数字金融发展与居民家庭金融资产配置基于CHFS调查数据的实证研究

数字金融发展与居民家庭金融资产配置基于CHFS调查数据的实证研究一、本文概述Overviewofthisarticle随着科技的快速发展和互联网的普及，数字金融作为一种新兴的金融模式，正在全球范围内改变着人们的生活方式和经济行为。其便利性、高效性和低成本的特点使得金融服务能够更广泛地覆盖到社会的各个角落，从而影响了居民家庭的金融资产配置。本文旨在通过实证研究，探讨数字金融发展对居民家庭金融资产配置的影响，以期为我国金融市场的健康发展提供理论支持和政策建议。WiththerapiddevelopmentoftechnologyandthepopularityoftheInternet,digitalfinance,asanewfinancialmodel,ischangingpeople'slifestyleandeconomicbehaviorworldwide.Itsconvenience,efficiency,andlowcostcharacteristicsenablefinancialservicestocovervariouscornersofsocietymorewidely,therebyaffectingtheallocationoffinancialassetsforhouseholds.Thisarticleaimstoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationthroughempiricalresearch,inordertoprovidetheoreticalsupportandpolicyrecommendationsforthehealthydevelopmentofChina'sfinancialmarket.本研究基于中国家庭金融调查（CHFS）的丰富数据资源，采用定性和定量相结合的研究方法，对数字金融发展与居民家庭金融资产配置之间的关系进行深入分析。通过文献综述，梳理数字金融发展和居民家庭金融资产配置的相关理论和研究成果，明确研究问题和假设。利用CHFS调查数据，描述我国居民家庭金融资产配置的现状和数字金融发展的基本情况。接着，通过构建计量经济学模型，实证检验数字金融发展对居民家庭金融资产配置的影响，以及这种影响在不同家庭特征、不同地区、不同金融市场环境下的差异性。根据实证研究结果，提出针对性的政策建议和研究展望。ThisstudyisbasedontherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS)andadoptsacombinationofqualitativeandquantitativeresearchmethodstoconductanin-depthanalysisoftherelationshipbetweenthedevelopmentofdigitalfinanceandtheallocationoffinancialassetsinresidentialhouseholds.Throughliteraturereview,sortouttherelevanttheoriesandresearchresultsofdigitalfinancedevelopmentandhouseholdfinancialassetallocation,andclarifytheresearchquestionsandhypotheses.UsingCHFSsurveydata,describethecurrentsituationoffinancialassetallocationinChinesehouseholdsandthebasicdevelopmentofdigitalfinance.Next,byconstructinganeconometricmodel,weempiricallytesttheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,aswellasthedifferencesinthisimpactacrossdifferenthouseholdcharacteristics,regions,andfinancialmarketenvironments.Basedonempiricalresearchresults,proposetargetedpolicyrecommendationsandresearchprospects.本文的研究不仅有助于丰富和完善数字金融与家庭金融资产配置的理论体系，还能为政策制定者提供决策参考，以更好地推动数字金融的健康发展，优化居民家庭金融资产配置结构，提升家庭财富水平。本文的研究也为未来相关研究提供了有益的借鉴和启示。Theresearchinthisarticlenotonlyhelpstoenrichandimprovethetheoreticalsystemofdigitalfinanceandhouseholdfinancialassetallocation,butalsoprovidesdecision-makingreferencesforpolicymakerstobetterpromotethehealthydevelopmentofdigitalfinance,optimizethestructureofhouseholdfinancialassetallocation,andenhancethewealthlevelofhouseholds.Thisstudyalsoprovidesusefulreferenceandinspirationforfuturerelatedresearch.二、文献综述Literaturereview随着数字技术的飞速发展，数字金融作为一种新兴的金融模式，正逐渐改变着人们的生活方式和金融行为。数字金融不仅为居民提供了更加便捷、高效的金融服务，而且深刻影响了居民家庭的金融资产配置。因此，探究数字金融发展与居民家庭金融资产配置之间的关系，具有重要的理论和现实意义。