Research On The Influencing Factors Of Purchase Intention And Purchase Behavior Of Internet Financial Wealth Management Products

With the development of social and economy,people have accumulated much wealth and improved the awareness of wealth management.However,based on the 80/20 rule,the traditional financial institutions ignore the ordinary investors whose assets are small and distributed.What's more,different types of financial products designed by traditional financial institutions have high investment threshold,which makes investors fall into the investment dilemma.Therefore,the launch of internet financial products in June 2013,like Yu'ebao,have directly broken the dilemma of the ordinary investors and opened the new era of financial management for all.However,the boom of the internet financial market doesn't last too long.Since 2017,the rate of return of internet financial products has dropped successively,and some platforms have caused many problems,such as cash withdrawal difficulties,liquidation of business,and running away with money.These circumstances have collapsed investors'confidence.Facing the dilemma of internet financial products,it is of great significance to understand the attitude and need of investors so that internet financial market can be promoted successfully.This thesis sorts out the domestic literature and foreign literature about internet financial products and finds that in terms of investors' purchase intention and purchase behavior,most scholars have chosen Product Usefulness,Product Usability to study.However,there isn't any study surveying from the perspective of investors' Irrational Behavior.Therefore,this thesis takes UTAUT model as the theoretical framework,and introduces Irrational Behavior to study.Secondly,makes a clear definition of internet financial products,purchase intention and purchase behavior,and describes the process of internet financial products;Thirdly,defines each independent variable,analyses influence mechanism on investors' purchase intention and purchase behavior,and proposes corresponding assumptions',gets data by distributing questionnaires;Finally,makes descriptive statistical analysis,reliability analysis,validity analysis,and use SEM to verify the hypothesis.Based on the empirical analysis,this thesis draws the following conclusions:(1)The five factors influencing investors' purchase intention are(Arranged in descending order of estimate):Performance Expectancy,Irrational Behavior,Social Impact,Risk Perception and Effort Expectation,Risk Perception has a negative impact on purchase intention;(2)The seven factors influencing investors' purchase behavior are(Arranged in descending order of estimate):Purchase Intention,Facilitating Conditions,Performance Expectancy,Irrational Behavior,Social Impact,Risk Perception and Effort Expectation.Among them,Purchase Intention,Facilitating Conditions have direct impact while remaining five variables have indirect impact;(3)Gender and Age play a moderating effect on the model.Based on these conclusions,this thesis provides some suggestions from investor perspective,business perspective and government perspective,which hopes to restore investor confidence and promote the internet financial market.Investors should understand the concept of rational financial management,recognize their own cognitive biases;understand their own risk preferences and enhance their awareness of risk prevention.Businesses should enrich the functions of internet financial products,simplify the design of internet financial products;improve the reputation of internet financial products,improve the safety of platform construction;guide investors correctly and improve the financial experience of investors.The government should strengthen the supervision of the internet financial market,improve the construction of financial system;formulate targeted policies and regulations to protect investors' financial management behavior.