A Research On The Impact Of Digital Inclusive Finance On Rural Consumer Finance Demand

With the rapid development of information and digital technology,Digital inclusive finance has used a variety of digital services to improve the availability of finance,stimulate residents’ employment and ease credit constraints.The influence of the popularity of digital inclusive finance on people’s financial behavior has become a hot spot.For a long time,rural finance has been in the weakest part of China’s financial services.The strategy of rural revitalization needs the financial industry to actively provide effective innovative financial services for rural areas.However,the financial exclusion brought by the dual structure of urban and rural areas in China is particularly serious in rural areas.Due to unstable income and remote geographical location,rural residents’ satisfaction of consumer financial needs is greatly restricted and excluded from the financial market.Stimulating rural residents’ consumption financial demand is of great strategic significance for fully activating rural financial market and promoting rural comprehensive revitalization.In recent years,digital inclusive finance has developed vigorously,which has continuously improved the breadth and depth of rural residents’ access to financial services.Can the increase of rural residents’ participation in financial services also stimulate rural residents’ consumption financial demand,improve rural residents’ consumption structure and improve their consumption level? In order to clarify the relationship between digital inclusive finance and consumer financial demand,and ease the constraint of rural residents’ consumer credit,this paper will focus on whether the development of digital inclusive finance can significantly improve rural residents’ consumer financial demand.To sum up,this paper expounds the development trend of digital inclusive finance in China and the development of residents’ consumer financial demand,summarizes and sorts out the relevant literature at home and abroad,and analyzes the influence mechanism from the perspective of residents.In this paper,the inclusive finance Development Index of Peking University in 2016 and 2018 and the survey database of China Family Finance Center in 2017 and 2019 are used.(1)Probit is used to regression the benchmark model.The results show that the development of digital inclusive finance can promote the demand for consumer finance of rural residents.(2)Using instrumental variables to test the endogeneity,the result is robust;(3)Through financial literacy and financial availability,the influence mechanism of digital inclusive finance on residents’ consumer financial demand is obtained.The development of digital inclusive finance can improve rural residents’ financial literacy and financial availability,while the continuous improvement of rural residents’ financial literacy and financial availability can significantly stimulate consumer financial demand;(4)Heterogeneity analysis is carried out to study the difference of consumer financial demand of rural residents with different characteristics affected by digital inclusive finance,and it is found that the development of digital inclusive finance has more obvious influence on groups who use smart phones,buy online,are not risk averse and are not in the western region;(5)Finally,this paper uses the digital inclusive finance threedimensional index to further study,transform it into Logit model,and use subsamples for regression respectively,and the results are still robust.Based on this,this paper puts forward relevant suggestions from the government,financial institutions and families according to the research conclusions.First,the government should establish and improve the operation mechanism of inclusive digital financial market and implement the digital infrastructure.Second,various financial institutions should constantly optimize financial services,pay attention to long-tail customers,provide more convenient payment environment and improve financial availability.Third,residents should use the digital financial platform to learn financial knowledge and pay attention to current financial affairs,so as to improve their financial literacy,protect their rights and interests and improve the quality of consumption safely.