Withtherapiddevelopmentofdigitaltechnology,digitalfinance,asanemergingfinancialmodel,isgraduallychangingpeople'swayoflifeandfinancialbehavior.Digitalfinancenotonlyprovidesresidentswithmoreconvenientandefficientfinancialservices,butalsoprofoundlyaffectsthefinancialassetallocationofhouseholds.Therefore,exploringtherelationshipbetweenthedevelopmentofdigitalfinanceandtheallocationoffinancialassetsinhouseholdshasimportanttheoreticalandpracticalsignificance.近年来，国内外学者对数字金融与居民家庭金融资产配置的关系进行了广泛而深入的研究。早期的研究主要关注数字金融的基本概念、发展历程及其对传统金融的影响。随着研究的深入，学者们开始关注数字金融对居民家庭金融资产配置的具体影响。这些研究普遍认为，数字金融的发展能够降低居民参与金融市场的门槛，提高金融服务的可获得性，从而促使居民更加积极地参与金融市场，优化家庭金融资产配置。Inrecentyears,domesticandforeignscholarshaveconductedextensiveandin-depthresearchontherelationshipbetweendigitalfinanceandhouseholdfinancialassetallocation.Earlyresearchmainlyfocusedonthebasicconcepts,developmenthistory,andimpactontraditionalfinanceofdigitalfinance.Withthedeepeningofresearch,scholarshavebeguntopayattentiontothespecificimpactofdigitalfinanceontheallocationoffinancialassetsinhouseholds.Thesestudiesgenerallybelievethatthedevelopmentofdigitalfinancecanlowerthethresholdforresidentstoparticipateinthefinancialmarket,improvetheaccessibilityoffinancialservices,andthusencourageresidentstoactivelyparticipateinthefinancialmarketandoptimizehouseholdfinancialassetallocation.在研究方法上，大多数学者采用问卷调查、实证分析等方法，利用大样本数据来探究数字金融发展与居民家庭金融资产配置之间的关系。这些研究不仅揭示了数字金融发展对居民家庭金融资产配置的影响机制，还为政策制定者提供了有益的参考。Intermsofresearchmethods,mostscholarsusemethodssuchasquestionnairesurveysandempiricalanalysistoexploretherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationusinglargesampledata.Thesestudiesnotonlyrevealtheimpactmechanismofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,butalsoprovideusefulreferencesforpolicymakers.然而，现有的研究仍存在一定的不足。尽管已有研究证明了数字金融发展对居民家庭金融资产配置有积极影响，但尚未深入探究其影响的具体路径和机制。现有研究多侧重于宏观层面的分析，缺乏对微观层面个体行为的深入研究。不同地区的数字金融发展水平存在差异，这种差异如何影响居民家庭金融资产配置也是一个值得研究的问题。However,existingresearchstillhascertainshortcomings.Althoughresearchhasshownthatthedevelopmentofdigitalfinancehasapositiveimpactonhouseholdfinancialassetallocation,thespecificpathsandmechanismsofitsimpacthavenotbeenthoroughlyexplored.Existingresearchmostlyfocusesonmacrolevelanalysis,lackingin-depthresearchonindividualbehavioratthemicrolevel.Therearedifferencesinthedevelopmentlevelofdigitalfinanceindifferentregions,andhowthesedifferencesaffecttheallocationoffinancialassetsforhouseholdsisalsoaquestionworthstudying.本文旨在基于中国家庭金融调查（CHFS）数据，实证研究数字金融发展与居民家庭金融资产配置之间的关系，探讨其影响机制和路径，以期为相关政策制定和实践提供有益的参考。ThisarticleaimstoempiricallystudytherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationbasedondatafromtheChinaHouseholdFinanceSurvey(CHFS),exploreitsimpactmechanismandpath,andprovideusefulreferencesforrelevantpolicyformulationandpractice.三、理论框架与研究假设Theoreticalframeworkandresearchhypotheses随着数字技术的飞速发展和广泛应用，数字金融作为金融科技与金融业务深度融合的新兴领域，正在逐步改变传统的金融业态和居民家庭的金融资产配置方式。