The Research On Internet Finance Improving The Efficiency Of Rural Household Financial Assets Allocation

China’s rural areas are limited by insufficient coverage of financial outlets,high threshold of financial products,and difficulty in obtaining credit information,etc.It is difficult for rural families to participate in asset allocation in risk financial markets,and most of them still hold risk-free financial products,which means that the efficiency of household financial asset allocation is difficult to be effectively improved.Continue to play the key role of Internet finance in the financial development of rural areas,so as to optimize the financial structure of rural households,improve their asset allocation efficiency,and further effectively stimulate rural household consumption,which will help to stimulate the economy and promote the steady growth of China’s economy.Based on the main theories of Internet finance and household financial asset allocation,this paper probes into the influence mechanism of Internet finance on rural households’ financial asset allocation,and the related mechanisms mainly play a role through financial exclusion reduction effect and effective competition effect.Four hypotheses are put forward,namely,Internet finance can significantly promote rural families’ participation in the risk financial market,Internet finance can significantly optimize the allocation efficiency of rural families’financial assets,and Internet finance can optimize the allocation efficiency of rural families’financial assets by reducing financial exclusion and improving financial availability respectively.Select the data published by China Family Finance Research and Research Center in 2017 as samples,and build Probit model and OLS model for empirical test.The results show that Internet finance can significantly improve rural households’ participation in the risk financial market,and it also significantly optimizes the efficiency of household financial asset allocation.Internet finance affects the efficiency of rural household financial assets allocation by reducing financial exclusion and improving household financial availability,respectively.Among them,financial exclusion and financial availability are found to have some intermediary effects in the test process.This shows that Internet finance can obviously alleviate the financial exclusion of rural families.At the same time,in the effective competition with traditional financial institutions,Internet finance improves the financial availability of rural families,thus optimizing the financial asset allocation efficiency of rural families.Further analysis shows that there are differences in the influence of Internet finance on the allocation efficiency of financial assets of families with different housing assets and education levels.Among them,Internet finance has a significant optimization effect on the allocation efficiency of financial assets of families with higher and lower housing assets,and also has a significant optimization effect in families with better and middle education levels,while for families with middle housing assets and higher education levels,the optimization degree is relatively low.In order to give full play to the optimal allocation effect of Internet finance on the efficiency of rural household financial assets,based on the analysis,improvements should be made from the following aspects:diversifying the income level of rural households,deepening the education level in rural areas,strengthening the coordinated development of Internet finance and traditional financial institutions,and improving the financial credit information system in rural areas.