数字普惠金融作为普惠金融的延伸，具有广覆盖和低成本的独特优势，在近些年迅速发展，并在促进整体消费和经济增长、缓解贫困和收入差距以及提高技术创新和创业等方面显露出积极的促进作用。同时，随着我国金融市场不断改革发展，金融产品日益丰富，投资选择更加多样化，加上我国人均可支配收入不断提高，个体参与金融市场的积极性不断增强，影响力与日俱增，投资者行为相关研究也成为了学术重点。风险偏好作为投资者行为研究中的关键因素，不仅会直接影响投资者的投资决策，还会影响个体的择业、储蓄、消费以及保险等行为选择，进而影响社会整体的收入差距、资源配置以及社会福利。因此，探究数字普惠金融发展对投资者风险偏好的影响具有十分重要的现实意义。

本文利用2015年中国数字普惠金融发展指数和中国家庭金融调查（CHFS）的匹配数据，构造投资者主观和客观风险偏好指标，并分别建立Probit模型和Tobit模型进行实证分析，探究我国数字普惠金融总指标和分维度指标对投资者主客观风险偏好的影响。最后，按照地域、城乡、财富水平、性别、年龄和受教育程度进行了分样本回归，探究数字普惠金融对不同群体投资者风险偏好的异质性影响。

研究发现，从总体上看，数字普惠金融的发展对投资者的主客观风险偏好具有显著的正向促进作用，控制变量方面，金融素养、受教育程度和家庭财富水平能够显著提高投资者的主客观风险偏好，而健康、婚姻和子女状况等对主客观风险偏好产生的影响不一致。分维度看，数字普惠金融三个维度的分指数均对投资者的主客观风险偏好产生了显著的促进作用，其中，覆盖广度指标的边际影响要大于数字支持服务程度指标和使用深度指标。从样本异质性上看，数字普惠金融对风险偏好的促进作用在西部地区、农村地区、高财富家庭、女性、中青年以及高学历群体中更加显著。

As an extension of inclusive finance, digital inclusive finance has the unique advantages of wide coverage and low cost. In recent years, it has achieved rapid development and played a positive role in promoting consumption and economic growth, alleviating income gap and poverty, and improving technological innovation and entrepreneurship. At the same time, with the continuous reform and development of China's financial market, financial products and investment options are more diversified, With the continuous improvement of income, the enthusiasm of individuals to participate in the financial market is increasing, and their influence is increasing day by day. The research on investor behavior has also become an academic focus. As a key factor in the study of investor behavior, risk preference not only directly affects the investment decisions of investors, but also affects the individual's choice of jobs, savings, consumption and insurance, and then affects the income gap, resource allocation and social welfare of the whole society. Therefore, it is of great practical significance to explore the impact of the development of digital Inclusive Finance on investors' risk preference.

Based on the data of China's digital Inclusive Finance Development Index and China Household Finance Survey (CHFS) in 2015, this paper constructs the subjective and objective risk preference indicators of investors, and establishes Probit model and Tobit model to explore the impact of China's total index and sub dimension index of digital Inclusive Finance on investors' risk preference. Finally, according to the region, urban, rural areas, wealth level, gender, age and educationcation level, this paper makes a sub sample regression to explore the heterogeneity of the impact of digital Inclusive Finance on investors' risk preference in different groups.

The results show that the development of digital Inclusive Finance has a significant positive effect on the subjective and objective risk preference of investors. In terms of control variables, financial literacy, educationcation level and family wealth level can significantly improve the subjective and objective risk preference of investors, while health, marriage and children's status have different effects on the subjective and objective risk preference. Conclusion it has passed the endogeneity test and robustness test, so it is reliable. The three dimensions of digital Inclusive Finance have a significant effect on the risk preference of investors, and the marginal impact of coverage index is greater than that of digital support service degree index and use depth index. Finally, in the sub sample heterogeneity research results show that the promotion effect of digital Inclusive Finance on risk preference is more significant in the western region, rural areas, high wealth families, women, young and middle-aged and highly educationcated groups.

Based on the above conclusions, this paper puts forward suggestions on improving the coverage of digital Inclusive Finance, especially in rural and western areas, and strengthening financial education to improve the financial literacy of investors.