Research Of The Effect Of Regulatory Focus On Consumer Financial Decision-making Behavior

With the development of global integration,consumer financial activity has become an important research area.Among the factors that affect the financial activities of consumers,the regulation focus has become the new direction of the study,and different emotional responses will produce different financial decisions.For these differences,an important premise is that there is a certain relationship between the consumer and the external environment,it should be put forward on the basis of differences.Consumers can gain value and experience from these differences,which may result in different financial behavior.Therefore,this paper construct model,propose hypothesis and management suggestions based on the theory of social psychology,consumer psychology,culture sociology,makes an demonstration study on the relationship between the individual regulatory focus of two dimensions of consumer financial decision-making behavior,and test the moderating effect of regional culture with three the dimensions of this relation.This study is mainly developed from the following several points:1.Confirm the two factors model of consumer financial decision-making behavior.Study on dimensions of consumer financial decision-making behavior is still not a unified conclusion,two factors model,four factors model and five factors model,but there is more two factors and five factors model in the practical use.In this study,through the collation of literature and combined with the specific situation of China,decide to use the two factors model to classify the dimension of consumer financial decision-making behavior.2.Research the relationship between the regulatory focus and consumer financial decision-making behavior.In our research,we use the hierarchical regression method to examine the relationship between the regulatory focus and consumer financial decision-making behavior.The research found that the promotion focus and prevention focus of the regulatory focus have significant effect on the two dimensions of consumer's financial decision-making behavior.And,the promotion focus of the regulatory focus has the positive effect on the consumer's lending behavior and the reverse effect of consumer savings behavior;The prevention focus has positive effect on consumer savings behavior and the reverse effect on consumer lending behavior.3.Test the regulate effect of regional cultural dimensions.In this paper,we examine the regulate effect of regional culture in the relationship between regulatory focus and consumer financial decision-making behavior.And found that the three dimensions of regional cultural dimension,long-term orientation,uncertainty avoidance,and female tendency,have a significant impact on the relationship between the regulatory focus and consumer financial decision-making behavior.This study found that in the saving behavior dimension,the long-term orientation plays a positive role in the impact of promoting regulatory focus in the saving behavior.Meanwhile the long-term orientation,uncertainty avoidance,and female tendency plays a positive role in the impact of preventive regulatory focus in saving behavior.And in the lending behavior dimension,the long-term orientation,uncertainty avoidance and feminine tendency plays a positive role in the impact of promoting regulatory focus in the lending behavior.Meanwhile the uncertainty avoidance plays a positive role in the impact of preventive regulatory focus in lending behavior.4.This study compared the regional culture of Zhejiang province and Shandong province.Refer to the relevant literature of the study of regional culture,the culture of the two regions was measured and compared on the basis of the cultural dimension.Through survey data measurement and hypothesis validation,different household registration has significant differences in uncertainty avoidance,long-term orientation,and savings behavior.Consumers in Shandong province are more willing to use the money for saving,and they have higher standard of the long-term orientation and uncertainty avoidance than the consumers in Zhejiang Province,compared with the two provinces consumers have no significant difference in lending behavior.This shows that Shandong province has long been more deeply affected by the Confucian culture.They are more sensitive in the perception of risk,more inclined to conservative,traditional way of doing things and financial treatment methods.However Zhejiang province has the influence of alien culture and its economic development standard is higher,the individual is more inclined to challenge.Based on the fact and conclusions above,we suggest that:Strengthen enterprise's customer orientation awareness,promote enterprise strategy and marketing strategy and consumer regulation focus feature fusion.Consumers should be appropriate to adjust their own regulatory focus so that has better identification and selection of various financial opportunities.Improve the financial knowledge education.Intensify the study of different regional cultural,to explore more influence factors of consumer financialdecision-making behavior.A considerable part of the research is exploratory,including the regulation of regional culture.Hope that this study could provide useful and helpful suggestion for the further research.