Research On The Influence Of Perceived Risk On The Purchase Decision Of Internet Financial Funds

With the development of information technology and mobile payment technology,in recent years,Internet Finance is constantly changing the financial management methods of small and medium investors with its Internet characteristics such as low investment threshold,easy management and fast transaction.Since the Internet characteristics of financial products may bring certain risks to investors,many studies have used the Perceived Risk Theory in psychology to study investors' acceptance of Internet financial products,and the studies were usually based on the perspective of technology acceptance.In fact,based on the research of behavioral finance,investors in real life can't make completely rational decisions.One of the reasons is that investors can't deal with the collected information objectively and rationally,which is also the explanation of user information behavior in the field of information science.With the development of the Internet,the information of financial funds has gradually become public.Investors can obtain more relevant product information and have more convenient channels to purchase financial funds,which greatly expands the dimension of investors' perception of risks of Internet financial funds.Therefore,it is a worth trying topic to explore the influence of investors' perceived risk on the purchase decision of Internet financial funds from the perspective of information.First of all,based on the theory summaries,this paper analyzes and summarizes the factors affecting perceived risk from the information characteristics,platform characteristics,financial characteristics of Internet financial funds and investors' own characteristics.And this paper innovatively constructs a quantitative model of perceived risk.Then,based on the exchange theory,this paper constructs the mechanism model of perceived risk's influence on the purchase decision of Internet financial funds,and proposes hypotheses based on the model.Finally,this paper uses the empirical method based on structural equation model(SEM)to verify the model hypothesis,and uses the empirical method based on platform data regression analysis to analyze and compare the purchase decision model and explore the impact mechanism of perceived risk.The main conclusions are as follows:(1)Perceived risk negatively affects investors' purchasing decisions on Internet financial funds;(2)Fund volatility positively affects investors' perceived risk,and investors' perception negatively adjust the impact of volatility on perceived risk;(3)The salience of risk information negatively affects perceived risk,but positively affects perceived risk in actual decision-making.This paper enriches and expands the perspectives and methods of the research on the perceived risk of investors on Internet financial funds.It analyzes the individual decision-making behaviors in the actual situation from the perspective of user information behavior of information science,and explores the influence mechanism of perceived risk from this perspective,which brings certain theoretical and practical significance.