The Study Of The Impact Of Fintech On Family Financial Behavior

Fintech,which is increasingly related to our daily life,is one of the most important driving forces in the transformation and upgrading of the financial industry.It is necessary to investigate the impact of fintech on household financial behavior.This article mainly uses Peking University's Digital Inclusive Financial Index data,China Household Finance Survey(CHFS)data,China's consumer finance status and investor education survey data,and online lending platform data,focusing on the impact of fintech on household assets and liabilities.Empirical research shows that fintech has different degrees of impact on household financial market participation,borrowing behavior and leverage.First,the development of fintech help families to participate in financial markets.The better the development of fintech,the greater the probability that families participate in the stock and financial asset management markets,and the more types of financial assets they hold.Using fintech development level and geographical distance in the region as fintech's instrumental variables,it is found that the conclusion above is basically valid.In particular,the development of fintech has a positive effect on the financial market participation of families with higher levels of financial literacy.What's more,for families with internet use,the development of fintech can effectively promote their participation in financial markets,but for families without internet use it fails.It shows that bridging the “digital divide” is significant for families to optimize asset allocation.Second,there are differences between Internet channel and traditional media in delivering financial information.This paper constructs time constraint variables according to the differences in the flexibility of time scheduling of people with different occupational characteristics.According to the interaction analysis,time constraints reduce the effect of internet financing information on promoting households' participation in stock markets,but have no significant impact on the paper media channel.In addition,it is found that financial literacy has a positive and significant effect on stock and insurance participation.Third,the development of fintech will help reduce the possibility of defaults on P2 P borrowings,which will help the credit accumulation of borrowers.In areas with a high level of fintech development,borrowers will increase the length of the description of the loan,with a higher probability of mentioning numbers.The borrowing success rate of low-income people is lower than that of higher-income borrowers,even though the default rate of low-income borrowers is significantly lower than that of higherincome borrowers,indicating that the P2 P platform's credit supply to low-income people is unreasonable and financial inclusion is insufficient.The development of fintech has not significantly improved the disadvantaged situation of low-income borrowers on the platform.Fourth,the household's leverage ratio is broken down into three financial indicators: debt-to-income ratio,liquidity constraints,and asset structure.The study found that increasing liquidity constraints and decreasing the ratio of asset structure will exacerbate the increase in household debt-to-income ratio.When households convert financial assets into non-financial assets,the ratio of asset structure decreases and liquidity constraints rise,which will increase household debt level.The development of fintech has a positive effect on the increase of household leverage,significantly increasing the household's debt-to-income ratio,which has led to increased household debt repayment pressure.Financial literacy has significant positive effect for families to ease liquidity constraints and increase financial asset allocation,while fintech development only has similar effects on households with higher wealth.The study also found that the impact of fintech development on families varies according to their characteristics,such as urban or rural,first-or second-tier cities,age,and ownership of real estate.