本文基于中国家庭金融调查（CHFS）的微观数据，旨在探讨数字金融发展对居民家庭金融资产配置的影响，并尝试构建相应的理论框架和研究假设。Withtherapiddevelopmentandwidespreadapplicationofdigitaltechnology,digitalfinance,asanemergingfieldthatdeeplyintegratesfinancialtechnologyandfinancialbusiness,isgraduallychangingtraditionalfinancialformatsandthewayresidentsallocatefinancialassets.ThisarticleisbasedonmicrodatafromtheChinaHouseholdFinanceSurvey(CHFS),aimingtoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,andattempttoconstructcorrespondingtheoreticalframeworksandresearchhypotheses.本文首先构建了一个包含数字金融发展、居民家庭金融资产配置以及家庭社会经济特征的理论框架。在这个框架中，数字金融发展作为外部因素，通过影响家庭金融市场的参与、金融产品选择以及资产配置比例等方面，进而对居民家庭的金融资产配置产生影响。同时，家庭社会经济特征如收入、教育水平、风险偏好等作为内部因素，也会在一定程度上影响家庭金融资产配置。Thisarticlefirstconstructsatheoreticalframeworkthatincludesthedevelopmentofdigitalfinance,householdfinancialassetallocation,andhouseholdsocio-economiccharacteristics.Inthisframework,thedevelopmentofdigitalfinance,asanexternalfactor,affectsthefinancialassetallocationofhouseholdsbyinfluencingtheirparticipationinthehouseholdfinancialmarket,financialproductselection,andassetallocationratio.Atthesametime,familysocio-economiccharacteristicssuchasincome,educationlevel,riskpreference,etc.,asinternalfactors,canalsoaffecttheallocationoffamilyfinancialassetstoacertainextent.假设1：数字金融发展将促进居民家庭参与金融市场，提高家庭金融资产配置的多样性。随着数字金融服务的普及和便利，居民家庭更容易接触到各类金融产品和服务，从而增加参与金融市场的机会和意愿。Assumption1:Thedevelopmentofdigitalfinancewillpromotehouseholdparticipationinthefinancialmarketandenhancethediversityofhouseholdfinancialassetallocation.Withthepopularizationandconvenienceofdigitalfinancialservices,householdsaremoreeasilyexposedtovariousfinancialproductsandservices,therebyincreasingopportunitiesandwillingnesstoparticipateinthefinancialmarket.假设2：数字金融发展将优化居民家庭金融资产配置结构，提高金融资产的收益率。数字金融通过提供更为精准和个性化的金融服务，有助于家庭根据自身的风险承受能力和收益需求来优化金融资产配置，提高资产的整体收益。Assumption2:Thedevelopmentofdigitalfinancewilloptimizetheallocationstructureoffinancialassetsforhouseholdsandincreasethereturnonfinancialassets.Digitalfinance,byprovidingmorepreciseandpersonalizedfinancialservices,helpshouseholdsoptimizefinancialassetallocationbasedontheirownrisktoleranceandreturnneeds,andimproveoverallassetreturns.假设3：数字金融发展对居民家庭金融资产配置的影响将受到家庭社会经济特征的调节。不同收入、教育水平和风险偏好的家庭在利用数字金融服务进行金融资产配置时可能存在差异，因此家庭社会经济特征将作为调节变量影响数字金融发展的作用效果。Assumption3:Theimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationwillbemoderatedbythesocio-economiccharacteristicsofhouseholds.Familieswithdifferentincomes,educationlevels,andriskpreferencesmayhavedifferencesinutilizingdigitalfinancialservicesforfinancialassetallocation.Therefore,thesocio-economiccharacteristicsofhouseholdswillserveasmoderatingvariablestoaffecttheeffectivenessofdigitalfinancialdevelopment.通过实证研究，本文旨在验证以上假设，并深入探讨数字金融发展对居民家庭金融资产配置的具体影响机制，为相关政策制定和实践操作提供科学依据。