Mobile Payment And Risk Financial Assets Allocation

Under the background of the rapid development of Internet technology and the gradual popularization of intelligent terminal equipment,mobile payment has achieved rapid development in the Chinese market.With the popularization of mobile payment,a new payment method in households,the allocation of risky financial assets of Chinese households has also undergone great changes.In this context,further in-depth analysis of the impact of mobile payment on household risk financial assets has strong practical significance.Therefore,this paper analyzes the impact of mobile payment on household risk financial asset allocation by sorting out relevant theoretical literature,in order to discover the relationship.This paper provides a valuable reference for narrowing the gap between the rich and the poor,accumulating family wealth,and realizing the healthy and stable development of my country’s financial market.Firstly,this paper summarizes the domestic and foreign literatures related to mobile payment and household risk financial asset allocation.On this basis,it further analyzes the current development status of the two,and finds that mobile payment is in a vigorous development stage in my country,but my country’s household participation risk Financial markets are shallower and less relevant asset allocations are made.Based on the relevant theories and the social reality of our country,this paper puts forward four hypotheses.Hypothesis one is that the use of mobile payment can promote households to invest in risky financial assets.Hypothesis two is that mobile payment promotes households to make related investments by enhancing social interaction and weakening financial literacy constraints.Hypothesis three is that with different levels of family social interaction,the impact of mobile payment on investment in risky financial assets is different.Families with high social interaction have a larger marginal effect of mobile payment;families with low social interaction have a smaller marginal effect of mobile payment.Hypothesis four is that different levels of financial knowledge have different effects of mobile payment on investment in risky financial assets.Families with a high level of financial literacy have a larger marginal effect of mobile payment;families with a low level of financial literacy have a smaller marginal effect of mobile payment.With the help of the 2017 China Household Finance Survey data,this paper constructs a Pobit model related to mobile payment and household risk financial asset allocation.The study found that the use of mobile payments can facilitate households to invest in risky financial assets.Therefore,Hypothesis one is verified.Secondly,this paper analyzes the impact mechanism of mobile payment on household participation in risk financial market.Mobile payment promotes households to make relevant investments by enhancing social interaction and weakening financial literacy constraints.The second hypothesis is verified.Further,this paper is divided into groups based on the average level of financial knowledge and social interaction,and the results of group regression verifies Hypotheses three and four.Finally,in response to the conclusions drawn in this paper,this paper puts forward relevant policy suggestions from the perspectives of accelerating the construction of communication network infrastructure,improving the household registration system,increasing residents’ income,and innovating diversified financial products,in order to promote the development of financial market.Healthy,orderly and high-quality development contributes modestly..