{"id":"https://openalex.org/W4416536712","doi":"https://doi.org/10.55493/5002.v15i12.5681","title":"The impact of digital financial inclusion on household financial vulnerability in China: An empirical study based on CFPS","display_name":"The impact of digital financial inclusion on household financial vulnerability in China: An empirical study based on CFPS","publication_year":2025,"publication_date":"2025-11-10","ids":{"openalex":"https://openalex.org/W4416536712","doi":"https://doi.org/10.55493/5002.v15i12.5681"},"language":"en","primary_location":{"id":"doi:10.55493/5002.v15i12.5681","doi":"https://doi.org/10.55493/5002.v15i12.5681","is_oa":true,"landing_page_url":"https://doi.org/10.55493/5002.v15i12.5681","pdf_url":"https://archive.aessweb.com/index.php/5002/article/download/5681/8510","source":{"id":"https://openalex.org/S2764525551","display_name":"Asian Economic and Financial Review","issn_l":"2222-6737","issn":["2222-6737","2305-2147"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Economic and Financial Review","raw_type":"journal-article"},"parent_works":[],"lineage":["https://openalex.org/W4416536712"],"child_works_count":0,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://archive.aessweb.com/index.php/5002/article/download/5681/8510","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5120420514","display_name":"Zhang Shirui","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I885383172","display_name":"National University of Malaysia","ror":"https://ror.org/00bw8d226","country_code":"MY","type":"education","lineage":["https://openalex.org/I885383172"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Zhang Shirui","raw_affiliation_strings":["Faculty of Economics and Management, National University of Malaysia, 43600 Bangi, Selangor, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics and Management, National University of Malaysia, 43600 Bangi, Selangor, Malaysia","institution_ids":["https://openalex.org/I885383172"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5011879147","display_name":"Mustazar Mansur","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I885383172","display_name":"National University of Malaysia","ror":"https://ror.org/00bw8d226","country_code":"MY","type":"education","lineage":["https://openalex.org/I885383172"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Mustazar Mansur","raw_affiliation_strings":["Faculty of Economics and Management, National University of Malaysia, 43600 Bangi, Selangor, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics and Management, National University of Malaysia, 43600 Bangi, Selangor, Malaysia","institution_ids":["https://openalex.org/I885383172"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5061408483","display_name":"Mohamad Helmi Hidthiir","orcid":"https://orcid.org/0000-0002-7922-3228","observed_orcids":["https://orcid.org/0000-0002-7922-3228"]},"institutions":[{"id":"https://openalex.org/I94625822","display_name":"Universiti Utara Malaysia","ror":"https://ror.org/01ss10648","country_code":"MY","type":"education","lineage":["https://openalex.org/I94625822"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Mohammad Helmi Bin Hidthiir","raw_affiliation_strings":["School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok, Kedah, Malaysia"],"raw_orcid":"https://orcid.org/0000-0002-7922-3228","affiliations":[{"raw_affiliation_string":"School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok, Kedah, Malaysia","institution_ids":["https://openalex.org/I94625822"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5102950766","display_name":"Zaki Ahmad","orcid":"https://orcid.org/0000-0003-1346-5379","observed_orcids":["https://orcid.org/0000-0003-1346-5379"]},"institutions":[{"id":"https://openalex.org/I94625822","display_name":"Universiti Utara Malaysia","ror":"https://ror.org/01ss10648","country_code":"MY","type":"education","lineage":["https://openalex.org/I94625822"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Zaki Ahmad","raw_affiliation_strings":["Islamic Business School, Universiti Utara Malaysia, Sintok, Kedah, Malaysia"],"raw_orcid":"https://orcid.org/0000-0003-1346-5379","affiliations":[{"raw_affiliation_string":"Islamic Business School, Universiti Utara Malaysia, Sintok, Kedah, Malaysia","institution_ids":["https://openalex.org/I94625822"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5109023327","display_name":"Ayman Abdalla Mohammed Abubakr","orcid":"https://orcid.org/0000-0001-6755-0654","observed_orcids":["https://orcid.org/0000-0001-6755-0654"]},"institutions":[{"id":"https://openalex.org/I117222138","display_name":"Abu Dhabi University","ror":"https://ror.org/01r3kjq03","country_code":"AE","type":"education","lineage":["https://openalex.org/I117222138"]}],"countries":["AE"],"is_corresponding":false,"raw_author_name":"Ayman Abdalla Mohammed Abubakr","raw_affiliation_strings":["Department of Financial Management, Academic Programs for Military Colleges, Abu Dhabi University, United Arab Emirates"],"raw_orcid":"https://orcid.org/0000-0001-6755-0654","affiliations":[{"raw_affiliation_string":"Department