山东工商学院硕士学位论文
摘要
大数据、云计算、5G等新兴数字技术的发展，使得亿万家庭以更快的速度获取
金融服务。数字普惠金融即数字技术与普惠金融的有机结合，在数字技术的支持下
通过金融服务促进普惠金融。和传统普惠金融相比，其金融服务的成本更低、效率
更高、质量更好。长期以来，信贷市场上的长尾群体由于无信心借款、利率高、担
保品不足等原因而被排除在正规金融机构之外，即便能够获得贷款其信贷需求不被
完全满足的情况也非常常见。数字普惠金融被认为是缓解家庭资金供给缺口的有效
办法，因此，有必要研究数字普惠金融能否增强家庭信贷的可得性，缓解家庭的信
贷约束状况。
本文以中国家庭金融调查（CHFS）数据库中提取的“家庭信贷约束”为研究对
象，运用理论分析与实证分析相结合的方法研究数字普惠金融对家庭信贷约束的直
接与间接影响。基于 2019年中国家庭金融调查（CHFS）和北京大学数字金融研究
中心的数据，控制家庭、户主和省份层面部分变量，运用 Probit模型对 13989户家
庭数据进行回归分析。同时选用 “该省/直辖市到杭州市的距离 ”作为工具变量建立
IV-Probit模型进行内生性检验。运用替换计量研究方法为 Logit模型和替换自变量的
总指标为一级指标的方法进行稳健性检验，最后分样本进行细致化的拓展分析。
研究表明：第一，数字普惠金融的发展可显著降低家庭受到信贷约束的概率，
包括需求型信贷约束和供给型信贷约束。第二，当家庭面临信贷约束时，高触达、
低成本、低风险性的数字普惠金融可直接为家庭送去信贷服务，同时通过增强家庭
金融知识水平的途径，改善家庭借款渠道偏好，提高家庭金融市场参与度，间接降
低家庭受到信贷约束的概率。第三，基于东中西、城乡和户主年龄的分样本异质性
回归，结果表明数字普惠金融对处于东部和西部、城镇家庭、户主年龄较大的家庭
信贷约束的缓解作用更大。
在当前经济高质量发展的大背景下，发展数字普惠金融，增强各类群体的信贷
可得性，不仅能从整体上促进生产经营、消费与投资，深化供给侧结构性改革，推
动金融业高质量发展，还可通过增加居民金融知识，提高居民金融素养来促进数字
金融与家庭金融的深度融合，推动我国经济的高质量健康发展。
关键词：数字普惠金融;家庭信贷需求;家庭信贷约束
I

Abstract
Abstract
The development of emerging digital technologies such as big data, cloud computing
and has enabled hundreds of millions of households to access financial services at a faster
pace. Digital inclusive finance means the organic combination of digital technology and
inclusive finance, promoting financial inclusion through financial services with the
support of digital technology. Compared with traditional inclusive finance, its financial
services are cheaper, more efficient and of better quality. For a long time, long-tail groups
in the credit market have been excluded from formal financial institutions due to lack of
confidence in borrowing, high interest rates and insufficient collateral, and it is very
common for their credit needs not to be fully met even if they can access loans. Digital
inclusive finance is seen as an effective way to alleviate the gap in the supply of funds to
households, and it is therefore necessary to examine whether digital inclusive finance can
enhance the availability of credit to households and alleviate their credit constraint
situation.
This paper takes "household credit constraint" extracted from Chinese Household
Finance Survey (CHFS) database as the research object, and combines theoretical analysis
with empirical analysis to study the direct and indirect impact of digital inclusive finance
on household credit constraint. Based on the data from the 2019 China Household Finance
Survey (chfs) and the digital finance research center of Peking University, some variables
at the household, head of household and provincial levels are controlled, and the probit
model is used to conduct regression analysis on the data of 13989 households. At the same
time, "the distance from the province / municipality directly under the central government
to Hangzhou" is selected as the instrumental variable to establish the IV probit model for
endogenous test. The research method of substitution measurement is the logit model and
the total index of substitution independent variable is the primary index for robustness test.
Finally, it is divided into samples for detailed expansion analysis.
The research shows that: first, the development of digital inclusive finance can
significantly reduce the probability of households being subjected to credit constraints,
including demand-type credit constraints and supply-type credit constraints. Second, when
families facing credit constraints, high touch, low cost, low risk of pratt &whitney
financial can be directly sent to the credit service for family, at the same time enhance
II
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