The Effects Of Digital Financial Inclusion And Credit Constraints On Household Financial Market Participation

As one of the important factors affecting the development of China’s financial market,the "mystery of limited participation" in household risky asset investment is still a research hotspot in the field of family finance.Today,the combination of inclusive finance and digital development forms a new financial model of digital inclusive finance,which effectively expands and enhances the breadth and depth of financial services and provides a new method and path to solve the problems in this field.Therefore,this paper uses micro data of China Household Finance Survey in 2017 and provincial data of Peking University Digital Financial Inclusion Index to build Probit model and Tobit model.First,it tries to study the impact of digital financial inclusion and household credit constraints on household participation in the financial market.Secondly,we discuss the moderating effect of credit constraint in this influence mechanism.Finally,the difference between urban and rural areas and families with different education levels is analyzed.The main research results of this paper are as follows: First,the development of digital inclusive finance has a significant promoting effect on households’ participation in the financial market,and the household credit constraint level has a significant negative effect on it;Second,in the promotion of digital financial inclusion to households and financial market,credit constraint has a moderating effect.The higher the level of household credit constraint is,the stronger the promotion effect of digital financial inclusion will be.Thirdly,the promotion effect of digital financial inclusion on household financial market participation is heterogeneous,and the development of digital financial inclusion has a greater promotion effect on families with low education level and rural areas.