Research On The Impact Of Internet Finance On Household Financial Asset Allocation

With the rapid development of the Internet,the three pillars of Internet-based financing,Third-Party Payments,and The network finance held the necessary position within the Internet finance area.Meanwhile,along with the Internet financial changes,the extent of the complexity in the configuration of household financial assets has been deepened and become obvious than before.With the uptrend development of economic environment,the two questions need to be solved,the one is that whether the development of the Internet financial and Third-Party Payments innovation can promote the family to allocate the risky financial assets? The other one is that will the Third-Party Payments facilitate the proportion of the configuration of risky financial assets for households? In addition,compared with the traditional family financial assets allocation channel,can the new channel of Third-Party Payments optimize the traditional payment methods to get effective and reasonable family asset allocation? These questions could be solved by this research.For the understanding of the Internet finance,especially the most mature of the innovation and development of the Third-Party Payments has deeply affected the family asset allocation,its convenience made households become a part of the cash or deposit directly into the risk of financial assets,so as to improve the efficiency of the capital market.Moreover,it also optimizes the portfolio of family,which will motivate the positive development of Third-Party Payments,Internet finance and the financial markets even the situation of the whole national economy.In this context,this paper firstly reviews the previous theories and studies based on Internet finance and household financial asset allocation.Secondly,the main source of literature section was referenced based on using the Southwestern University of Finance and Economics’ family financial center survey’s latest public family microscopic investigation data in 2013.Thirdly,for the specific data analysis of this research,the questionnaire was to test the influence of ThirdParty Payments on household investment stocks in the new area.Meanwhile,the Probit model was operated for the influence of the Third-Party Payments for households in stocks,funds,bonds,and financial services market participation.Also,the Tobit model was used to empirical research on Third-Party Payments to family financial risk in financial assets participation and in-depth analysis of the influence of family asset allocation of China.Based on this research,the results were the same by using the Probit and Tobit model.Finally,this empirical results showed that the income,assets and household characteristics,such as age,education,financial knowledge and attention to family shares,funds and population characteristics,such as financial services have obvious effects,the bond of significance is not high,the stock market has an influence on the third party payments and the increasing proportion of participation has a positive promoting role,which has uncertain impacts on bond.Although the participation situation in domestic financial markets may not positive,the further thoughts still prospect that the steady and rapid development of Third-Party Payments of the family participation in financial markets can improve the level of family investment,increase household income,and even promote the sustainable financial and economic development of China.