A Study On The Factors Of Consumers' Purchase Of Internet Financial Products

In 2013,with the emergence of Balance Monetary Fund "E" jointly launched by Alibaba and Tianhong Fund,Internet financial products have attracted widespread attention.In recent years,the scale of Internet financial management has grown rapidly.At the same time as "baby" financial products,there are also many kinds of Internet financial products,such as P2 P online loans,crowdsourcing and so on.According to the 42 nd Statistical Report on the Development of Internet in China in June 2018,the number of Internet users purchasing Internet financial products in China reached 169 million,an increase of 30.9% over the end of 2017,showing a high-speed growth trend.The utilization rate of Internet users is 21.0%,which is 4.3 percentage points higher than that at the end of 2017.In addition,according to Tencent's "Internet Index Report 2018" in February 2018,the scale of Internet financial management in 2018 will reach 5.36 trillion yuan,an increase of 52.39% compared with last year,and it is expected to reach 15.5 trillion yuan in 2020.From this,we can see that in the future,China's financial products market will mainly focus on Internet financial management.Compared with traditional financial products,Internet financial products are developing towards the high-end direction of intellectualization.Internet financial products have the characteristics of high income,low quota,strong liquidity,low investment threshold,wide coverage,fast and convenient payment and low time cost.These characteristics meet the diversified needs of current consumer investment,making Internet financial products become the most mobile and free financial products.After several years of development,the types of Internet financial products are growing.From the perspective of Internet financial enterprises,they can be divided into six categories: third-party payment platform,P2 P online lending platform,crowdsourcing financing platform,big data finance,information-based financial institutions and Internet financial portal.With the continuous expansion of the industry scale,more and more problem enterprises,and the increasingly prominent risks in the industry,consumers take into account the impact of risks when choosing and purchasing financial products,to a large extent,they maintain a cautious and wait-and-see attitude.Therefore,it is very important to study the influencing factors of consumers' purchase of Internet financial products for the development of Internet financial industry and for enterprises to better grasp the market from the perspective of consumers' needs.This paper combs the relevant literature of Internet financial management at home and abroad,understands the research direction of Internet financial products in the past,analyses the development direction of Internet financial products in the future,and chooses the influencing factors of consumers' purchase of Internet financial products as the topic of this paper.Starting from understanding the industry background of Internet finance,this paper analyses the characteristics of Internet Finance and combines the relevant knowledge of economics and finance,and chooses consumer purchase decision theory and technology acceptance model(TAM)as the theoretical technology of this paper.This is the theoretical basis for choosing the influencing factors from two aspects: consumers' purchase decision-making and technology acceptance of the Internet.It not only explains the relevant factors of consumers' purchase decision-making,but also explains the influencing factors of the acceptance of the new technology combining financial products with the Internet.According to the theoretical basis and the development characteristics of Internet financial products,this paper explores the financial literacy,profitability needs,perceived risk,liquidity needs,perceived usefulness,perceived ease of use and perceived behavior control,time cost,brand influence to build a theoretical model of personal Internet financial purchase decision.And the questionnaire is designed with the above factors as the questions of the questionnaire,and descriptive statistical analysis is carried out with the survey data.Empirical research hypothesis is put forward.Using various factors as independent variables and investment intention as dependent variables,reliability and validity analysis,correlation analysis and binary logistic regression analysis are carried out.Based on descriptive statistics and regression analysis,this paper analyses consumers' willingness to invest in Internet financial products,and combines with the current development of Internet financial industry in China,puts forward policy recommendations for the development of Internet financial industry,as well as reasonable and effective investment recommendations.Based on the binary logistic regression analysis,this paper concludes that: financial literacy and brand communication have a significant positive correlation with investment intention;expected returns have a significant negative correlation with investment intention;perceived ease of use and time effect have a significant positive correlation with investment intention;perceived risk has a significant positive correlation with first purchase intention.Other liquidity needs,perceived behavioral control and perceived usefulness have no significant impact on the impact factors of consumers' first and second purchase of Internet financial products;perceived risk and re-purchase intention are not significant.Through the analysis of the results of empirical analysis and the development status of Internet financial industry,the following three suggestions are put forward: first,keep up with consumer demand,innovate financial management methods and reduce time cost;second,expand publicity,promote personalized and diversified products;third,strengthen product innovation,strengthen industry supervision,reduce industry risks and improve Internet management.Financial environment.