Research On The Impact Of Digital Financial Inclusion On Household Risky Financial Asset Investment

With the continuous development of China’s economy and society,the income level of residents is also constantly improving,and the wealth and total assets of families are also constantly gathering and increasing.According to the 2019 China Private Wealth Report,the total scale of investable assets held by individuals in China in 2018 was nearly 200 trillion yuan,indicating that Chinese households as a whole have a strong asset reserve capacity and their demand for financial services will continue to increase.However,due to the current stage,the overall development of China’s financial market still lags behind that of other countries,and the financial infrastructure and service level of various aspects are not very perfect.As a result,the financial products and services that many families can accept are relatively limited,and the market participation rate is relatively low.Moreover,the development of economy and finance in different regions of China is not very coordinated,there are financial exclusion and other related problems.To a large extent,this hinders some families from really entering the formal financial market to carry out reasonable financial asset allocation.In order to better meet the growing demand for financial services of families,better integrate the disposable income of families into the financial market,so as to drive the virtuous cycle of the whole financial market and the sustainable development of social economy,digital inclusive finance emerges as The Times require.As the innovation and further deepening of inclusive finance,digital inclusive finance combines the relevant characteristics of inclusion and inclusiveness presented by digital technology in the development process.Under the background of "Internet +",it provides a relatively low threshold,convenient and diversified financial services for all social classes and groups.Moreover,the development of digital inclusive finance helps to alleviate financial exclusion and lower the threshold for households to participate in the financial market,so that they can better obtain relevant support from financial services,so that they are more willing to enter the financial market for diversified investment and effective allocation of financial assets.In order to be able to better adapt to the development of the information age,to help the family more effectively the risk of financial investment activities,this article through to the family financial asset allocation and pratt &whitney financial development of the related literature,based on the portfolio theory,behavioral finance theory,the theory of financial development,financial exclusion theory and theoretical basis of the theory of inclusive growth,This paper mainly explores the impact of digital financial inclusion on household investment in risky financial assets.In this paper,by combining theoretical analysis and empirical research,the cross-section data of China Household Finance Survey(CHFS)in2015 and 2017 were matched with the Digital Financial Inclusion Index(DFI)and the index of various dimensions released by the Digital Finance Research Center of Peking University.After the descriptive statistical analysis is completed,the Probit model and Tobit model are constructed to conduct empirical test on the integrated provincial data.And the instrumental variable method is used to solve the potential endogeneity problem,in order to better explore the substantive impact of various dimensions of digital financial inclusion indicators on household financial asset investment choice.After the end of the overall test,the possible urban-rural heterogeneity and income heterogeneity in the empirical results were further analyzed and studied.The final conclusions are as follows :(1)At present,Chinese households have a relatively single type of investment in risky financial assets such as stocks,and the proportion of their holdings is relatively small;(2)The development of digital inclusive finance has a significant positive effect on household investment in risky financial assets.The better the development of digital inclusive finance is,the greater the probability of households participating in risky financial markets and the higher the proportion of households investing in risky financial assets is;(3)The development of digital inclusive finance has a greater positive effect on the investment of risky financial assets of both rural families and low-income families.Finally,based on the above research conclusions,this paper also puts forward the following suggestions and countermeasures :(1)the government should continue to provide corresponding subsidies and policy support;(2)All regions continue to improve the infrastructure construction of digital inclusive finance;(3)Strengthen the popularization and coverage of financial knowledge,and constantly improve the financial literacy of families;(4)Accelerate the technological innovation and digital transformation of traditional financial institutions;(5)Improve the construction of digital inclusive financial supervision system to promote a virtuous cycle and sustainable development of the financial market.