Analysis On The Utility Of Digital Currency/Electronic Payment Use Based On Hybrid Logit Model

Since entering the 21 st century,with the rapid development of economy and science and technology,electronic payment has been born and developed rapidly under the trend of human pursuit of convenience.Due to the high transparency of information brought by the Internet,residents began to pursue a more private and secure way of payment.Digital currency represented by bitcoin came into being.Its traceability,non tampering,decentralization and other characteristics solved the problem of trust between the two sides of the transaction.However,bitcoin is a private digital currency after all.It has no government endorsement and guarantee and has no unlimited legal repayment.Therefore,the central banks of various countries began to develop the central bank digital currency with government endorsement.China’s central bank digital currency-Digital currency/Electronic payment(DCEP)has also completed preliminary research and carried out pilot work in 30 cities.In this context,in order to better implement the central bank’s digital currency and realize the national financial reform strategy,how residents’ use effect of Digital currency/Electronic payment is of great significance in the promotion process.Therefore,this paper leads to the research purpose of this paper: the analysis of residents’ use effect of Digital Currency/Electronic Payment in China.The research idea of this paper is to refine residents’ choice of central bank digital currency into their preference for the policy attributes of central bank digital currency based on consumer behavior theory.Through factor analysis and scientific and reasonable combination of attributes,three schemes are formed for residents to choose,so as to obtain the results of residents’ use of central bank digital currency.Firstly,be familiar with the research background of global private digital currency and legal digital currency,and lead to the research purpose;Secondly,by combing the relevant theories and literature at home and abroad,we draw the consumer behavior theory as the research basis of this paper,and put forward the research hypothesis.Thirdly,we use the mixed logit model for empirical research through the methods of literature research,quantitative analysis and questionnaire survey;Then,collect samples to provide relatively sufficient data for empirical research,sort out questionnaire data,conduct descriptive statistics,attribute utility research,interaction analysis,marginal effect research and heterogeneity analysis,and study whether the attributes of central bank digital monetary policy concerned by residents have a significant impact on Residents’ acceptance of central bank digital currency;Finally,it makes a reasonable interpretation of the empirical results,draws conclusions,and puts forward targeted suggestions for residents and the government around the empirical conclusions.Through the empirical research results,this paper draws the conclusion: the empirical research shows that the attributes of the central bank’s digital monetary policy concerned by residents-privacy and security,convenience,account mode,cost and expense have a significant and efficient use for residents to use the central bank’s digital currency.According to the conclusion,this paper puts forward policy suggestions from residents and the government.For residents,first,actively respond to the call of the state and gradually promote the digital monetization of capital flows from the central bank;Second,residents should actively understand the specific functions of the central bank’s digital currency.As far as the government is concerned,first,strengthen the promotion of the central bank’s digital currency;Second,increase the incentive policies for residents to use the central bank’s digital currency.