Study On The Influence Of Family Income On Internet Financial Behavior Of Rural Families In Hainan

Since the reform and opening up,China’s rural economy has made great progress compared with before.The income of rural residents has increased year by year,and the demand for financial products is booming day by day.The financial products available to rural residents in the market also present a diversified situation.In addition,with the popularization of network informatization,third-party payment platforms such as Alipay,wechat Pay,JD online banking wallet and Baidu Wallet have developed rapidly,and Internet financial products have come into the public eye.Rural residents can carry out Internet financial behaviors more conveniently while carrying out traditional financial behaviors(savings,stocks,funds,etc.).In this paper,the Internet financial behavior of rural households in Hainan Province is taken as the research object.Based on the family financial database CHFS(2019)and the asset portfolio theory and behavioral finance theory,personal characteristics,family characteristics and financial characteristics are selected as the control variables.This paper explores the influence of family income on Internet financial behavior of rural families in Hainan through empirical analysis at two levels.First,the Logistic regression model is used to explore the influence of family income on whether rural families in Hainan participate in Internet financial behavior.Second,the Tobit model is used to explore the depth of participation in Internet financial behavior of rural families in Hainan.That is,the influence of family income on Internet financial behavior of rural families in Hainan is explored by taking the proportion of Internet financial assets of rural families in financial assets.In terms of robustness test,the whole sample of rural residents in Hainan is selected in this paper to conduct robustness test for the empirical study.The empirical analysis shows that: first,household income has a significant positive impact on rural households’ participation in Internet financial management in Hainan.Second,household income has a significant positive impact on the depth of Internet financing participation of rural households in Hainan,that is,the proportion of Internet financing investment in household financial assets.Third,age,marital status,family population and house ownership have a significant positive impact on the Internet financial behavior of rural families in Hainan,while gender and risk attitude have a significant negative impact on the financial behavior of rural families in Hainan.Accordingly,this paper puts forward the following suggestions: first,to improve the rural household income in Hainan;Second,improve the service quality of financial institutions and strengthen the publicity of financial knowledge;Third,rural families should improve the level of education of family members and enhance the awareness of risk and financial management.