| In recent years,with the consecutive expansion of the scale of network users,the promotion of Internet technology and the deepening of the concept of inclusive financial management,the Internet financial market presents new trends such as intellectualization,scenario,mobility and platform.Since 2013,Internet financial management has realized consumer fragmentation financial management by virtue of its high income,low purchase starting point,high efficiency,transparency and redemption at any time,which has stimulated the investment enthusiasm of the vast number of netizens.The vigorous development trend has ushered in a new development opportunity for the Internet industry and the financial industry in China.Considering that China’s Internet finance is still in the early stage of development,compared with the maturity of traditional financial products,Internet financial management is still exploring and exploring in research and development,design and marketing,and the current situation that individual is the main body of decision-making in China’s financial market,it is urgent to deeply analyze the cognitive and decision-making process of individual investors for Internet financial management,so as to guide residents to improve the rationality of financial management behavior.It has a positive impact on the healthy development of Internet finance.At present,most of the research on Internet Finance in China focuses on the impact on traditional financial business,the direction of Internet Financial wind control and supervision,and less on the behavior of individual investors in Internet finance.At present,the research on Internet financial management behavior is mainly based on the theory of planned behavior and technology acceptance model.It still follows the traditional thinking of financial management,and lacks the overall consideration and analysis of the financial environment.Based on the financial nature and network characteristics of Internet financial management,this paper investigates the interaction between user perception and user behavior intention through introducing core variables such as network externality,herding effect,perceived value,self-efficacy and platform type from the perspective of both financial users and financial management platform.This paper examines the influencing factors of Internet financial management in terms of context,individual characteristics,user psychology and platform.In order to explore the specific dimensions of perceived value of users in Internet financial management,based on literature review,this paper firstly selected 32 target consumers as interviewees and explored them by grounded theory.Through open coding,Association coding,selective coding and other processes,it was concluded that consumers’ perceived dimensions of Internet financial products can be divided into: economic value,belonging.Sex value,social value,experience value and platform function value are five dimensions.According to the above results,this paper constructs a conceptual model of perceived value of Internet financial users.Through the empirical analysis of 306 sample members,it confirms the results of qualitative research,and the economic value,attribute value and functional value of financial products are the most concerned by users.Subsequently,based on the dual perspectives of financial platform and financial users,this paper studies the mechanism of the network environment of financial platform on users’ financial behavior intention.Through questionnaire survey,693 valid sample data of e-commerce financing platform and online banking financing platform are collected.Empirical research shows that the internal mechanism of the network environment of financing platform on users’ network financing behavior intention is mainly realized through two important paths:(i)network externality→ herding →financial behavior intention;(ii)network externality→ perceived value →financial behavior intention.These two paths effectively depict the perception changes of individual users affected by the social environment of financial management and the differences of financial behavior intention in the process of online financial management through the variables of user’s individual characteristics: self-efficacy and platform type.The concrete manifestations are as follows:(1)In the process of online financial management,perceived value is the most important factor affecting consumers’ intention to conduct online financial management.Whether it is on the platform of electronic commerce or on-line banking,the perceived value of users has a highly significant positive correlation with the intention of online financial management.This shows that the products and services of the network financing platform have functional attributes.Improving consumers’ perceived experience is the key to enhance users’ stickiness and lock users in.(2)Herd effect plays an important role in the process of network financial consumption.Herd effect has a positive(or negative)effect on the intention of online financial management behavior,which mainly depends on the strength of its two dimensions.Specifically,whether in the e-commerce financing platform or online banking financing platform,imitating others has a positive impact on the user’s network financial behavior intention;and discounting one’s own information has a negative impact on the user’s network financial behavior intention.It shows that in the process of Internet financial management,users will enhance their cognitive ability by accepting multi-party information and knowledge in the interactive process of social network.They will take financial investment decisions more seriously and carefully to achieve the purpose of rational financial management,thus proving that the interaction between financial platform and users has a promoting effect on rational investment of users.(3)The influence of network environment of financial management platform on herding effect is mainly through two dimensions of network externality: reference network scale and perceived complementarity.Among them,the reference network size significantly affects the positive herding effect-imitating others;while perceived complementarity significantly negatively affects the herding effect(discounting one’s own information),that is,the interaction between users and financial platforms will inhibit the herding effect caused by users’ blind follow of irrational investment,making the decision-making and investment of network financial investors more rational.The effects of network externalities on perceived value are as follows: the scale of reference network and perceived complementarity have significant positive effects on perceived value of users.(4)Self-efficacy plays a moderating role in the influence of network externalities on perceived value.For users with high self-efficacy level,the complementary products and business functions provided by financial management platform bring greater utility than users with low self-efficacy level.At the same time,the marginal utility of high self-efficacy users for hot financial products released by the platform is lower than that of low self-efficacy users.It shows that financial users with high self-efficacy have more rational judgment on network information and phenomena,better judgment ability on the quality of financial public opinion information,and are not prone to blind obedience and short-sighted behavior.(5)The difference between e-commerce financing platform and online banking financing platform has an impact on user’s financial behavior as follows: 1)herding(imitating others)on user’s intentions of online banking financing is more significant on online banking financing platform.2)Herd effect(discounting one’s own information)weakening the influence of on the user’s behavior intention of e-commerce financing platform is significantly greater than that of the users of e-banking financing platform.3)The impact of perceived value on users’ intentions of online financial management behavior is more significant on online banking financial management platform.To sum up,this paper collects multi-platform sample data,explores the influencing factors of users in the process of Internet financial management and analyses the relationship between these factors,deeply interprets the consumer psychology and cognitive performance of users.Based on theoretical and empirical research,this paper systematically expounds the transmission mechanism of the influence of financial environment on user behavior,and enriches and improves the dimension of perceived value.At the same time,it extends the study of traditional consumption behavior to a certain depth and breadth.It also gives a farewell to short-term regulatory arbitrage for the steady development of network finance,focuses on internal and external risk prevention,provides strategic thinking for planning and management,and provides a reference for the regulatory authorities to innovate and develop the Internet financial management system. |
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