The Behavior Of Personal Internet Wealth Management:Based On Perceived Risk And Perceived Value

With the continuous improvement of the national income,the demand for wealth management has accumulated year by year,resulting in a huge potential wealth management market.Due to the high convenience,low threshold and time saving and other advantages,the Internet wealth management has attracted a large number of investors since 2013,and the capital scale grew rapidly.It has transformed the structure of personal wealth management,and even has an impact on financial institutions and monetary policy.At present,Internet wealth management has entered a period of steady growth from Barbarous Growth.Regulations are being implemented in an orderly manner.In short,Internet wealth management is becoming an important part of the residents' economic activities.Considering the situation of financial market in our country,it is urgent to thoroughly analyze the behavior of personal Internet wealth management and to guide residents to improve the rationality of wealth management practices.It will have a positive impact on the development of Internet wealth management and social stability.This paper is divided into five main parts as follows.Firstly,paper summarizes the development status of three types of Internet wealth management,analyzes the policy environment and its characteristics,and predicts the development trend based on the system dynamics simulation.Secondly,it analyzes the characteristics of personal Internet wealth management behavior,and uses Logit model to demonstrate the influence of risk perception,value perception and personal attributes on personal behavior.Thirdly,based on the results of bibliometric analysis to determine hypothesis,this paper uses PLS-SEM to study the influence mechanism of perceived risk and perceived value on the personal Internet wealth management behavior.And it uses Interpretation Structure Model to verify the relationships between the dimensions.Fourthly,based on the empirical results of perceived risk and perceived value,more than 2500 samples,the paper has formed a reliable measurement scale and used PLS-SEM model to explain the behavior of personal Internet wealth management.Fifthly,based on the empirical results of the dual-criteria behavioral model,paper divides personal risk preference types based on multi-dimensional data of perceived risk by using DBSCAN clustering method,and comprehensively use three-stage DEA model to propose personal Internet wealth management optimization plan.Then,the paper uses Bootstrap sampling,SVM pattern recognition and other methods to verify the results.The results of the dissertation show as follows:(1)Internet wealth management has changed the pattern of China's financial market.It has entered a stable growth stage from Barbarous Growth,and the development has entered a new normal.The result of System Dynamics shows that the scale of Internet wealth management funds will continue to expand and market share will eventually be stable.Eventually,it will become an important part of the financial system.(2)Influencing factors can be divided into two categories:subjective factors and personal attributes.In terms of subjective factors,personal risk perception and value judgment have an important impact on Internet wealth management behavior.In terms of personal attributes,age,education,income and experience can affect the personal Internet wealth management behavior,but gender and occupation can't.(3)Perceived risk has predictive effect on behavior of personal Internet wealth management.And it consists of five dimensions:financial risk,privacy risk,time risk,social risk and psychological risk,explained about 70%of the perceived risk.Among different types of personal Internet wealth management behavior,the importance of each dimension varies.(4)Perceived value has predictive effect on behavior of personal Internet wealth management.And it consists of four dimensions:functional value,emotional value,efficiency value and social value,explained about 60%of the perceived value.Among different types of personal Internet wealth management behavior,the importance of each dimension varies.(5)The Perceived Risk and Perceived Value dual-criteria behavioral model can explain the three kinds of personal Internet wealth management behavior in a well way.The explanation is between 65.7%and 70.8%.Perceived value has a positive impact on the behavior.From the view of dimensions of perceived value,functional value is the most important,followed by emotional value,efficiency value and Social value is relatively less important.Perceived risk has a negative impact on perceived value and the behavior.From the view of dimensions of perceived risk,psychological risk and financial risk are the most important,followed by time risk and social risk,the privacy risk is less important.(6)Based on multi-dimensional data of perceived risk,personal risk appetite can be divided into four categories in this paper:Smooth-averse,Smooth-cautious,Differential-radical and Extreme-cautious.Based on multi-dimensional data of perceived value,the investment efficiency analysis is conducted to determine the optimal efficiency of the decision-making unit.The result can point out that the appropriate amount of investment and investment ratio for the four types of risk appetite groups.Among,the empirical result of Diferential-radical is the most useful.For these people,the investment amount should be 4.9 times of their average monthly income.The investment proportion of three kinds of Internet wealth management should be 24.6%,41.3%and 34.1%.Because of the small quantity,there isn't a well result of the other three types.But the empirical results can be used as reference for people through simulation test.