Internet Financial Research On The Influence Of Family Asset Allocation Based On CHFS Empirical Analysis

With the reform and opening up,household disposable income has been rising,and the Internet is becoming more and more popular.In the face of interest rate liberalization and high inflation,the desire to preserve and increase the value of assets has become stronger and stronger,while traditional finance still adheres to the "28 laws".Internet finance came into being in the context of growing family's desire to participate in financial market to realize the increase of family wealth and the limited traditional financial services.This paper summarizes the relevant theories and literatures on the factors influencing the allocation of Internet financial services and household assets,and concludes that the three factors will influence the allocation of household assets--personal characteristics of household owners,family factors and macro-environment.The factor of householder mainly refers to such basic characteristics as the age,gender and risk preference of householder,and family factors include regional,real estate and asset situations.The traditional macro-environment mainly refers to the development level of economy,finance and other development levels.However,this paper argues that the development of Internet finance is a new macroscopic factor arising from the development of The Times,which affects the allocation of household assets.According to the theoretical analysis,Internet finance,on the one hand,serves as an auxiliary tool for asset allocation.Due to its convenient operation,flexible and effective features,it reduces the cost for households to participate in financial market investment and provides more investment opportunities and possibilities for households.On the other hand,as a kind of investment product,it is favored by more families because of its advantages in low threshold,strong liquidity,high profitability and low risk.So,in the study of the family asset allocation model,it was added to the macro variable of the Internet finance to explore the impact on the family asset allocation.In this paper,the Internet finance development index of Peking University was used to measure the development degree of Internet finance.The data of China's household finance micro-survey in2015,CHFS,and the multivariate linear regression model of Probit and Tobit were used to investigate the influence of Internet finance on the participation probability of household financial market and the proportion of financial assets under the control of traditional influencing factors.The empirical results show that there is a significant positive correlation between Internet finance and stock market,financial product market participation probability and financial asset ratio.In particular,the higher the development level of Internet finance,the higher the probability of family investment in risky financial assets,and the higher proportion of stocks,risky assets and financial assets in family financial assets.In addition,it also analyzes the influence of the three major businesses of Internet finance on the allocation of household assets,and finds that the effect is basically the same as that of Internet finance.Finally,based on the current situation of Internet finance and the empirical results,suggestions are proposed from the aspects of family,enterprise,bank and government.