随着电子信息技术和互联网金融的飞速发展，数字普惠金融的概念应运而生，这种覆盖面广、便捷度高、成本低的全新金融形式对传统金融下的金融活动产生巨大冲击，影响着人们生活的方方面面，在降低金融服务可及性和成本的同时，也会导致家庭债务的增长。因此，对于数字普惠金融发展与家庭负债水平影响效应的研究，在保障家庭稳定、缓解金融系统风险方面都具有重大现实意义。

本文利用北京大学数字普惠金融指数和第五轮中国家庭金融调查（CHFS）数据，构建了一个OLS回归模型直接评估数字普惠金融总指数以及三个二级维度指数对家庭负债总额的影响，并通过构建中介效应模型探讨家庭数字能力在该影响中发挥的间接效用，最后通过将研究的被解释变量由家庭负债总额替换为家庭消费性负债的方法对模型进行了稳健性检验。研究发现，数字普惠金融的发展对家庭负债水平具有显著的正向效应，同时相较于数字普惠金融覆盖广度以及使用深度而言，数字普惠金融数字化程度对家庭负债具有更大的效力。而家庭数字能力由于可以便利家庭负债活动和降低家庭支付痛感，在数字普惠金融对家庭负债的影响关系中发挥了中介效应。

基于以上发现，本文从降低家庭金融风险和发展数字普惠金融的角度，提出了相关政策建议：制定风险警示标准，防止家庭陷入过度负债风险；加强居民金融教育，提高居民整体金融能力；完善监管体系，保障消费者合法权益。

With the rapid development of electronic information technology and Internet finance, the concept of digital inclusive finance came into being, which has a huge impact on financial activities under traditional finance, affecting all aspects of people's lives, reducing the accessibility and cost of financial services, and increasing the risk of family over-indebtedness. Therefore, the research on the development of digital inclusive finance and the impact effect of household debt level is of great practical significance in ensuring household stability and alleviating the risk of the financial system.

Based on the data of the Digital Financial Inclusion Index of Peking University and the fifth round of the China Household Finance Survey (CHFS), this paper constructs an OLS regression model to directly evaluate the impact of the total digital financial inclusion index and the three second-level dimensional indices on the total household debt, and explores the indirect utility of household digital ability in this impact by constructing an intermediary effect model. The study finds that the development of digital inclusive finance has a significant positive effect on household debt level, and the degree of digitalization of digital inclusive finance has a greater effect on household debt than the coverage and depth of digital inclusive finance. However, because household digital capacity can facilitate household debt activities and reduce household payment pain, it plays a mediating effect in the impact of digital financial inclusion on household debt.

Based on the above findings, this paper puts forward relevant policy recommendations from the perspective of reducing household financial risks and developing digital inclusive finance: formulating risk warning standards to prevent households from falling into the risk of excessive debt, strengthening residents' financial education to improve their overall financial ability, and improving the regulatory system to protect the legitimate rights and interests of consumers.