Digital Financial Inclusion And Household Financial Asset Selection

In recent years,there has been a growing need for households to participate in financial markets for asset selection to improve wealth levels and investment returns.With the rapid development of the level of financial technology,digital inclusive finance has gradually entered resident households,and has had a profound impact on the choice of household financial assets in many aspects.In the past,due to the lack of financial knowledge and little understanding of the risk financial market among Chinese residents,the choice of household assets was more conservative,less risky assets were held,and the asset portfolio lacked diversity.The emergence and development of digital inclusive finance has promoted the understanding and participation of Chinese families in the financial market to a certain extent,and greatly improved the enthusiasm and diversification of household asset selection.In this paper,through the study of the relationship between digital inclusive finance and household financial asset selection,theoretical hypotheses are proposed,and the design models of household risk financial market participation,types of financial products held and portfolio diversification are empirically tested.Firstly,we searched for relevant literature at home and abroad for extensive reading and summarizing,and on this basis,studied the relevant theoretical mechanisms and put forward research hypotheses,and analyzed the current situation of digital inclusive finance and household financial asset selection.This paper uses the household data of the China Household Finance Survey and Research Center(CHFS)to match the provincial data of the Digital Inclusive Finance Index of Peking University,explores the impact of digital inclusive finance on the choice of household financial assets in China,and conducts dimensional regression,robustness test and heterogeneity analysis.It is found that the digital financial inclusion index has a significantly greater role in promoting rural areas in the west than in urban areas in the east,and that the coverage and depth of use indicators can be positively applied to household financial asset selection,while digital indicators will inhibit the participation of risky financial markets.Secondly,this paper explores different paths through the mediation effect model and the chained multiple mediation effect model.The empirical results show that the development of digital inclusive finance promotes the diversification of household financial asset choices by improving the four paths of household financial literacy,risk preference,income level and consumer expenditure;at the same time,financial literacy and risk preference have a chain multiple intermediary effect between digital inclusive finance and household investment diversification,and are significantly positive promotion effects;income level and household consumption expenditure also have chain multiple intermediary effects between digital inclusive finance and household investment diversification.Manifests as a significant positive boost.Finally,based on the empirical research results,this paper proposes to optimize the choice of household financial assets by promoting the popularization of financial knowledge and improving the ability to judge risks;increasing income through multiple channels and stimulating consumer expenditure;deepening online investment channels and promoting the development of digital inclusive finance.