of Financial Management, Academic Programs for Military Colleges, Abu Dhabi University, United Arab Emirates","institution_ids":["https://openalex.org/I117222138"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.7709,"has_fulltext":true,"cited_by_count":9,"citation_normalized_percentile":{"value":0.95645691,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"15","issue":"12","first_page":"1834","last_page":"1853"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10987","display_name":"Microfinance and Financial Inclusion","score":0.7813000082969666,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10987","display_name":"Microfinance and Financial Inclusion","score":0.7813000082969666,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.2093999981880188,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.00279999990016222,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/digital-financial-inclusion","display_name":"digital financial inclusion","score":1.0},{"id":"https://openalex.org/keywords/household-financial-vulnerability","display_name":"household financial vulnerability","score":1.0},{"id":"https://openalex.org/keywords/household-income","display_name":"household income","score":0.9010000228881836},{"id":"https://openalex.org/keywords/credit-constraints","display_name":"credit constraints","score":0.996999979019165},{"id":"https://openalex.org/keywords/low-income-households","display_name":"low-income households","score":0.9380000233650208},{"id":"https://openalex.org/keywords/underdeveloped-regions","display_name":"underdeveloped regions","score":0.8159999847412109},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.9549999833106995},{"id":"https://openalex.org/keywords/china-family-panel-studies","display_name":"China Family Panel Studies","score":0.6510000228881836}],"concepts":[{"id":"https://openalex.org/C2779251847","wikidata":"https://www.wikidata.org/wiki/Q60852","display_name":"Financial inclusion","level":3,"score":0.8751999735832214},{"id":"https://openalex.org/C95713431","wikidata":"https://www.wikidata.org/wiki/Q631425","display_name":"Vulnerability (computing)","level":2,"score":0.6776999831199646},{"id":"https://openalex.org/C67257552","wikidata":"https://www.wikidata.org/wiki/Q635217","display_name":"Probit model","level":2,"score":0.5264000296592712},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.48820000886917114},{"id":"https://openalex.org/C2780892066","wikidata":"https://www.wikidata.org/wiki/Q1591167","display_name":"Household income","level":2,"score":0.4819999933242798},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.47679999470710754},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.46549999713897705},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4641000032424927},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4390000104904175},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.3817000091075897},{"id":"https://openalex.org/C162144332","wikidata":"https://www.wikidata.org/wiki/Q1665305","display_name":"Instrumental variable","level":2,"score":0.30799999833106995},{"id":"https://openalex.org/C184314375","wikidata":"https://www.wikidata.org/wiki/Q3117995","display_name":"Probit","level":2,"score":0.30399999022483826},{"id":"https://openalex.org/C65146658","wikidata":"https://www.wikidata.org/wiki/Q1416431","display_name":"Financial intermediary","level":2,"score":0.29739999771118164},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.29100000858306885},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.2896000146865845},{"id":"https://openalex.org/C164516710","wikidata":"https://www.wikidata.org/wiki/Q1166072","display_name":"Financial transaction","level":3,"score":0.28940001130104065},{"id":"https://openalex.org/C109359841","wikidata":"https://www.wikidata.org/wiki/Q728944","display_name":"Inclusion (mineral)","level":2,"score":0.2872999906539917},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.28690001368522644},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.2847000062465668},{"id":"https://openalex.org/C196390999","wikidata":"https://www.wikidata.org/wiki/Q11655436","display_name":"Indirect finance","level":3,"score":0.28450000286102295},{"id":"https://openalex.org/C2781332510","wikidata":"https://www.wikidata.org/wiki/Q5449713","display_name":"Financial fragility","level":3,"score":0.28049999475479126},{"id":"https://openalex.org/C2777941463","wikidata":"https://www.wikidata.org/wiki/Q1416374","display_name":"Financial literacy","level":2,"score":0.2676999866962433},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.2612000107765198},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.2513999938964844},{"id":"https://openalex.org/C120784921","wikidata":"https://www.wikidata.org/wiki/Q17086363","display_name":"Multivariate probit model","level":2,"score":0.2508000135421753},{"id":"https://openalex.org/C2777064627","wikidata":"https://www.wikidata.org/wiki/Q3151423","display_name":"Financial