On Causation Of Online Financial Behavior

With the steady and rapid development of national economy for many years, the national wealth accumulation is increasing, at the background, the demand for the wealth of our residents is rising. This result out the personal financial services market has great potential. The way that financial institutions provide the traditional financial services have a lot of defects, in which the higher financial threshold and lower liquidity makes many people are discouraged by the traditional financial services. With the in-depth development of e-commerce, the frequency of using the Internet is increasingly high, relying on the Internet to provide new financial services which have obvious advantage compared to the traditional financial services continue to emerge. Since 2013, Yu Ebao as the representative of the Internet financial management model which have low financial threshold and high capital mobility and achieve a small amount of money and instant wealth management, attracting a large number of Internet users to participate.As a new phenomenon, the academic exploration to Internet financial management is still in initial stage, this paper studies the new phenomenon from the perspective of micro-behavior decision. First, in this paper, the Internet financial management will be unified into the online financial management perspective. Second, on this basis, the theoretical basis for the identification of online financial behavior decision-making is identifying to lay the foundation for the following research. Again, drawing on the relevant theory to extract the specific factors of Internet financial behavior and build a research model, the research model not only includes the causal relationship, but also includes the role of platform type. After that, the validity of the model is verified by the questionnaire survey data of “Baobao” finance users.The distinction between "traditional banking mode" and "Internet financial mode" is confirmed and then integrate them under the perspective of online financing mode; learned from the traditional definition of financial behavior, combined with the latest features of the Internet finance, this paper reconstruct the definition of online financing behavior. In this paper, the online financing behavior is defined that the individual or family select and adopt online financing model in order to have the financial resources to manage or to achieve economic, social and other objectives.Based on varieties of behavioral decision theory, this paper constructs a conceptual model to explain online financing behavior. This model contains specific variables of personal characteristics, product or service characteristics, and environmental characteristics, and combined with the platform type as a moderator. Personal characteristics variables include risk propensity and innovativeness; product or service feature variables include perceived usefulness, perceived ease of use, perceived convenience and perceived enjoyment; environmental variables include perceived risk and network externality(perceived number of users).To test the effectiveness of aforementioned model, the questionnaire survey was conducted to users of “Baobao” financial products, and the empirical results are as follows: the direct effect of perceived usefulness on financial behavior intention was significant; perceived ease of use have no significant direct effect on behavioral intention; perceived ease of use have indirect effect on behavior intention through perceived usefulness; perceived convenience on the financial behavior intention is obvious and the influence of perceived risk on behavior intention is significant; effects of perceived enjoyment on behavior intention is not significant; positively related to perceived convenience and perceived enjoyment; network externality not only directly affect behavior intention, but also have indirect influence on behavioral intention through perceived risk; effect of innovativeness on perceived usefulness and perceived enjoyment are significantly and positively related to risk propensity and perceived risk; platform type moderate the relationship between perceived usefulness, perceived ease of use, perceived risk between and the "Baobao" financial behavior intention, but moderating effect of platform type on the relationship between perceived convenience, perceived enjoyment, network externality and the "Baobao" financial behavior intention wasn’t founded.