Third-Party Payment And Family Financial Assets Selection

With the rapid development of the third party payment platform,in order to maximize the interests of the trigger,the family to choose the allocation of financial assets is more complex.Faced with such a development environment and background,will the Internet financial market development and innovation of the third party payment platform encourage families to choose the third party payment platform and give up the traditional methods of payment or the financial management? What is the essential reason for the family to choose the third party payment platform and then adjust the allocation of family financial assets? And what will happen for the family of the total amount?the structure and the scale of financial assets compared with the traditional family financial allocation? By answering these questions in this paper,it will help us to comprehend that the innovation and development of the third party payment platform has gradually penetrated the configuration selection of household financial assets and further improve the family finance theory.The third party payment industry is promoting household consumption and investment.What's more,it will greatly promote the development of the third party payment industry and promote the development of economy.Therefore,based on the theory of transaction cost and family assets selection,making the third party payment as the research object,This paper reveals that the development of China's third party payment platform brings great impetus to the family and the traditional financial industry,and then puts forward the institutional policy recommendations for the development of China's third party payment system.The first chapter is an introduction to the full text of this chapter,in order to introduce the background and basis of this topic,the purpose and significance of the study,the research route and technical route and possible innovation.The second chapter firstly defines the concept of the third party payment,and compares it with other related concepts,so as to deeply understand the essence of the third party payment.On the basis of this,the paper studies the third party payment through the transaction cost theory and the virtual enterprise perspective,and reveals the dynamic mechanism of the influence of the third party payment on the choice of family financial assets.On the other hand,from the early research on consumption savings theory,life cycle theory and the microcosmic field of economic and financial development,this paper reviewed the relevant literature of the household financial portfolio choice.From the existing literature,there are few studies on the impact of the third party payment on the choice of family financial assets.Therefore,this article is trying to make some breakthroughs on this research perspective and direction.The third chapter is the research of the characteristics of the third party payment platforms' market competition.Through the comparative analysis of the third party payment platform profit model,this chapter also research these return and risk,and then analyze such a family how to choose financial assets under the risks and benefits.Therefore,this chapter makes a detailed analysis of the market competition characteristics of the third party platform,which is the theoretical and practical basis for the analysis of the essential reasons and the influencing mechanism.The fourth chapter is based on the research literature on household financial assets selection and consumption theory at home and abroad,by using of institutional economics and transaction cost theory to discuss the third party payment mechanism of household financial assets selection system.This chapter uses transaction cost theory to analyze the essence of the third party payment to the structural change of family assets.To analyzeBy analyzing the theory of Williams' s limited rationality,asset specificity and speculative,the third party payment could reduce the transaction cost of traditional family investment in financial assets and make the structural adjustment of family assets.How to adjust and change the family financial assets by the family in the traditional and third party payment under the two different ways to pay for the existence of transaction costs change? From the current development of the third party payment,the third party payment not only affects the daily life of the household consumption,savings and other aspects,but also affects the family financial management,investment decisions.Therefore,this chapter is a detailed analysis of how the third party payment system affects the choice of family financial assets,as well as its impact on the traditional financial industry.The fifth chapter analyzes the total amount,scale and mechanism of the influence of the third party payment on the choice of family financial assets.Through a large number of reading literature and practice survey,it is found that the third party payment platform mainly affects the choice of family financial assets through the three mechanisms: The first is the scene of the facilitation and payment of both financing that affect consumption and investment patterns of family;secondly is the convenient payment changing the residents' marginal propensity to consume and mental account,and then changing the way of household consumption and savings;the third is the convenience of payment that increase financial availability and change of household financial assets selection.The sixth chapter makes empirical analysis on the direct and indirect mechanism of the influence of the third party payment on the household financial assets selection by using the survey data of the Chinese Household Financial Investigation Center(CHFS)in 2013.First of all,this paper makes an empirical analysis on the direct mechanism of the third party payment on the choice of family assets.It is concluded that the third party payment can significantly affect the risk of family participation in the financial market.Then,under the financial development,the third party payment choose to change the family financial assets of the indirect mechanism of empirical test.It is found that in the financial development,the choice of the third party payment will promote the family to participate in the risk-free and risky financial markets and asset reallocation.However,the development of the financial market will weaken this force,showing a competitive relationship between the third party payment market and traditional financial markets.In the Seventh chapter,the author puts forward some policy suggestions on the development of the third party payment and the choice of the family financial assets.The third party payment system innovation must pay attention to the risk control in the steady development,strengthen the system of supply,and the traditional financial integration and financial supervision in the financial sector of the Internet,and ultimately contributed to the overall reform including the third party payment,and the sustained and healthy development.Based on the above analysis,three main conclusions are obtained:Conclusion one: the essence of the development of the third party payment depends on the transaction cost.Essentially,most of the family out to reduce costs and improve the rational motives of income,causing the family in the family asset allocation decisions,allocate assets to third party payment market on traditional financial market,this is the third party payment platform to promote the innovation of the family re adjust the allocation of domestic financial assets the structure and nature of the deep.Conclusion two: the choice of the third party payment can significantly affect the family's participation in the risk-free and risky financial markets,thus affecting the choice of family financial assets.The empirical analysis shows that the convenience of the third party payment in the past two years has significantly affected the family's financial asset allocation.The facilitation of the third party payment due to significantly improve the family consumption amount of online shopping,which resulted in a significant increase in current consumption and reduce the future family savings.Conclusion three: the development of financial market will weaken the influence of family financial assets which chosing of the third party payment platform.Competition between the two markets is greater than cooperation.The development of the traditional financial market and the perfection of the third party payment market to the reverse effect on the force of family financial assets selection,And that will gradually weaken the third party payment platform on the impact of household financial assets,which is decided by the competitive relationship between the two.From the current point of view,this is the development of the third party payment market is unfavorable,the future development of the third party payment platform needs to be more stable and improved in the development of a reasonable policy,institutional guidance.In summary,this study proposes the policy suggestions mainly include:For the third party payment platform:(1)it Clear the legal status of the third party payment platform from the legal level to establish a standardized market access system for the third party payment platform.(2)Third party payment platform must take the strict and standardized regulation,including the scope of its business operations,liquidity,asset quality and market risk regulation,etc..In fact,In fact,the third party payment requires the formation of a diversified,personalized and secure payment system.(3)We need to establish a standard and strict market exit supervision mechanism for the third party payment platform.For the family:(1)in the face of the emergence of the third party payment platform for investment and financial management,it is encouraging diversification of household investment spending.(2)It is encouraging families to learn more ways,multi-channel knowledge of Internet banking and other third party payment.(3)the family should improve the ability of risk identification and reduce the risk of the third party payment.(4)It is encouraging families to enhance the awareness of safeguarding rights and safeguard the legitimate rights and interests of individuals.