本文旨在探讨数字普惠金融的发展水平对地区内家庭金融资产配置的影响及其作用机制，并对此影响针对不同群体的异质性进行研究。数字普惠金融作为金融科技的重要应用形式，对于提升金融包容性、推动经济增长和促进社会发展具有重要意义。然而，其对家庭金融资产配置的具体影响机制和不同人群之间的差异尚未得到充分研究和阐释。本研究基于北京大学数字普惠金融指数和中国家庭金融调查数据，运用计量经济学的方法，探讨了数字普惠金融发展水平对地区内家庭持有风险性金融资产比例的影响。研究结果显示，数字普惠金融能够通过增强家庭金融素养和丰富家庭投资经验两种机制，显著提高家庭持有风险性金融资产的比例。此外，本研究发现不同群体间数字普惠金融发展水平对家庭金融资产配置影响的异质性。在年龄方面，户主年龄最大和最小的家庭金融资产配置更容易受到数字普惠金融发展水平的影响。在教育程度方面，户主受教育程度最低和最高的家庭金融资产配置受数字普惠金融发展水平的影响更为显著。这些发现显示了数字普惠金融发展水平对家庭金融资产配置的影响在不同群体中存在一定的差异性，需要进一步制定针对性措施。同时，本研究对数字普惠金融的发展路径和未来趋势进行了展望。在数字经济蓬勃发展的背景下，数字普惠金融将继续成为推动金融创新和服务普惠群体的重要手段。为了更好地发挥数字普惠金融的作用，政府和金融机构应加大对数字普惠金融的支持力度，提升金融科技水平，拓展服务覆盖面，提高金融普惠性和效益。综上所述，本研究的结论有助于深化关于数字普惠金融对家庭金融资产配置影响的认识。研究结果为数字普惠金融政策的制定和推广提供了重要的政策启示和应用价值，有助于促进金融包容性的进一步提升，推动经济社会可持续发展。未来研究可以进一步探讨数字普惠金融与家庭财务、消费行为和投资组合多样化之间的关系。此外，需要关注数字普惠金融对社会经济不平等和金融风险传播的影响，以及推动数字金融技术的创新应用，促进普惠金融覆盖范围的扩展和效果的最大化。

This article is aimed to explore the impact of the level of development of digital financial inclusion on the allocation of financial assets of households within a region and its mechanism of action, and to study the heterogeneity of this impact for different groups. As an important form of application of financial technology, digital inclusive finance is of great significance in enhancing financial inclusion, promoting economic growth and fostering social development. However, the specific mechanism of its impact on household financial asset allocation and the differences between different groups have not yet been fully studied and explained.Based on data from the Peking University Digital Financial Inclusion Index and the China Household Finance Survey, this study uses econometric methods to explore the impact of the level of digital financial inclusion development on the proportion of risky financial assets held by households within a region. The results of the study show that digital financial inclusion can significantly increase the proportion of risky financial assets held by households through two mechanisms: enhancing their financial literacy and enriching their investment experience.In addition, this study finds heterogeneity in the impact of the level of digital financial inclusion development on the allocation of household financial assets among different groups. In terms of age, the financial asset allocation of households with the oldest and youngest heads of households is more likely to be affected by the level of digital financial inclusion development. In terms of education, the financial asset allocation of households with the lowest and highest levels of education of the head of household is more significantly affected by the level of development of digital financial inclusion. These findings show that the impact of the level of digital financial inclusion development on household financial asset allocation is somewhat different among different groups, and further targeted measures need to be developed.Meanwhile, this study provides an outlook on the development path and future trends of digital inclusive finance. Against the backdrop of a booming digital economy, digital inclusive finance will continue to be an important means of promoting financial innovation and serving inclusive groups. In order to better fulfil the role of digital inclusive finance, the government and financial institutions should increase their support for digital inclusive finance, enhance the level of financial technology, expand service coverage, and improve financial inclusion and effectiveness.In summary, the findings of this study help to deepen the understanding about the impact of digital inclusive finance on household financial asset allocation. The findings provide important policy insights and application value for the formulation and promotion of digital financial inclusion policies, which can help promote the further enhancement of financial inclusion and sustainable economic and social development.Future research could further explore the relationship between digital inclusive finance and household finances, consumption behavior and portfolio diversification. In addition, attention needs to be paid to the impact of digital financial inclusion on socio-economic inequality and the spread of financial risks, as well as to promoting the innovative application of digital financial technologies to facilitate the expansion of financial inclusion coverage and maximize its effects.