Digital finance development and equalization of educational opportunities: An empirical analysis based on CFPS panel data

This paper focuses on micro-level Chinese households and empirically examines the impact of digital finance development on the equalization of educational opportunities, utilizing data from the China Family Panel Studies (CFPS). Empirical results indicate that digital finance development significantly enhances the level of equalization of educational opportunities. After a series of robustness checks, these conclusions remain valid. Further analysis reveals that the level of marketization and the individual liquidity constraint level of respondents play a significant moderating role in the positive impact of digital finance development on the equalization of educational opportunities.