中文摘要
我们研究金融科技时代的家庭金融：在这一时代，数字支付通过一体化超级应用（super apps）与各类金融服务整合在一起。我们提出假设：通过数字支付提高金融科技的使用，能够降低与金融市场参与相关的非货币成本（如心理障碍）。我们发现，金融科技使用程度的提高会带来更高的共同基金投资参与度并增加风险承担。我们以与蚂蚁集团的距离作为金融科技渗透度的工具变量，并利用二维码支付（QRPay）在深圳的外生性渗透，进一步提供了从数字支付到风险性基金投资的因果证据。此外，金融科技的效应在原本受到更多约束的个体、风险承受能力更高的个体，或居住在银行服务不足县域的个体中更强。本文由 Will Cong 接收（金融领域）。资助信息：C. Y. Hong 感谢国家自然科学基金 [资助号 72003125] 提供的资金支持。X. Lu 感谢国家自然科学基金 [资助号 72473028] 提供的资金支持。J. Pan 感谢国家自然科学基金 [资助号 W2431051] 提供的资金支持。补充材料：在线附录与数据文件可在 https://doi.org/10.1287/mnsc.2024.04423 获取。
Abstract
We study household finance in the age of FinTech, where digital payments are integrated with various financial services through all-in-one super apps. We hypothesize that increased FinTech adoption via digital payments can lower the nonmonetary costs (e.g., psychological barriers) associated with financial market participation. We find that higher FinTech adoption leads to greater participation and increased risk taking in mutual fund investments. Using distance from Ant as an instrument for FinTech penetration, as well as the exogenous penetration of QRPay in Shenzhen, we further provide causal evidence from digital payment to risky fund investment. Moreover, the effect of FinTech is stronger among individuals who are otherwise more constrained, those with higher risk tolerance, or those living in under-banked counties. This paper was accepted by Will Cong, finance. Funding: C. Y. Hong acknowledges financial support from the National Natural Science Foundation of China [Grant 72003125]. X. Lu acknowledges financial support from the National Natural Science Foundation of China [Grant 72473028]. J. Pan acknowledges financial support from the National Natural Science Foundation of China [Grant W2431051]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.04423 .