商业保险是家庭风险管理的重要工具，而人口跨文化流动的日益频繁正深刻影响着家庭的保险决策行为。本文基于2019年中国家庭金融调查（CHFS）数据，以北方家庭为研究对象，实证考察了跨文化流动对家庭商业保险参与的影响效应及作用机制。研究发现：第一，跨文化流动显著促进了家庭商业保险购买，该结论在采用工具变量法缓解内生性问题，以及进行倾向得分匹配、替换样本、Oster边界检验等一系列稳健性检验后依然成立。第二，机制分析表明，跨文化流动通过提升家庭风险偏好与金融素养水平两条渠道发挥作用，前者改善家庭风险态度，后者增强风险认知与评估能力，共同推动商业保险参与。第三，异质性分析显示，该效应在非健康、低学历及高收入家庭中更为显著。本文从人口流动与文化交融的双重视角，为理解我国家庭商业保险参与差异提供了新的微观证据，并为完善流动家庭风险保障体系、加强金融知识普及提供了政策启示。

This paper examines the influence of gambling culture on household investment decisions concerning risky financial assets. To estimate these effects, the study utilizes data from the 2019 China Household Finance Survey. The empirical findings reveal that gambling culture significantly enhances household preferences for risky financial assets and raises the proportion of household allocations to these assets. Furthermore, both subjective financial literacy and objective financial literacy amplify these positive effects. The heterogeneity analysis revealed that the effects of gambling culture on household preference for and allocation of risky financial assets varied across regions, income levels, and household types.

The aging population is intensifying, and solving the problem of elderly care is urgent. This article is based on CHFS (2019) survey data, and empirical research has found that commercial pension insurance significantly promotes households' allocation of risky financial assets. The mechanism is tested using household risk perception and investment risk preference as mediating variables. In addition, through heterogeneity testing, it was found that the positive effect of commercial pension insurance on the allocation of risky financial assets is more significant in rural households with household registration, two sets of housing, and households in the northeast.

The influence of religious beliefs on investment is interesting and important in literature. We use a large dataset with detailed information on the worship places of the five largest religious groups in China to study the relationship between local religious beliefs and individual financial decisions. We find that Buddhists, Taoists, Islamists, and Catholics are less likely to buy financial products on the financial market; Protestants tend to take risks compared to other believers. Chinese Protestants, unlike American Christians, seek more risk, while Catholics are risk-averse.

文章利用CHFS（2019）调查数据，实证研究了移动互联网可及性对家庭风险金融资产配置的影响。结果表明：移动互联网可及性能显著提高家庭参与风险金融资产配置的概率和占比；异质性分析表明，在家庭是否参与风险金融资产配置方面，移动互联网可及性对低收入、城镇户口、受教育程度在高中及以上的家庭的影响程度更大；在家庭风险金融资产配置占比方面，移动互联网可及性对低收入、乡村户口、受教育程度在高中及以上的家庭影响程度更大；机制分析显示，移动互联网可及性可通过提高金融素养、增强投资便利性和增加家庭总收入，进而提高家庭参与风险金融资产配置的概率和程度。根据实证结果，本文提出了一些可行的政策建议。

Over the past decade, the rapidly digitizing economy in China has attracted much attention in both academic and policy circles. Most existing studies focus on the positive impact digitalization has had on China's inclusive growth. Few of them have attempted to measure the widening digital divide and its potential impact. Using the 2017 and 2019 China Household Finance Survey (CHFS) data, this paper: (i) provides the first evidence that the digital divide has a significant negative impact on household consumption. For every unit increase in the digital divide, the level of household consumption will drop by about 28 percent; (ii) finds the negative impact stems from an integrated channel of rising unemployment, intensified liquidity constraints, and declining financial literacy; and (iii) further discloses that the digital divide has differential impacts on household consumption by category, while hinders consumption diversification. The results are robust to correcting for potential endogeneity due to sample selection, household heterogeneity, and reverse causality. Our findings shed new light on some little-documented evidence and have profound implications for related socio-economic policies that fully utilize technology to drive efficiency and inclusivity in the digital economy.