Social Networks,Internet Finance And Household Allocation On Risky Financial Assets

In recent years,with the steady development of China 's national economy and the continuous improvement of the financial market system,the demand for household financial investment is increasing day by day.Chinese families have gradually developed the concept of financial management.Financial products such as stocks,funds,bonds,precious metals and so on are gradually becoming the family's conventional asset selection,but at the same time,there are also some property management problems.Therefore,how to understand and summarize the current family financial investment behavior has become a research hotspot in this field,and family finance emerges as the times require.The research focus of relevant economists in this field is mainly focused on the following points: the status of family asset allocation,the status of family's choice of financial product type and the factors affecting these allocation status.According to the traditional family asset portfolio theory,families will allocate different proportions of funds to products with different risk levels in the asset allocation process.The different allocation proportion of each family is determined by the unique risk attitude of the family,so as to achieve the goal of risk dispersion in each product.However,in the study of the actual status of China,scholars have found that the proportion of Chinese households participating in the risk asset market is extremely low,and the proportion of participating in the stock market is even lower.In 2013,the proportion of Chinese household financial survey data was only 8.8%.It is the famous "mystery of limited participation in the stock market",which is not only contrary to the traditional theory of asset portfolio,but also far lower than other developed countries in the world.Why do many Chinese households not participate in the risky financial asset market? Why is the depth of participation in China's risk financial market much lower than that of developed countries in the world? Based on the above facts,this article attempts to discuss the impact of Chinese households on the allocation of household assets from the perspective of social networks and Internet finance,and answers the above questions to some extent.This paper first finds the insertion point of trying to explain the problem through social background and social network and Internet finance,and then combs the relevant literature in the field at home and abroad,the literature logic is: by combing the traditional portfolio theory literature,the theory There are differences from China's actual situation,and then it is proposed to analyze and study the relevant influencing factors,and then separately review the relevant literature on social network concepts,theories and impact,and then review the relevant literature on Internet finance concepts,theories and impact,Sort out the overall logic of the article.Based on the 2013 CHFS household financial survey data,empirical research on the relationship between social networks,Internet finance and household risk financial asset allocation;through the use of Probit model and Tobit model respectively,empirical evidence shows that social networks significantly increase family participation in the risk asset market,The probability of the stock and bond markets,on the other hand,has also significantly increased the allocation ratio of risky financial assets,stock assets and bond assets in the household asset allocation,that is,the depth of participation.This paper also measures the social network through different indicators including monthly average communication expenditure,monthly average communication expenditure and household income ratio and total gift income and expenditure.The results of the robustness test are basically consistent with the benchmark regression,which verifies the robustness of the results At the same time,the instrumental variable method and the panel data model based on 2011 and 2013 were used for endogenous testing to further ensure the reliability of the empirical results.Finally,after conducting a grouped heterogeneity analysis,it was found that the social network's promotion of family participation in the risky asset market has a significant promotion effect on households with different income levels,as well as the eastern,central,and western regions,but it has a significant role The promotion effect is more obvious;at the same time,the regression results of family age group show that family social network has a relatively obvious cyclical difference in family participation in the risk asset market,and the impact on young families is more obvious.In the extended analysis,after adding Internet finance variables for innovative research,it was found that Internet finance can significantly promote family participation in the risk asset market and the depth of participation,and to a certain extent share the promotion role of social networks;Through mechanism analysis,it is verified that social network and Internet finance can improve the phenomenon that households do not participate in risk financial asset market due to insufficient information;finally,the relevant policies are given at the end of the article It is recommended to provide reference for household asset allocation.