Impact Of Digital Inclusive Finance On The Diversity Of Household Risk Assets

According to the classical portfolio selection theory,appropriate and effective diversified allocation of family asset portfolio is a key means for residents to invest rationally and diversify family financial risks,and also an effective way for residents to accumulate family material wealth and improve their investment utility level.However,in real life,the overall financial market participation of Chinese families and the proportion of risk asset investment are relatively low,and the type of financial asset allocation portfolio is relatively single,especially in rural and remote underdeveloped areas,and the paradox of "limited participation" appears.On the basis of explaining the background and significance of the research,this paper sorts out the relevant literature research at home and abroad,and proposes that the influence on the behavior of family risk portfolio can be explored from the perspective of digital inclusive finance development,which is then helpful to explain and deal with the "limited participation mystery" of families.Introduce the content,purpose and method of this paper,and explain the innovation in the research perspective and empirical method.It defines the three core concepts of digital inclusive finance,household risk assets and risk portfolio diversification,clarifies the essential content and theoretical significance of portfolio theory and poverty trap theory,and puts forward three research assumptions on this basis.On the basis of the theoretical analysis,Using the Peking University "China Digital Inclusive Finance Inclusion Index" and the "China Family Finance Micro Database Survey(CHFS)" of Southwestern University of Finance and Economics,On the development of digital inclusive finance and the status quo of household risk asset investment in China,Discovery: 1.From 2011 to 2018,digital inclusive finance generally showed a rapid development trend;2.There are certain differences in the index of different dimensions of digital inclusive finance in different provinces,But the differentiation is shrinking year by year;3.The number of household investment in venture assets and the proportion of total household investment have increased year by year,And the degree of diversification of household risk asset investment types is also increasing year by year;4.The proportion of digital financial inclusion index and household risk financial assets investment is basically positively correlated,and there are differences among provinces.then,Based on the 4-year panel survey data,Expand the empirical test and heterogeneity analysis using the Probit panel random effect model under time-fixed effects,The research results show that: first,the development of digital inclusive finance can promote rational family investment,Improve the diversification degree of the risk asset portfolio;Second,digital inclusive finance is mainly adopted through the payment function and credit function,Promote the diversification of household risk asset portfolio from different dimensions;Third,digital inclusive finance has the "long tail" characteristics in promoting the diversification of household risk asset portfolio,However,the significance of the diversification of a single type of family stock asset portfolio is reduced;Fourth,families with high human capital,Venture-asset portfolios perform more rationally.After the robustness test and endogenous discussion of the empirical results,we further verify the reliability of the research conclusions.According to the research results,this paper puts forward five constructive policy suggestions for the country to further deepen the financial reform and implement the wisdom of intelligent monitoring,which are: 1.Continuously promote the development of digital financial inclusion,further improve the family financial service level;2.Optimize the mobile payment and digital credit service mechanism,strengthen the corresponding promotion and publicity work;3.Vigorously improve the underdeveloped financial services in "long tail" group concentration areas and improve the level of family human capital;4.Strengthen financial market supervision and strive to safeguard the personal interests of family investors;5.Innovate differentiated digital inclusive financial model and narrow the financial asset allocation gap between different family groups.