Throughempiricalresearch,thisarticleaimstoverifytheabovehypothesesanddeeplyexplorethespecificimpactmechanismofdigitalfinancedevelopmentonhouseholdfinancialassetallocation,providingscientificbasisforrelevantpolicyformulationandpracticaloperation.四、研究方法与数据来源Researchmethodsanddatasources本研究采用实证研究方法，以探究数字金融发展对居民家庭金融资产配置的影响。通过文献回顾，梳理数字金融发展和家庭金融资产配置的相关理论和研究成果，为实证研究提供理论基础。Thisstudyadoptsempiricalresearchmethodstoexploretheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.Throughliteraturereview,summarizetherelevanttheoriesandresearchresultsofdigitalfinancedevelopmentandhouseholdfinancialassetallocation,andprovideatheoreticalbasisforempiricalresearch.在数据来源方面，本研究利用中国家庭金融调查（CHFS）的数据进行实证分析。CHFS是一项全国性的家庭金融调查项目，涵盖了家庭资产、负债、收入、消费、保险和投资等多个方面的信息，为本研究提供了丰富的数据支持。本研究选取了CHFS2017年和2019年的调查数据，以反映数字金融发展对居民家庭金融资产配置的动态影响。Intermsofdatasources,thisstudyconductsempiricalanalysisusingdatafromtheChinaHouseholdFinanceSurvey(CHFS).CHFSisanationalhouseholdfinancialsurveyprojectthatcoversinformationonvariousaspectsofhouseholdassets,liabilities,income,consumption,insurance,andinvestment,providingrichdatasupportforthisstudy.ThisstudyselectedsurveydatafromCHFSin2017and2019toreflectthedynamicimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.在研究方法上，本研究采用面板数据模型进行实证分析。对数字金融发展和家庭金融资产配置进行描述性统计分析，了解其发展状况和分布特征。然后，通过构建面板数据模型，控制个体和家庭特征等因素，分析数字金融发展对居民家庭金融资产配置的影响。本研究还将采用多种稳健性检验方法，以确保研究结果的可靠性和稳健性。Intermsofresearchmethods,thisstudyadoptsapaneldatamodelforempiricalanalysis.Conductdescriptivestatisticalanalysisonthedevelopmentofdigitalfinanceandhouseholdfinancialassetallocationtounderstandtheirdevelopmentstatusanddistributioncharacteristics.Then,byconstructingapaneldatamodelandcontrollingforfactorssuchasindividualandhouseholdcharacteristics,theimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationisanalyzed.Thisstudywillalsoadoptvariousrobustnesstestingmethodstoensurethereliabilityandrobustnessoftheresearchresults.本研究还将进一步探讨数字金融发展对不同类型家庭金融资产配置的影响，包括股票、债券、基金、保险等不同类型的金融资产。通过对比分析，本研究旨在揭示数字金融发展对各类金融资产配置的异质性影响，为政策制定和实践应用提供有益的参考。Thisstudywillfurtherexploretheimpactofdigitalfinancedevelopmentontheallocationoffinancialassetsfordifferenttypesofhouseholds,includingstocks,bonds,funds,insurance,andothertypesoffinancialassets.Throughcomparativeanalysis,thisstudyaimstorevealtheheterogeneousimpactofdigitalfinancedevelopmentontheallocationofvariousfinancialassets,providingusefulreferencesforpolicyformulationandpracticalapplication.五、实证分析Empiricalanalysis本文利用中国家庭金融调查（CHFS）的丰富数据资源，对数字金融发展与居民家庭金融资产配置之间的关系进行了深入的实证分析。CHFS调查数据不仅包含家庭的基本信息，还详细记录了家庭的金融资产配置情况，为我们提供了研究数字金融对家庭金融资产配置影响的宝贵数据。ThisarticleusestherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS)toconductanin-depthempiricalanalysisoftherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation.TheCHFSsurveydatanotonlycontainsbasicinformationabouthouseholds,butalsoprovidesdetailedrecordsoftheirfinancialassetallocation,providinguswithvaluabledataforstudyingtheimpactofdigitalfinanceonhouseholdfinancialassetallocation.在实证分析中，我们首先对CHFS调查数据进行了预处理，包括数据清洗、缺失值填充以及异常值处理等步骤，确保数据的准确性和可靠性。随后，我们设定了关键变量，包括数字金融发展指数、家庭金融资产配置比例等，并对这些变量进行了描述性统计分析，初步揭示了变量的分布特征和潜在关联。Inempiricalanalysis,wefirstpreprocessedtheCHFSsurveydata,includingdatacleaning,missingvaluefilling,andoutlierhandling,toensuretheaccuracyandreliabilityofthedata.Subsequently,wesetkeyvariables,includingtheDigitalFinanceDevelopmentIndex,theproportionofhouseholdfinancialassetallocation,etc.,andconducteddescriptivestatisticalanalysisonthesevariables,preliminarilyrevealingthedistributioncharacteristicsandpotentialcorrelationsofthevariables.为了准确揭示数字金融发展与居民家庭金融资产配置之间的关系，我们构建了多元线性回归模型，并采用最小二乘法（OLS）进行参数估计。在模型构建过程中，我们充分考虑了可能影响家庭金融资产配置的各种因素，如家庭收入、教育水平、年龄结构等，并将这些因素作为控制变量纳入模型中。Inordertoaccuratelyrevealtherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation,weconstructedamultiplelinearregressionmodelandusedtheleastsquaresmethod(OLS)forparameterestimation.Intheprocessofmodelconstruction,wefullyconsideredvariousfactorsthatmayaffecthouseholdfinancialassetallocation,suchashouseholdincome,educationlevel,agestructure,etc.,andincludedthesefactorsascontrolvariablesinthemodel.实证分析过程中，我们首先对模型进行了回归分析，并检验了模型的拟合优度和显著性。通过回归分析，我们发现数字金融发展指数与家庭金融资产配置比例之间存在显著的正相关关系，说明数字金融的发展确实促进了居民家庭金融资产的配置。Intheprocessofempiricalanalysis,wefirstconductedregressionanalysisonthemodelandtesteditsgoodnessoffitandsignificance.Throughregressionanalysis,wefoundasignificantpositivecorrelationbetweenthedevelopmentindexofdigitalfinanceandtheproportionofhouseholdfinancialassetallocation,indicatingthatthedevelopmentofdigitalfinancehasindeedpromotedtheallocationofhouseholdfinancialassets.接着，我们进行了稳健性检验，通过改变模型设定、引入其他控制变量等方法，验证了结果的稳健性。稳健性检验结果表明，数字金融发展对家庭金融资产配置的正向影响是稳健的，不受模型设定和变量选择的影响。Next,weconductedrobustnesstestsbychangingthemodelsettingsandintroducingothercontrolvariablestoverifytherobustnessoftheresults.Therobustnesstestresultsindicatethatthepositiveimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationisrobustandnotaffectedbymodelsettingandvariableselection.我们进一步探讨了数字金融发展对不同类型家庭金融资产配置的影响。通过分组回归分析，我们发现数字金融发展对不同类型金融资产的配置均有显著的促进作用，但影响程度和显著性因资产类型而异。Wefurtherexploredtheimpactofdigitalfinancedevelopmentontheallocationoffinancialassetsfordifferenttypesofhouseholds.Throughgroupregressionanalysis,wefoundthatthedevelopmentofdigitalfinancehasasignificantpromotingeffectontheallocationofdifferenttypesoffinancialassets,butthedegreeandsignificanceoftheimpactvarydependingonthetypeofasset.通过实证分析，我们得出以下数字金融的发展显著促进了居民家庭金融资产的配置，这种影响在不同类型的金融资产中均有所体现。这一结论对于深化金融改革、优化金融资源配置具有重要的政策启示意义。