Internet Information Channels And Household Financial Assets Selection

In recent years,with the rapid development of China's economy,the scale of China's household financial assets has expanded rapidly.Household finance has drawn the attention of economists.The importance of household finance research has become increasingly prominent.At the same time,the richness of China's family finance micro database has provided the basis of micro studies.The traditional theory of household finance focuses on the impact of individual factors such as wealth level,education level,risk attitude,age,and gender on stock market participation and asset allocation.Although there have been some theoretical studies analyzing the impact of information channels on family stock market participation and asset selection,there is still a lack of empirical research on how information channels influence family investment decisions.This paper examines the impact of Internet information channels on Chinese family stock market participation and household financial asset selection.In the financial sector,the Internet has had a tremendous impact on people's access to financial information and financial transactions.Using data from the 2011 China Family Finance Survey,this paper studied the impact of Internet information channels on the participation of our family's stock market and financial asset selection behavior.The Probit model and the Tobit model were established.The study found that Internet information channels have a significant role in promoting the participation of the urban and rural households in the stock market.The promotion of urban residents is more obvious.Whether rural or urban,the Internet information channels can significantly improve the risk profile of household financial assets portfolio.For rural families,the promotion is even greater.Based on the threshold regression model,it is concluded that:(1)China's household investment has a significant wealth threshold effect.In the household group with financial assets below 102,000,the Internet information channel presents a significant boost to the risk profile of household financial assets portfolio.For households with financial assets above 102,000,there is a certain degree of restraint;(2)China's household stock market participation and financial asset allocation have a significant life cycle effect.