Financial Literacy,perceived Risk And Online Lend Behavior Of College Students

At the beginning of the 21 st century,driven by financial innovation,online lending began to be sought after by people,which has the characteristics of low cost,high efficiency and convenience.College students are the main victims of network lending problems in recent years.The frequent exposure of "campus loan" accidents has attracted wide attention from the society.Therefore,this paper studies the influence of college students' financial literacy on network lending behavior(referred to as network lending behavior),which has certain guiding significance for college students' network lending behavior.In this paper,college students in G University of Guizhou Province were selected as the subject of the survey sample,and online questionnaires were distributed by means of random sampling based on the Questionnaire Star platform.A total of 637 questionnaires were collected,104 invalid ones were eliminated through screening,and 533 valid ones were left,with a recovery rate of 83.7%.Using the survey data for empirical research,first of all,the basic characteristics of the sample and the basic situation of college network loans are simply analyzed;Secondly,the direct influence of college students' financial literacy on online lending behavior is studied,and the measurement model of college students' financial literacy and online behavior is constructed.Then,using perceived risk as the mediating variable,the relationship between financial literacy,perceived risk and online lending behavior is constructed to construct a structural equation model.Thirdly,five dimensions of perceived risk are introduced into structural equation model for comparative study.Finally,multi-group analysis was performed to verify the robustness of the model.The main conclusions are as follows:(1)College students have irrational consumption behavior and blindly participate in the phenomenon of online lending.(2)Conclusion of direct influence effect;First,the higher the financial literacy,the more college students are inclined to participate in online lending behavior;Secondly,the higher the financial literacy of college students,the more familiar they are with the online loan products,and the lower their perceived risk.Third,the higher the perceived risk,the less college students will participate in online lending.(3)The mediating effect of perceived risk;Perceived risk plays a partially mediating role in the relationship between financial literacy and online lending behavior.In other words,financial literacy can influence online lending behavior by influencing perceived risk,so as to restrain college students' participation in online lending behavior(4)The mediating effect of different types of perceived risk;The order of mediating effects of different types of perceived risks is as follows:privacy risk > financial risk > platform risk > social psychological risk = time risk,indicating that when college students participate in online loans,what they worry most is the disclosure of personal privacy and personal financial loss.Finally,according to the research conclusions,suggestions are put forward to regulate college students' online lending behavior from the three aspects of universities,college students and Internet lending platforms.