The Research On The Impact Of Digital Financial Inclusion On Household Risk Financial Asset Allocation

As my country’s social and economic construction has made remarkable achievements,the wealth of households has also accumulated a lot,which makes the allocation of household financial assets no longer limited to traditional consumption and savings,and people begin to make reasonable and effective investments in idle funds to achieve The preservation and appreciation of assets.The Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China also proposed: to increase the property income of urban residents through multiple channels,and to expand the proportion of property income to the total household income.However,the development of my country’s financial market started late,households have relatively weak financial awareness and prefer low risks,and the participation rate in the financial market is low.How to solve the "mystery of limited participation" in the risky financial market of Chinese households has become an important topic.This is not only conducive to revealing the characteristics of Chinese households’ risky financial asset allocation behavior,helping the government to take measures to promote the prosperity of my country’s financial market,but also increasing household property income.,boost the national economy.With the help of modern information technology,digital inclusive finance can expand the coverage of financial services and lower the threshold of the financial market,thereby improving the quality of financial services.So,can the development of digital inclusive finance affect household financial market participation and the ratio of asset allocation?Will digital financial inclusion play a "long tail" effect in the process of impacting households’ risk financial asset allocation? What is the impact mechanism?In view of this,this paper uses the digital financial inclusion index and the "China Household Finance Survey(CHFS)" data,and adopts the panel Probit and Tobit models to conduct in-depth research on the above issues and find that:(1)The development of digital financial inclusion and household finance There is a significant positive correlation between market participation behavior and household risk financial asset allocation ratio;(2)The development of digital inclusive finance is more conducive to rural areas,households with low level of financial literacy of household heads and low household social capital to carry out risky financial assets allocation,that is,digital financial inclusion has played a "long tail effect".(3)The development of digital inclusive finance is positively promoting the allocation of household risky financial assets from three aspects: increasing the convenience of household investment decision-making,improving household anti-risk ability,and alleviating household liquidity constraints.Therefore,the development of digital inclusive finance is conducive to solving the problem of "limited participation and insufficient participation" in my country’s household financial market,and provides ideas for policy makers,thereby promoting the development and prosperity of my country’s financial market and increasing the property income of households.