The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability

WEN Bo-hui; MENG Xin-xin; ZHAO Zhi-shang

Volume 38 Issue 6

Nov. 2023

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(6): 54-71

WEN Bo-hui, MENG Xin-xin, ZHAO Zhi-shang. The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(6): 54-71.

Citation:

WEN Bo-hui, MENG Xin-xin, ZHAO Zhi-shang. The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(6): 54-71.

Citation:

WEN Bo-hui, MENG Xin-xin, ZHAO Zhi-shang. The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(6): 54-71.

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The Impact of Digital Financial Development on the Risk Sharing Function of Family Social Networks: Based on the Perspective of Household Financial Vulnerability

School of Finance, Tianjin University of Finance and Economics, Tianjin 300222, China

Received Date: 2023-06-07
Available Online: 2023-12-21
Publish Date: 2023-11-28

Abstract

Abstract

The improvement of the anti-risk resilience of households and the reduction of their financial vulnerability are key to preventing the risk of a large-scale return to poverty. The development of digital finance can improve the availability of financial services for the "long-tail group" and partially replace acquaintance lending, thus affecting the risk sharing of household social networks to a certain extent. Against the above background, the study analyzes the role of social networks and digital finance on household risk sharing based on the perspective of household financial vulnerability by using the data of 2019 China Household Finance Survey (CHFS). The study finds that the social networks can reduce the financial vulnerability of households and realize the sharing of household risks, while the development of digital finance has a certain substitution effect on the risk-sharing function of social networks. Through mechanisms analyzed, the influencing mechanisms of the digital finance on the risk-sharing function of the family social network include the following: promoting the use of digital finance by households to form lending behaviors to crowd out social network lending, reducing the need to share risks through social networks; increasing household income levels to accumulate prudent savings to enhance the risk-resistant capacity of households; promoting the purchase of commercial insurance by households to achieve significant risk transfer to reduce the risk-sharing function of social networks; and reducing the stickiness of risk-sharing. Further analysis reveals that the degree of digitization is a stronger substitute for the risk-sharing function of social networks than the breadth of coverage and depth of use of digital finance; at the same time, for rural areas and households whose heads have experience of working or living outside the home, there is a complementary relationship between digital finance and social networks in sharing household risks, whereas for urban areas and households whose heads do not have experience of living or working outside the home, the above two exhibit a substitution relationship. The study helps to understand the changes in risk-sharing channels of households in the context of the development of digital finance and the mechanisms of these changes, and sheds light on the measures that can be taken to help vulnerable households improve their resilience to the risk.
- digital finance,
- social network,
- risk sharing,
- household finance,
- vulnerability

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References(48)

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