Internet Use,Financial Asset Allocation And Household Consumption Upgrade

For a long time,the slow consumption promotion has been an important factor restricting the transformation of China's macroeconomic structure and the improvement of family life and welfare.In recent years,the development of information technology and the popularization of the use of the Internet have greatly expanded household consumption channels in the microscopic field and improved the overall consumption level of households.However,from a horizontal comparison,the level of China's household consumption rate is still lower than the world average,and the growth rate of per capita consumption expenditure is also declining.This phenomenon does not match the income level and asset size of Chinese households' continuous growth,and it is also inconsistent with the theoretical explanation of the traditional life-cycle-sustainable income hypothesis.It can be seen that there may be other influencing factors in the influence path of Internet use on household consumption.Among them,the difference in family asset liquidity and allocation structure may be one of the reasons.As Chinese households generally have high preferences for savings and the proportion of housing assets,the overall liquidity of the asset structure is low,which has significantly inhibited households' ability to pay for immediate consumption.Therefore,in order to convert household consumption demand caused by Internet use into actual consumption expenditure,it is inevitable to explore the potential impact of household high liquidity asset allocation,especially financial asset allocation.The thesis is based on the realistic background of the rapid development of the Internet economy at home and abroad and the increasing penetration of domestic households' Internet usage.Based on the emerging Internet economy theory,asset portfolio theory and consumption theory,the thesis bases on "Internet use ? financial asset allocation ? household consumption upgrade" As a basic logical starting point,the analysis of household asset allocation and consumption behavior is aimed at exploring the transmission path and mechanism of financial asset allocation in the use of the Internet to influence household consumption upgrade.This article specifically answers four questions:(1)What is the impact of financial asset allocation on household consumption structure?Can the changes in asset structure with different liquidity promote household consumption upgrade?(2)Is there an intermediary effect of the allocation of financial assets in the process of the impact of Internet use on household consumption upgrades?If there are mediating effects,what are their specific impact effects,transmission pathways,and individual family differences?(3)According to the transmission path of the aforementioned question,how does the use of the Internet affect the allocation of financial assets,thereby leading to household consumption upgrades?What is the specific impact mechanism?(4)In practice,what measures need to be taken to support Internet use to promote household consumption upgrade through financial asset allocation and improve household consumption quality?First,based on the precautionary savings theory,liquidity constraint theory,and buffer inventory theory under uncertain conditions,the paper finds that in addition to the household income flow factor and the asset size stock factor,household consumption is also affected by asset liquidity and allocation structure factors.influences.Based on this,the paper builds a theoretical model of financial asset allocation and household consumption based on the liquidity differences of financial assets held by households,and compares the impact of high liquidity financial assets and low liquidity financial assets on household consumption.The liquidity effect is an important prerequisite for its wealth effect.In order to further explore the transmission path of Internet use to affect household consumption upgrade through financial asset allocation,the paper uses mathematical models to verify the mediating effect of financial asset allocation,and analyzes the Internet from three channels:information search,social interaction,and financial accessibility Use impact mechanisms for household financial market participation.Secondly,the paper uses cluster statistical analysis,panel model estimation,multiple mediating effect models,and adjusted mediating effect models to further examine the analysis results of the theoretical model.In the first part,according to the difference in asset liquidity,the paper divides household assets into three categories:high-liquidity financial assets,low-liquidity financial assets and housing assets from high to low,and classifies household consumption into survival types through cluster analysis subsistence consumption,enjoyment consumption and development consumption,in order to determine the specific level and classification of household asset structure and consumption structure,also provide a classification basis for further discussion of the content of household consumption upgrade.The empirical results of the overall sample found that the impact of different liquid asset allocations on consumption only affects non-subsistence consumption(enjoyment and development consumption).In terms of the effect of specific asset classes,highly liquid financial assets and non-survival There is a significant positive correlation between consumption of different types;there is a significant negative correlation between low-liquidity financial assets and non-subsistence consumption;the impact of household housing assets on non-subsistence consumption is not significant.In the second part,referring to the analysis of the mediation effect in psychological research,the paper takes the financial assets(high-liquidity financial assets and low-liquidity financial assets)that have a significant relationship with the household consumption upgrade(non-subsistence consumption)as the mediation variables As a moderating variable,household housing assets are used to construct a regulated intermediary model,and the transmission path and effect of Internet use to influence household consumption upgrade through financial asset allocation are calculated and compared.The empirical results show that among the overall intermediary effects of financial asset allocation,the intermediary effects of highly liquid financial assets dominate.The indirect impact of Internet use on household consumption upgrades is realized through the allocation of financial assets which is mainly through increasing the allocation of highly liquid financial assets.The heterogeneous results of urban and rural areas indicate that there is a significant crowding-out effect of high-liquidity financial assets on housing assets in urban households;rural households have a strong preference for savings and have a higher tendency to allocate low-liquidity financial assets.In the third part,the paper verifies the mechanism of Internet use affecting household financial asset allocation from three channels:information search effect,social interaction effect and financial access effect.The results show that all three channels of influence exist significantly.Although there are differences in the effects of different pathways in urban households,the gap is small and the overall performance is relatively average,while the financial access effect of rural households is significantly lower than that of the other two channels.The effect shows that there is still much room for improvement for rural households in accessing financial services through Internet use.Finally,based on the above-mentioned theoretical analysis and empirical test conclusions,the paper combined with practical development issues,focusing on the following three aspects:improving the combination of Internet use and market participation,reducing urban household housing asset mobility constraints,and improving rural household social security mechanisms.to propose policy recommendations.