Empirical Research On The Influence Factors Of Development Of The Internet Finance In China

In the process of interest rate liberalization in our country,traditional financial institutions left some market gaps,the Internet technology brings the industry integration,efficiency promotion and the new customer orientation,which creats opportunities for the development of the Internet finance.From a policy point of view,the Internet finance was fitst reported in the government work report in 2014 and mentioned again in 2015,which provided a favourable policy period;From the market point of view,the high cost of China's financial system and the problem of efficiency provide a space for the development of the Internet finance;From the industry point of view,the Internet technology permeats into many industry to promote efficiency,which expands the Internet financial markets.At present,many Internet finance modes are quickly developing,the most rapid development modes are the internet of traditional financial and Internet third-party payment,financing on internet.In this context,the research on what factors would affect the development of the Internet finance will provide a good guidance for the development of it.In order to solve this problem.At first,this paper summarizes the different influences of the Internet financial development,and then,on the basis of these factors,we choose 30 provinces as sample,from 5 levels of 20 indicators,to build index system of the influence factors of internet financial development.They are:(1)economic foundation: GDP,per capita GDP,per capita income,the tertiary industry accounted for GDP;(2)financial market: the financial sector activity,the added value of the financial sector,year-end balanced of deposits and loans of finaneial institutions,etc.;(3)the Internet environment: number of 3G mobile phone users,Internet penetration,informatization index,education expenditure,etc.;(4)the development potential: index of technological innovation,technology research spending,fiscal revenue,etc.After confirming samples and indexes,we use SPSS,based on factor analysis model and the empirical analysis of the 20 indexes,to calculate the comprehensive score of each province,and then get the China's regional financial development of the Internet;Then use the three principal components extracted by factor analysis to eliminate the multicollinearity of original multivariable and make principal component regression analysis,then excavate the different influence factors of Internet financial.This paper got the following conclusions:(1)Depending on the indicators of the highest level,Guangdong province occupied the first level of the internet financial development in our country;top five areas are Guangdong,Beijing Shanghai,Shanghai,Jiangsu and Zhejiang province,these areas are recognized as the most developed area in China,they get the best quality of the country's economic and financial environment,the Internet environment,also with relevant policy advantage;Qinghai province ranked at the end.(2)The Internet environment and technological innovation are the most important influence of the development of the Internet financial,the increase of investment in scientific research and innovation fund and 3G phone users,Internet financial output,and the acceleration of the innovation and development will improve Internet financial;the macro economic and financial environment are the secondary importance of the Internet financial,GDP and per capita income,financial industry output value and the number of financial professionals,financial institutions deposit and loan scale and the output value of the Internet financial are positively correlated;the growth of Spending on education and the number of college students and the number of lawyers may control the risk of Internet financial,which can improve the output value of the Internet financial;The savings-investment conversion ratio of traditional financial institutions are negatively correlated with Internet finance.