Throughempiricalanalysis,wehaveconcludedthatthedevelopmentofdigitalfinancehassignificantlypromotedtheallocationoffinancialassetsforhouseholds,andthisimpactisreflectedindifferenttypesoffinancialassets.Thisconclusionhasimportantpolicyimplicationsfordeepeningfinancialreformandoptimizingtheallocationoffinancialresources.然而，本文的研究仍存在一定的局限性。例如，数据样本可能存在一定的偏差或遗漏，模型设定也可能无法完全捕捉数字金融发展与家庭金融资产配置之间的复杂关系。未来研究可以进一步拓展数据来源、改进模型设定等方法，以更全面地揭示数字金融发展与家庭金融资产配置之间的关系。However,therearestillcertainlimitationstotheresearchinthisarticle.Forexample,theremaybecertainbiasesoromissionsinthedatasamples,andthemodelsettingsmaynotfullycapturethecomplexrelationshipbetweenthedevelopmentofdigitalfinanceandhouseholdfinancialassetallocation.Futureresearchcanfurtherexpanddatasources,improvemodelsettings,andothermethodstomorecomprehensivelyrevealtherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocation.本文利用CHFS调查数据对数字金融发展与居民家庭金融资产配置之间的关系进行了深入的实证分析，并得出了有益的结论。这些结论对于理解数字金融对家庭金融资产配置的影响机制、制定相关政策和措施具有重要的参考价值。Thisarticleconductsanin-depthempiricalanalysisoftherelationshipbetweendigitalfinancedevelopmentandhouseholdfinancialassetallocationusingCHFSsurveydata,anddrawsusefulconclusions.Theseconclusionshaveimportantreferencevalueforunderstandingtheimpactmechanismofdigitalfinanceonhouseholdfinancialassetallocation,andforformulatingrelevantpoliciesandmeasures.六、研究结果与讨论Researchfindingsanddiscussions本研究基于中国家庭金融调查（CHFS）的丰富数据，深入探讨了数字金融发展对居民家庭金融资产配置的影响。通过实证分析，我们发现数字金融的普及和应用显著改变了居民家庭的金融行为模式，对家庭金融资产配置产生了积极的影响。ThisstudyisbasedonrichdatafromtheChinaHouseholdFinanceSurvey(CHFS)anddelvesintotheimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocation.Throughempiricalanalysis,wefoundthatthepopularizationandapplicationofdigitalfinancehavesignificantlychangedthefinancialbehaviorpatternsofhouseholds,andhaveapositiveimpactontheallocationofhouseholdfinancialassets.数字金融的发展显著提高了居民家庭的金融市场参与率。随着数字金融服务的普及，越来越多的家庭开始接触并参与到金融市场中来，这不仅拓宽了家庭的金融投资渠道，也提高了家庭的金融素养和风险意识。Thedevelopmentofdigitalfinancehassignificantlyincreasedtheparticipationrateofhouseholdsinthefinancialmarket.Withthepopularizationofdigitalfinancialservices,moreandmorefamiliesarebeginningtocomeintocontactwithandparticipateinthefinancialmarket.Thisnotonlybroadensthefinancialinvestmentchannelsoffamilies,butalsoimprovestheirfinancialliteracyandriskawareness.数字金融的发展促进了居民家庭金融资产的多元化配置。通过对比分析不同数字金融使用程度的家庭，我们发现使用数字金融服务的家庭更倾向于进行多元化的资产配置，包括股票、债券、基金等多种金融产品。这种多元化的资产配置策略有助于降低家庭金融风险，提高金融资产的收益稳定性。Thedevelopmentofdigitalfinancehaspromotedthediversifiedallocationoffinancialassetsforhouseholds.Bycomparingandanalyzinghouseholdswithdifferentlevelsofdigitalfinanceusage,wefoundthathouseholdsusingdigitalfinancialservicesaremoreinclinedtodiversifytheirassetallocation,includingstocks,bonds,funds,andotherfinancialproducts.Thisdiversifiedassetallocationstrategyhelpstoreducehouseholdfinancialrisksandimprovethestabilityoffinancialassetreturns.