探寻农村家庭总收入增长与波动的影响因素提供了新的视角，在理解和审视数字金融对家庭收入的作用和相关政策制定方面具有重要参考价值。
The rapid development of digital finance has a profound impact on China’s economy and society. Under the pressure of the current economic downturn, the growth rate of rural household income has slowed down, and the income risk has gradually increased. Can digital finance effectively promote the increase of household income? Based on the data of China Household Finance Survey (CHFS), this paper analyzes the growth and fluctuation of household income in the same framework for the first time. The results show that digital finance can promote the growth of total household income, but also significantly increase the volatility of income. By introducing the Sharpe ratio of total household income, it is found that although digital finance increases the volatility of family income, it still effectively improves the risk and return of family unit and effectively promotes the growth of family income. In addition, digital finance promotes the effective growth of total household income by improving financial literacy, expanding social networks and financial market participation. Finally, the effect of digital finance on effective gross income growth is more pronounced in western regions, non-financial vulnerable, entrepreneurial, and risk-hungry households. This paper provides a new perspective for exploring the factors affecting the growth and fluctuation of rural household income, and has important reference value in understanding and examining the role of digital finance on household income and relevant policy formulation.