Empirical Study On The Impact Of Internet On Family Participation In Financial Risk Market And Asset Allocation

In the 21 st century,with the rapid development of the financial market,the improvement of people's living standards,the accumulation of family wealth,the willingness of families to participate in financial assets investment to achieve the sustained and stable growth of assets is becoming more and more intense.Therefore,the allocation of family financial assets has become a growing concern of scholars.At the same time,the development of Internet technology has injected new vitality into the financial market.Internet financial products have begun to emerge constantly.Traditional financial transactions have gradually become Internet-based.Does the family uses the Internet and the intensity of Internet use have a certain impact on family participation in financial risk market investment and the allocation of financial assets? And how much influence? This is the problem to be studied in this paper.The paper first combs the relevant concepts and summarizes and summarizes the previous studies.By comparing the data of household financial asset allocation between China and the United States,this paper analyses the differences and causes of it between China and the United States in household financial asset allocation.Based on the data of the 2016 China Family Panel Studies,the Probit model was used to explore whether the use of the Internet and the intensity of use affect the family's participation in financial risk market investments.With the help of Tobit model,this paper explores the impact of Internet use and intensity of use on household financial asset allocation.Considering that the core explanatory variables of the model may have endogenous problems,this paper selects the appropriate instrumental variables for IV-Probit and IVTobit estimation,and uses the mobile Internet usage data to test the robustness of the model estimation results.The findings are as follows:(1)Compared with the United States,the allocation of household financial assets in China differs greatly,showing the characteristics of lower financial asset holdings,single financial product holdings and higher risk of household financial asset portfolio.(2)Using Internet can significantly increase the probability of family participation in financial risk markets.After using the instrumental variables for IV-Probit estimation to eliminate the endogeneity problems of the model,the estimation results show that the average probability of Internet users participating in financial risk market increases by 28.03% while the control variables remain unchanged.The intensity of Internet use increased by 1%,the probability of household participation in the financial risk market increases by 19.75%.(3)Using Internet can significantly increase the number of family financial risk assets.After using the instrumental variables for IV-Tobit estimation to eliminate endogeneity problems,the estimation results show that the proportion of household financial risk assets to total financial assets increases by 22.76% on average.The intensity of Internet use increased by 1%,and the proportion of household financial risky assets in total financial assets increased by 6.13%.After using the mobile Internet data for robustness testing,the estimation results show that the positive promotion effect remains unchanged.