“Digital Prosperity” or “Digital Worry”: Family Digitization and Financial Asset Allocation
利用中国家庭金融调查数据，研究发现家庭数字化显著提高了风险金融资产的持有比例和种类，同时降低了无风险资产比例，其机制包括提升金融素养、缓解流动性约束和拓宽收入来源。
ABSTRACT This paper examines how household digitalization affects financial asset allocation in the digital economy era. Using data from the 2017 and 2019 China Household Finance Survey (CHFS), we construct a household digitalization index based on digital access and usage. Employing a fixed effects model, we find that digitalization significantly increases both the share and variety of risky financial assets while reducing the share of risk‐free assets in household portfolios. These results suggest that digitalization leads to greater portfolio diversification, particularly toward riskier investments. Mechanism analysis indicates that digitalization operates through improved financial literacy, relaxed liquidity constraints, and expanded income sources. Our findings provide micro‐level evidence that the development of the digital economy can enhance the efficiency of household financial asset allocation.