Research On The Impact Mechanism Of Perceived Risk And Trust On Internet Financial Products Consumption Behavior

Internet Finance, a continuous red hot keywords since 2013, is aroused widespread concern in many sectors of the community when it is repeatedly written into the government work report. The Internet and the powerful combination of the financial industry which bring subversive thinking and innovative ways develop the new field of cross-border, especially the development of the emerging Internet financial model promotes the technical disintermediation、channel disintermediation、information disintermediation and customer relationship disintermediation, and effectively meet ordinary consumers’ financial service demand. These kinds of the innovative financial products takes overwhelming attitude into the daily life of the masses, to change the Chinese traditional financial management concept and ways, fit user groups’ diverse、differentiated and personalized investment and financial management objectives, impact the current financial regulatory system of institutional mechanisms, and trigger the turmoil in financial markets. Nowadays, neither the boom of Internet-based wealth management platforms nor the market chill caused by various events such as withdraw difficulties, bankruptcy or runaway are in line with the new trend and demand brought by the development of Internet information technology and transition of financial structure. In fact, in recent years emerging the Internet financial risk events seriously undermined public confidence in the Internet financial products. To a certain extent, financial consumers who are exposed to more flexible complexity and opacity financial products will lead to greater uncertainty risk harmfulness and weak the trust of the Internet financial products, even into the vicious circle of lack of trust, both of these points have became one of the important bottleneck which restricts the healthy development of the market. In the future, with the improvement of the institutional environment, the internet financial can truly find functional orientation which is rooted in the grassroots and served the public, practically assimilate into the mainline of the China’s economic and social development and financial reform, and under the premise of risk control, make a greater contribution for consumers’ wealth management, to achieve these goals depend on the sort of Internet financial development context, clearly consumers choose Internet financial products’ key influencing factors, and supplement the investigation about the influence of perceived risk and trust in the financial consumer behavior mechanism, so that making the policy level、industry、academia and consumers tend to be more rational view the sustainable evolution of the Internet financial practice innovation.In view of this, the present dissertation starting from conceptual analysis、literature review and theoretical framework set, around on features of the Internet financial products to expand the empirical research about the consumer behavior model and propose management measures. This dissertation on the structure is divided into nine chapters. Chapter one is an introduction; Chapter two is theoretical foundation and literature review; Chapter three is the current situation of the Internet financial products market; Chapter four is to build the conceptual model of the impact of consumer perception, perceived risk and trust on consumer behavior; Chapter five is for the study of the relationship between perceived risk and trust; Chapter six is to build consumer trust evaluation model of the Internet financial products; Chapter seven is an empirical analysis of the Internet financial products consuming behavior influence mechanism; Chapter eight is to regulate the management countermeasures of the financial investment products which is based on Internet development; Chapter nine is conclusions and outlook. Through the above analysis, In this dissertation, the research work and results are as follows:Firstly, system combing the practice development and theoretical knowledge which is related to Internet financial, and lay a solid theoretical foundation for follow-up post-consumer behavior study.The dissertation firstly defines the concept of Internet financial、consuming behavior、perceived risk and trust with a strong Chinese characteristics according to China’s stage of development and institutional characteristics. Then based on the research of consumer behavior theory, perceived risk theory and trust theory, this dissertation revises the traditional consumer behavior model and provides the theoretical framework for this study.Secondly, investigate and analysis the current situation of the Internet financial products market. Using model-based analysis of growth top limit of system dynamics to construct the limits-to-growth archetype of the development of third-party Internet payment based on government policies, social environment factors and the limits-to-growth archetype based on customer satisfaction constraint, study finds that innovative internet payment and value-added services have synergistic effects. Under current conditions of relatively fuzzy and relaxed regulation and system, internet financial products are destined to satisfy the public’s expectations of financial consumption and take the advantage in such a fierce market competition. This is the inexorable trend of financial model innovation. However, the nature of the Internet financial products still have financial attribute, the increased perceived risk and trust crisis will profoundly affect the financial consumer attitudes towards the Internet financial products and thus become the two important factors that influence consumer behavior.Thirdly, considering the unique characteristics of the Internet financial products, and in combination with the practical situation of the development of the market, on the basis of domestic and foreign literatures and methodology, analyzes the relative logical mechanism of core elements. Proposes the important concepts, which are consumer perception characteristics, the main dimensions of perceived risk, trust and behavior intentions, etc. Proposes the theoretical models of the new consumer behavior and research hypotheses. And on this basis, learning from the mature scale of domestic and foreign scholars design, we develop the questionnaire which is suitable for each variable of the conceptual model.Fourthly, according to the study needs to sort out the causal relationship between perceptive risk and trust. The comprehensive application of literature study method, expert consultation method and by Delphi method are to build the index system, that affects consumer trust the Internet financial products. Then the influencing factors are stratified by using ISM method. The results show that perceptive risk indirectly affect the level of trust by personal trust propensity. In other words, antecedently the perception of risk is to trust in the background of this research.Fifthly, the consumer evaluates fuzzy metric, which is overall level of trust in the Internet financial products. Combining with the previous chapter, and using structural model method of interpretation determines the structural distribution of trust factors. Establishes evaluation objects of the Internet financial products, which consumers are trustful. Selects the hierarchical analysis method to determine the index weight. In the light of trust subjectivity and ambiguity features, measures the overall level of consumers’ confidence in the Internet financial products with multi-level fuzzy comprehensive evaluation method. The results confirmed that the Internet financial products suffer a serious problem of the low trust, highlighting the trust crisis deepens.Sixthly, analyses consumer behavior paths of the Internet financial products. At the beginning, we should carry out the descriptive statistical analysis on the large-scale survey data as well as to quantitative analysis and test the assumptions we made. Then, detail explanation and analysis the test result effects of antecedents, intermediary factors, adjustment factor on consumer behavior intention and the logical association between these factors. Results show that consumers’ trust is the first critical factor to determine their behavior choices. Different dimensional perceived risks have dynamic influences on trust, in which the functionality risk shows more negative influence on trust than the emotionality risk, and different perceived characteristics also affect trust. Gender, corporate reputation and scale have a significant regulatory role on perception characteristics and behaviors willingness.Seventhly, based on theoretical research results, it puts forward the solution which integrates the efforts from all stakeholders to normalize the healthy and sustainable development of online financing based on the macro level of government, the intermediate level of enterprises, and the micro level of consumers.In summary, this dissertation uses a large sample of data to explore which factors can influence consumer perception of the use of the Internet financial products in the process as well as the relationship between these factors, and deeply interpretation consumer psychology and cognitive performance. From the theoretical and empirical perspective, systematically expounds the Internet Banking in the economic and financial market reform transition period level of development and existing problems. And enriches and improves the relationship verification between perceptive risk and trust. As well as the traditional model of consumer behavior has made extending a certain depth and breadth. But also for the innovation and development of Internet Banking will be farewell short-term regulatory arbitrage. Focuses on enhancing risk prevention and technical skills to provide strategic ideas. Provides reference for the regulatory authorities to promote the healthy development of the Internet financial.