我们还发现数字金融的发展对居民家庭的风险偏好产生了积极的影响。数字金融服务的便捷性和高效性使得家庭更容易接触到各类金融产品，从而提高了家庭的风险承受能力和投资意愿。这种风险偏好的提升有助于推动金融市场的创新和发展。Wealsofoundthatthedevelopmentofdigitalfinancehashadapositiveimpactontheriskpreferencesofhouseholds.Theconvenienceandefficiencyofdigitalfinancialservicesmakeiteasierforhouseholdstoaccessvariousfinancialproducts,therebyimprovingtheirrisktoleranceandinvestmentwillingness.Thisincreaseinriskappetitehelpstodriveinnovationanddevelopmentinfinancialmarkets.然而，值得注意的是，数字金融的发展也带来了一些新的挑战和问题。例如，数字金融服务的普及可能会导致家庭过度依赖金融科技，而忽视了传统金融服务的优势。数字金融的快速发展也可能加剧金融市场的波动性和不稳定性，给家庭金融资产配置带来新的风险。However,itisworthnotingthatthedevelopmentofdigitalfinancehasalsobroughtsomenewchallengesandproblems.Forexample,thepopularizationofdigitalfinancialservicesmayleadtohouseholdsoverlyrelyingonfinancialtechnologywhileignoringtheadvantagesoftraditionalfinancialservices.Therapiddevelopmentofdigitalfinancemayalsoexacerbatethevolatilityandinstabilityoffinancialmarkets,bringingnewriskstohouseholdfinancialassetallocation.数字金融的发展对居民家庭金融资产配置产生了积极的影响，但也存在一些潜在的风险和挑战。未来，我们需要在推动数字金融发展的加强金融监管和风险控制，确保金融市场的健康稳定和可持续发展。也需要加强金融教育和宣传，提高居民家庭的金融素养和风险意识，帮助他们更好地进行金融资产配置和风险管理。Thedevelopmentofdigitalfinancehashadapositiveimpactontheallocationoffinancialassetsforhouseholds,buttherearealsosomepotentialrisksandchallenges.Inthefuture,weneedtostrengthenfinancialsupervisionandriskcontrolinpromotingthedevelopmentofdigitalfinance,ensuringthehealthy,stableandsustainabledevelopmentofthefinancialmarket.Itisalsonecessarytostrengthenfinancialeducationandpublicity,improvethefinancialliteracyandriskawarenessofresidents,andhelpthembetterallocatefinancialassetsandmanagerisks.七、结论与建议Conclusionandrecommendations本研究通过利用中国家庭金融调查（CHFS）的丰富数据资源，深入探讨了数字金融发展对居民家庭金融资产配置的影响。研究发现，数字金融的普及和深化显著促进了居民家庭金融资产的多元化配置，特别是在股票、债券等风险性金融资产上的配置比例有所提升。这一变化不仅提升了居民家庭的整体财富水平，也对其风险承受能力、财富增长方式产生了积极影响。ThisstudyexploresindepththeimpactofdigitalfinancedevelopmentonhouseholdfinancialassetallocationbyutilizingtherichdataresourcesoftheChinaHouseholdFinanceSurvey(CHFS).Researchhasfoundthatthepopularizationanddeepeningofdigitalfinancehavesignificantlypromotedthediversifiedallocationoffinancialassetsinhouseholds,especiallyinriskyfinancialassetssuchasstocksandbonds.Thischangenotonlyenhancestheoverallwealthlevelofresidenthouseholds,butalsohasapositiveimpactontheirrisktoleranceandwealthgrowthmode.数字金融的便捷性和普惠性特点，使得更多的家庭能够接触到多样化的金融产品和服务，从而优化其金融资产配置结构。数字金融的发展还通过提高金融市场的透明度和效率，降低了居民家庭参与金融市场的门槛，进一步促进了金融资产的合理配置。Theconvenienceandinclusivenessofdigitalfinanceenablemorehouseholdstoaccessdiversefinancialproductsandservices,therebyoptimizingtheirfinancialassetallocationstructure.Thedevelopmentofdigitalfinancehasalsoimprovedthetransparencyandefficiencyoffinancialmarkets,loweredthethresholdforhouseholdparticipationi