| Digital technology empowered financial development and subverted the operation mode of the traditional financial industry.The digitalization of financial products,the informatization of financial services and the virtualization of financial activities in China are becoming more and more obvious.The new financial model helped traditional inclusive finance break through the "bottleneck" and promoted the rapid development of inclusive finance on the digital road.Digital inclusive finance gives full play to the characteristics of low cost,low threshold and the penetration of time and space,alleviating the internal and external contradictions in the development of traditional inclusive finance.And digital inclusive finance further optimized the role of finance in resource allocation.Digital inclusive finance has led more households to enter the financial market,changing the way households participate in the financial market,their financial thinking,and the forms of financial services they can obtain.Households are the most basic participants in the financial market,and their financial behavior not only affects their own wealth and income,but also promotes the development of the financial market.Existing literatures have not fully studied the impact of digital inclusive finance on household financial behavior.Therefore,the study of the impact of digital inclusive finance on household financial behavior in this paper has profound theoretical and practical significance for China.The scientific question studied in this paper is the impact of digital inclusive finance on household financial behavior.This paper followed the research ideas of "document sorting,theoretical analysis,situation analysis,empirical analysis,and policy recommendations" and researched the impact of digital inclusive finance on household financial behavior.First,this paper combed the relevant theories and research.Second,this paper redefined the concept of household financial behavior and determined the specific content of investigation.Third,in the theoretical analysis,this paper first summarized the characteristics and influencing factors of household financial behavior.At the same time,we analyzed the characteristics of digital inclusive finance and its supply effects.On this basis,the influence mechanism of digital inclusive finance on household financial behavior was analyzed through logical derivation.And the paper put forward the assumptions that "digital inclusive finance promotes household investment behavior","digital inclusive finance promotes household financing behavior","There are mediating factors of social interaction in the process of digital inclusive finance affecting household financial behavior","There are mediating factors of financial knowledges in the process of digital inclusive finance affecting household financial behavior" and " There are mediating factors of risk appetite in the process of digital inclusive finance affecting household financial behavior".Fourth,this paper analyzed the development status of digital inclusive finance and household finance.Fifth,this paper used the 2019 China Household Finance Survey(CHFS2019)data,using factor analysis and other methods to construct and select proxy indicators.We empirically analyzed the impact of digital inclusive finance on household financial behavior by constructing the OLS model,the Probit model,and the Tobit model.Heterogeneity test was conducted according to the four dimensions of urban and rural areas,education level,regions,and family income.Then,the instrumental variable of digital inclusive finance was selected.And the two-stage least squares method was used to eliminate possible endogeneity problems.At the same time,the robustness of the results was further ensured by substituting explanatory variables and removing extreme values.Finally,the internal mechanism of the impact of digital inclusive finance on household financial behavior was tested by constructing a mediation effect model.Through theoretical and empirical demonstrations,this paper drew the following conclusions:(1)Chinese digital inclusive finance is developing rapidly,but there is a phenomenon of unbalanced development.(2)The willingness of Chinese households to participate in the financial market is gradually increasing,but the depth and breadth of financial market participation is insufficient.(3)Digital inclusive finance promotes household investment behavior.It improves the level of household risk financial asset allocation and decentralized investment.(4)Digital inclusive finance promotes household financing behavior.It increases the probability of household credit access and the proportion of formal credit.(5)The impact of digital inclusive finance on household financial behavior is heterogeneous in urban and rural areas,regions,education levels and household income dimensions.(6)The impact of digital inclusive finance on household financial behavior is achieved by improving household risk appetite,improving household financial knowledge,and promoting social interaction.Therefore,this paper put forward the following policy suggestions:(1)Promote the balanced development of digital inclusive finance in China.(2)Innovate and enrich digital financial products.(3)Rely on digital technology to promote formal credit.(4)Strengthen the public’s Internet financial risk education. |
