A Research On Purchasing Behavior Of Internet Financial Products Based On Cognitive Biases

Among Internet financial products,on the one hand,Yu'ebao accounts for almost 50% of the market size.On the other hand,Internet financial management also frequently exposes the private sales of consumers' personal information,the illegal absorption of deposits by P2 P platforms,or running away with money,etc.Compared with the traditional research paradigm,behavioral finance focuses on the psychological factors behind investor behavior,which makes the theory more powerful in explaining the current economic and financial situation.Therefore,the research on the purchase behavior of Internet financial products based on cognitive deviation has certain theoretical and practical significance.This research according to the theory of cognitive biases of investors and technology acceptance model(TAM)as the foundation,with TAM,perceived ease of use and perceived usefulness as framework,the purchase intention as dependent variable,increased the cognitive biases as independent variables,perceived safety and perceived pleasure as a intervening variable,build the theoretical model and research hypothesis of this study,based on the structural equation model(SEM)study cognitive biases financial product purchasing behavior,the influence mechanism of the Internet.The research results show that:(1)it is confirmed that the deviation has the greatest impact on the purchase intention of Internet financial products,indicating that investors generally believe that Internet financial products pay more attention to themselves than traditional offline financial products of Banks,thus forming the belief that Banks "cheat customers in stores" and Internet services are "grassroots".(2)the influence of conformity on the purchase intention of Internet financial products is second only to the confirmation bias.It shows that the purchase of Internet financial products by investors is often influenced by the behavior of other majority or other groups.(3)the effects of familiarity preference and overconfidence on the purchase intention of Internet financial products are respectively 0.171 and 0.081,indicating that the effects of familiarity preference and overconfidence on the purchase intention of Internet financial products are relatively small.(4)the mediating effect of perceived pleasure on the purchase intention of Internet financial products is 0.508,which is greater than 0.292 of perceived safety.It shows that in the purchase of Internet financial products,investors pay more attention to pleasantness.Finally,the paper puts forward countermeasures and suggestions :(1)the development of Internet financial products should give more care to small and micro customers;(2)regulate Internet financial products and conduct risk education for investors;(3)investors should learn relevant financial knowledge and invest rationally.