innovation","level":2,"score":0.25}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.55493/5002.v15i12.5681","doi":"https://doi.org/10.55493/5002.v15i12.5681","is_oa":true,"landing_page_url":"https://doi.org/10.55493/5002.v15i12.5681","pdf_url":"https://archive.aessweb.com/index.php/5002/article/download/5681/8510","source":{"id":"https://openalex.org/S2764525551","display_name":"Asian Economic and Financial Review","issn_l":"2222-6737","issn":["2222-6737","2305-2147"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Economic and Financial Review","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.55493/5002.v15i12.5681","doi":"https://doi.org/10.55493/5002.v15i12.5681","is_oa":true,"landing_page_url":"https://doi.org/10.55493/5002.v15i12.5681","pdf_url":"https://archive.aessweb.com/index.php/5002/article/download/5681/8510","source":{"id":"https://openalex.org/S2764525551","display_name":"Asian Economic and Financial Review","issn_l":"2222-6737","issn":["2222-6737","2305-2147"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4361074916","host_organization_name":"Conscientia Beam","host_organization_lineage":["https://openalex.org/P4361074916"],"host_organization_lineage_names":["Conscientia Beam"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Asian Economic and Financial Review","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.8928999900817871,"id":"https://metadata.un.org/sdg/1","display_name":"No poverty"},{"score":0.7578999996185303,"id":"https://metadata.un.org/sdg/10","display_name":"Reduced inequalities"},{"score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"},{"score":0.5683000087738037,"id":"https://metadata.un.org/sdg/3","display_name":"Good health and well-being"}],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4416536712.pdf","grobid_xml":"https://content.openalex.org/works/W4416536712.grobid-xml"},"referenced_works_count":14,"referenced_works":["https://openalex.org/W2095756471","https://openalex.org/W2244033944","https://openalex.org/W2559928430","https://openalex.org/W2795321837","https://openalex.org/W2885299825","https://openalex.org/W3123192212","https://openalex.org/W3123225874","https://openalex.org/W4303685919","https://openalex.org/W4311775738","https://openalex.org/W4313138753","https://openalex.org/W4391389150","https://openalex.org/W4402731313","https://openalex.org/W4403227530","https://openalex.org/W4407753484"],"related_works":["https://openalex.org/W7208824424","https://openalex.org/W4403426599","https://openalex.org/W7122750558","https://openalex.org/W4393239923","https://openalex.org/W4401168286","https://openalex.org/W7121558753","https://openalex.org/W7169607321","https://openalex.org/W4408823398","https://openalex.org/W4283066903","https://openalex.org/W4402738301"],"abstract_inverted_index":{"Digital":[0],"Financial":[1,17],"Inclusion":[2],"(DFI)":[3],"has":[4],"developed":[5,184],"rapidly":[6],"worldwide":[7],"and":[8,31,50,60,68,80,105,112,155,186],"is":[9,98,137,179,197],"considered":[10],"an":[11,63],"important":[12],"tool":[13],"to":[14,28,120,205],"alleviate":[15,121],"Household":[16],"Vulnerability":[18],"(FV).":[19],"However,":[20],"most":[21],"of":[22,42,45,131,175,193],"the":[23,43,55,83,126,128,170,173,190,202],"existing":[24],"studies":[25],"are":[26,32,86],"limited":[27],"short-term":[29],"effects":[30],"based":[33,53],"on":[34,54,118,133],"single-time":[35],"cross-sectional":[36],"data,":[37],"lacking":[38],"a":[39,147],"dynamic":[40],"analysis":[41],"impact":[44],"digital":[46,143,156,176,194],"inclusive":[47,157,177],"finance":[48,158,178],"before":[49],"after.":[51],"Therefore,":[52],"CFPS":[56],"data":[57],"from":[58],"2018":[59],"2022,":[61],"employing":[62],"Ordered":[64],"Probit":[65],"regression":[66],"model":[67],"its":[69],"marginal":[70,191],"effect":[71,76,97,130,192],"analysis,":[72,79],"combined":[73],"with":[74],"mediating":[75],"tests,":[77,82],"heterogeneity":[78],"robustness":[81],"following":[84],"hypotheses":[85],"verified:":[87],"(1)":[88],"DFI":[89,119,132],"significantly":[90],"reduces":[91],"household":[92,103,134,152,162,167],"financial":[93,122,135,144,153,163,195],"vulnerability;":[94,123],"(2)":[95],"this":[96],"partly":[99],"realized":[100],"by":[101,165],"increasing":[102,166],"income":[104],"easing":[106],"credit":[107],"constraints;":[108],"(3)":[109],"low-income":[110,187],"households":[111],"economically":[113,183],"underdeveloped":[114],"areas":[115],"rely":[116],"more":[117,180],"(4)":[124],"after":[125,201],"epidemic,":[127],"mitigation":[129],"vulnerability":[136,164],"enhanced.":[138],"The":[139],"results":[140],"show":[141],"that":[142],"inclusion":[145,196],"plays":[146],"significant":[148,181],"role":[149,174],"in":[150,182,199],"reducing":[151],"vulnerability,":[154],"can":[159],"also":[160],"reduce":[161],"income.":[168],"At":[169],"same":[171],"time,":[172],"regions":[185],"families.":[188],"Additionally,":[189],"stronger":[198],"2022":[200],"pandemic":[203],"compared":[204],"2018.":[206]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":2}],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2025-11-23T00:00:00"}
