Research On The Impact Of Digital Financial Inclusion On Household Financial Market Participatio

Family is an important part of the social sector.With the rapid economic and social development,family has acquired a large amount of wealth resources on the whole.Households are increasingly willing to diversify their financial portfolios,and since the outbreak of COVID-19,it has hindered residents from going to physical outlets to obtain financial services in person,highlighting the need for financial services without access.However,mainstream financial institutions mostly rely on offline channels to provide financial services,and the coverage is limited,which cannot meet the financial needs of various social groups.Digital inclusive finance can break the dependence of physical services on time and space with the help of digital technology platforms,focus on the supply level,and provide families with financial products with the advantages of convenience,safety,low cost and low threshold.This paper aims to explore the impact of the development of digital inclusive finance on household financial market participation in China.From the micro point of view,it is of great significance to guide the allocation of household financial assets scientifically and rationally and improve the household welfare.From a macro perspective,it can explore the household investment preference,which has practical significance for the government to formulate relevant financial policies,promote the financial supply-side institutional reform,and promote high-quality economic development.This paper uses Peking University Digital Financial Inclusion Index and China Household Financial Survey(CHFS)as data sources to conduct empirical research.The results show that digital financial inclusion effectively promotes households to make rational investment on the whole,and improves the probability,depth and diversification of household financial market participation.This result is still valid after a series of robustness tests.From different dimensions,coverage breadth and use depth significantly promote household financial market participation,risk financial market participation,financial market participation depth and asset allocation diversification degree,and the promotion degree of coverage breadth is greater than the use depth.Digital inclusive finance can improve the participation probability of household financial market by broadening the channels of social interaction and improving the channels of financial participation convenience.Heterogeneity analysis shows that digital financial inclusion has a stronger promoting effect on financial market participation of rural households,high-income households and financially literate households.Finally,the research conclusions are drawn and corresponding policy recommendations are put forward.