Network Use?Social Interaction And Household Financial Assets Selection

Since the reform and opening up,China's household disposable income has increased,and people's living standards have been increasing.This has provided a favorable material basis for the development of family finance.With the deep expansion of family participation in financial markets,family investment funds have become the"main force" of financial markets.Therefore,it is becoming more and more important to study the factors that influence the choice of family financial assets.There are many different factors affecting the choice of family financial assets.From the perspective of the network information development,this paper selects the key influencing factors:network use and social interaction.This paper classifies and integrates the 2016 China Family Tracking Survey Data(CFPS),uses the Probit model and the Tobit model for empirical analysis,and uses the Sobel test program to test the mediating effects of social interaction.Firstly,the regression analysis two key variables of network use and social interaction on family financial market participation and family financial asset allocation ratio.The result shows that both network use and social interaction have a positive impact on the choice of family financial assets.Network use increases the family.s exposure to social information and increases the amount of information in the family.The amount of information can improve the family's grasp of market information and reduce the:information cost in the financial market.The social information dependence brought by social interaction can promote high-frequency information exchange,improve the efficiency of information exchange,and increase family's absorption of social information.At the same time,social interaction can increase the family's social capital and promote family participation in the financial market.Secondly,this paper studies the relationship between network use and social interaction,in order to explore whether there is a mediating effect of social:interaction in the mechanism of network use on family financial asset selection.Furthermore,in the test of mediating effect,this paper sets several indicators,which match each other,test the relationship between key factors.The results prove the existence of the network-social interaction-family financial assets transmission mechanism,but this mediating factor is a partial mediating effect.This paper measures the proportion of the mediating effect of social interaction.The frequent use of the network can promote family social interaction.The network increases the frequency of social interaction through fast and convenient information transmission,which improves the efficiency of information exchange in social interaction.Finally,in the test and discussion reanalysis,the whole sample data was divided into urban and rural areas.It was found that the regression results described above were robust,but the promotion of financial asset selection has urban-rural differences.Urban households participating in financial investment is more affected by network information channels.Rural households participating in financial investment is more affected by the information channel of social interaction.Based on the above theoretical analysis and empirical results,this paper draws recommendations for policy makers,financial service platforms,and micro-family members.In view of the use of the network,family members are supposed to establish more benign social interactions with the financial market,to ensure the financial market viability.At the same time,More and more families share benefits from financial market.