Research On The Impact Of Digital Inclusive Finance On Household Investment-based Financial Exclusio

The demand of family wealth to maintain and increase its value increases gradually with the gradual development of China’s economy.However,due to the limited understanding of risk financial assets,family’s financial exclusion of investment-type assets is relatively high.The development of digital inclusive finance has promoted the understanding of risk financial assets in Chinese families,and provided convenient channels for families to participate in risk investment.The development of digital technology has opened the "Last Mile" for inclusive finance,bringing a wider range of people into financial services,and has also increased the enthusiasm for investing in financial products such as stocks,funds and internet financing,to a certain extent,reduced the family’s investment-type financial exclusion.From the perspective development of digital inclusive finance,there are few articles on the impact of household investment-oriented financial exclusion,so this paper has some practical significance.Based on the data from the China household finance survey(CHFS)and the Peking University Digital Financial Inclusion Index of China,this paper identifies four dimensions of self-exclusion,marketing exclusion,price exclusion and geographic exclusion from the questionnaire,and the level of investment-type financial exclusion was fitted by entropy method.Empirical evidence shows that digital inclusive finance can significantly reduce the level of household investment financial exclusion.Further analysis shows that the digital capability of users has a significant moderating effect in this process.Therefore,to improve the level of digital inclusive finance and to cultivate the digital ability of residents can reduce the financial exclusion of risk financial products and help families to make reasonable investment decisions.