Research On The Influence Of Internet Financial Development Level On Household Investment Efficiency In Zhejiang Province

Since the 19 th National Congress of the Communist Party of China,China has been implementing the strategic idea of "strengthening the country through the Internet".The integration of China’s Internet and financial market has been deepening,and the supervision of relevant platforms has also been paid attention to.The proportion of residents’ consumption and investment with the help of the Internet has increased year by year.The utility of Internet finance on household investment has become an important research point.As one of the origins of the Internet in China,Zhejiang Province has implemented the "No.1 project" strategy of digital economy in recent years and attached importance to the outstanding contribution of Internet finance in economy and society.Therefore,studying the relationship and factors affecting the development level of Internet finance in Zhejiang Province on household investment efficiency is conducive to deepening the reform of digital economy in Zhejiang Province,which promotes the well-being of the people at the level of family investment.Based on the domestic and foreign literature in the field of Internet finance and family finance,this paper demonstrates the possible relationship between the development level of Internet finance and household investment efficiency.Through the quantitative calculation of Internet financial development level and household investment efficiency by alternative variable method,it is found that the Internet financial index and the Sharpe Ratio of household investment in Zhejiang are far higher than the national average,and are increasing year by year.In order to deeply explore the relationship between Internet financial index and household investment Sharpe Ratio,and using Tobit model tested by endogeneity and robustness to conduct empirical regression analysis on household samples in Zhejiang Province in 2013,2015,2017 and 2019,it is confirmed that the high development level of Internet finance in Zhejiang Province significantly promotes the improvement of household investment efficiency.Further research on the heterogeneity of control variables found that this promoting effect was very obvious under the family grouping with different population characteristics.As one of the functional manifestations of Internet finance,the thirdparty payment has been verified by the two-step test method to play a partial intermediary role in the mechanism of the impact of the development level of Internet finance on household investment efficiency.According to the empirical results,it is found that the rational use of Internet finance in the field of household investment is helpful to improve the overall investment efficiency.After analyzing the influencing factors of the development level of Internet Finance on household investment efficiency,this paper puts forward targeted suggestions suitable for Zhejiang Province,including improving Internet coverage,enriching service methods and products,improving residents’ financial literacy,strengthening national comprehensive supervision.