Research On The Impact Of Financial Availability On Household Financial Asset Allocation

Since the birth of the topic of household financial asset allocation,the discussion and research on it has never stopped,because it involves the interests of each family,understanding family asset allocation and then optimizing the allocation is the common goal that every rational family wants to pursue.In the past,scholars have taken the impact of traditional financial institutions on the allocation of household financial assets as the main research topic.However,the development speed of Internet finance is obvious to all,does Internet finance also affect the allocation of household financial assets? Does the combination of traditional finance and Internet finance also affect asset allocation? Whose influence is bigger? In the context of the rapid development of the Internet,it is necessary to discuss the impact of financial availability on the allocation of financial assets of micro households and the extent of its impact.China Household Financial Survey Data and Digital Inclusive Finance Index are the main data used,construct traditional financial availability indicators from the breadth,depth,macro level and affordability,and then combined with the digital inclusive financial index,constitute the explanatory variables of financial availability,the Probit model and Tobit model empirically test the impact of financial availability on whether households participate in the financial market,the proportion of various types of asset allocation.The empirical results show that the improvement of financial availability has a significant role in promoting whether households participate in the financial market,and has a significant positive impact on the allocation ratio of various types of financial assets,especially for risk-free financial assets such as bank deposits and high-risk financial assets such as stocks.In the mechanism analysis,it is empirically proved that financial literacy as an intermediary variable has an indirect impact on household financial asset allocation.Finally,this paper proposes countermeasures and suggestions from three aspects: government,financial institutions and households.The research in this paper is based on the family level,which proves the impact of financial availability on the allocation of household financial assets,and the research results are helpful to understand the impact of China’s current financial development on individual families,which is conducive to improving the development of China’s family finance and providing suggestions for the reasonable allocation of assets by families.