Heterogeneity analysis results.

As digital technologies increasingly shape household financial behavior, understanding their role in buffering financial shocks has become an important policy and research concern. Drawing on panel data from the 2016, 2018, and 2020 waves of the China Family Panel Studies (CFPS), this paper investigates whether and how Internet use mitigates household financial vulnerability. The empirical results indicate that Internet use significantly lowers both the likelihood and severity of household financial vulnerability, a conclusion that holds after a series of robustness tests and corrections for endogeneity. Mechanism analysis reveals that this effect operates primarily through three channels: boosting income growth, promoting wealth accumulation, and enhancing risk management capabilities. Further heterogeneity analysis shows stronger mitigating effects in western regions, rural areas, and among households headed by individuals under the age of 60. These findings suggest several policy implications: deepen digital development by improving infrastructure and raising digital literacy to broadly reduce financial vulnerability; expand household income and wealth accumulation channels through innovative, technology-driven financial products that strengthen risk management; and prioritize equitable digital advancement, focusing on western regions, rural households, and older populations to narrow the digital divide and reduce systemic financial risk.

随着数字技术日益重塑家庭金融行为，探究其在缓冲金融冲击中所发挥的作用，已成为重要的政策与研究议题。本文基于中国家庭追踪调查（China Family Panel Studies, CFPS）2016、2018及2020三轮追踪数据，探究互联网使用是否能够缓解家庭金融脆弱性及其作用路径。实证结果表明，互联网使用可显著降低家庭金融脆弱性的发生概率与严重程度，该结论在经过一系列稳健性检验与内生性修正后依然成立。机制分析显示，该缓解效应主要通过三大路径实现：提升收入增长水平、促进财富积累，以及增强风险管理能力。进一步的异质性分析表明，互联网使用的金融脆弱性缓解效应在西部地区、农村地区以及户主年龄低于60岁的家庭中更为显著。本研究结论蕴含多维度政策启示：其一，通过完善基础设施建设与提升数字素养深化数字发展，以全面降低家庭金融脆弱性；其二，依托技术驱动的创新型金融产品拓展家庭收入与财富积累渠道，强化风险管理能力；其三，推进数字普惠发展，重点倾斜西部地区、农村家庭与老年群体，以缩小数字鸿沟并降低系统性金融风险。