Research On The Impact Of Digital Financial Inclusion On The Diversity And Effectiveness Of Household Financial Asset Allocation

In recent years,my country’s economy has achieved remarkable results,and the income of residents has also achieved rapid growth.The increase in wealth has made people pay more and more attention to investment,financial assets,and then increase people’s demand for related financial assets.However,at present,the development of the financial asset market of Chinese residents still faces certain problems and does not match related development.Most of the residents choose bank deposits or invest in real estate when the family financial asset allocation is allocated,which not only lacks diversity of asset selection and allocation,but also affects the effectiveness of asset allocation.At the same time,the development of China’s digital economy provides favorable conditions for the rapid development of digital inclusive finance.Since entering the 21 st century,Internet technology has achieved rapid development,especially in recent years,the development of Internet technology has reached a new level of new levels,the scope of financial coverage has continued to expand,the types of financial assets have become richer and richer.Services have also been greatly improved.These progress and development provides some possibilities for residents’ families to improve the diversity and effectiveness of financial asset allocation.Therefore,by studying the influence of digital inclusive finance on the diversity and effectiveness of family financial asset allocation,relevant suggestions can be made on the basis of conclusions to help residents’ families improve the application of digital inclusive finance,and to achieve diversity of financial asset allocation allocation The improvement of nature and effectiveness,while realizing the value preservation and value-added of family assets,this has important practical significance.The research content of this paper mainly focuses on the following aspects: First,the research content and related impact mechanism of digital inclusive finance,household financial asset allocation and the correlation between the two are expounded,and the hypothesis of digital financial inclusion can improve the diversity and effectiveness of household financial asset allocation,as well as the hypothesis of heterogeneity and intermediary effect on the basis of relevant theories.Second,this paper analyzes the development status of digital inclusive finance and the current situation of household financial asset allocation.Third,by using the data of the China Household Finance Survey Database(CHFS)of Southwestern University of Finance and Economics and the digital financial inclusion index of Peking University to form a dataset,the hypotheses of the diversity and effectiveness of household financial asset allocation were verified by the Heckman two-step method and Tobit model,respectively.Fourth,this paper examines the regional heterogeneity and urban-rural heterogeneity by distinguishing between regions and urban and rural areas in household financial data.Fifth,through the regression of intermediary effect,it can be seen that there is an intermediary variable-financial literacy-digital inclusive finance affects the diversity and effectiveness of household financial asset allocation,and through the adjustment effect,it can be seen that the education level can strengthen the impact of digital inclusive finance on the effectiveness of household financial asset allocation.Sixth,robustness tests and endogenous tests are carried out by replacing data and lagging first-stage explanatory variables,respectively.The results show that the development level of digital financial inclusion can increase the diversity and effectiveness of household financial asset allocation.However,in the analysis of urban and rural heterogeneity,the development of digital inclusive finance has a better effect on rural households,but the impact on urban households is poor,and in the regional heterogeneity analysis,digital inclusive finance in the eastern region has the best impact on the diversity of household financial asset allocation,followed by households in the central region,households in the western region and households in the northeast region.Digital financial inclusion in the central region has the worst impact on the effectiveness of household financial asset allocation,which is lower than that of households in the eastern,western and northeastern regions.Through the research of this paper,the following conclusions are drawn: first,the development of digital inclusive finance can increase the diversity of household financial asset allocation;Second,the development of digital inclusive finance can improve the effectiveness of household financial asset allocation.Third,the impact of digital financial inclusion on the diversity and effectiveness of household financial asset allocation in different regions and between urban and rural areas is different,which indicates that there is heterogeneity.Fourth,financial literacy is manifested as a positive intermediary effect,that is,the development of digital inclusive finance promotes the improvement of financial literacy,thereby improving the diversity and effectiveness of household financial asset allocation;Fifth,education level has a moderating effect on digital financial inclusion to promote the diversity and effectiveness of household financial asset allocation.Based on this research conclusion,this paper puts forward relevant countermeasures and suggestions:first,we should accelerate the reform and innovation of the digital financial field;Second,we should continuously improve the Internet and other related infrastructure to promote the development of the digital economy,and further promote the development of digital inclusive finance on this basis;Then,the Chinese government should continue to promote educational reform to promote the improvement of China’s education level,and at the same time strengthen the publicity of finance-related knowledge to improve the financial literacy of residents;Finally,the Chinese government should continue to improve the relevant development mechanisms to promote the improvement of household income and the accumulation of wealth.