Impact Of Internet Popularization On Household Debt Risk

In recent years,with the rapid development and widespread application of information technology,the Internet has been widely used in various fields of life,promoting a series of financial innovations such as mobile payment and Internet lending,and has a great influence on the economic field.The influence has penetrated into the family sector at the same time.In the new period,the growth rate of China’s household leverage remains high,and the problem of debt gray rhino and the imbalance of asset allocation structure is also gradually emerging.The above problems are easy to cause debt risk to lead to the turbulence of China’s economic system.In order to grasp the bottom line of non-debt risk,government departments,financial institutions and households should dialectically view the advantages and disadvantages brought by the popularization and development of the Internet.This paper attempts to clarify the relationship between the development of Internet popularization and household debt leverage,and discusses in detail whether the development of Internet popularization has different degrees of influence on families with different characteristics,which attaches great importance to how to regulate and control the leverage rate of the household sector in order to ensure the basic stability of the economic situation of the household sector in China.This paper first summarizes the previous literature on the two parts of Internet popularization and household leverage ratio,and attempts to summarize and analyze the motivation of household debt and the correlation between Internet popularization and household leverage ratio.Secondly,based on the current situation of the popularization and development of the Internet and the trend of household debt leverage between China and other countries in the world,the theoretical assumptions of the influencing mechanism are put forward according to the corresponding analysis.By selecting the data of the 2017 China Household Finance Survey and using the Tobit model by Stata software,this paper attempts to further discuss the impact of Internet popularization and development on household debt leverage.The empirical results show that Internet popularization and development has a positive impact on household debt leverage.Then this paper proves the theoretical hypothesis by mechanism test,and finds that the popularization and development of the Internet can improve the possibility of family debt risk by promoting the development of mobile payment,promoting the daily social frequency of families,reducing the cost of household information collection,and promoting residents’ entrepreneurial decision-making.Then,by introducing instrumental variables to solve endogenous problems and robustness test,the robustness of the conclusion is proved.Further,the heterogeneity test of families according to different characteristics is carried out to obtain the difference of the influence of Internet popularization on different families.It is found that the influence of Internet popularization on family debt leverage is more obvious in the eastern region,non-farmers,low income,low education and preference risk families.Finally,based on the empirical results,combined with China’s current situation and basic national conditions,this paper puts forward targeted suggestions for government departments,financial institutions and households,which provides relevant policy implications and opinions for stabilizing household debt leverage and controlling household debt risk.