| With the rapid development of China’s economy,the living standard of residents has been significantly improved,and the wealth owned by families has also been rapidly accumulated.However,the development of China’s capital market lags behind the pace of overall economic development.At the same time,the traditional financial market also excludes the majority of vulnerable groups,which makes most of the wealth of Chinese families lack investment channels,As a result,it can only exist in the form of cash and savings deposits.Household savings rates have long been high,which not only inhibits consumption but also makes the allocation of funds inefficient.At present,China’s economy has turned to high-quality development,and this requires the construction of an efficient,orderly and multi-level capital market,which is inseparable from the participation of the family sector.Therefore,it is very important to study the factors that affect family participation in the financial market,especially the risk financial market.This thesis takes this as a starting point,combined with the vigorous development of digital financial inclusion,to study the impact of digital financial inclusion on household risk financial market participation behavior.Based on the CHFS data released by South Western University of Finance and Economics in 2017 and the digital financial inclusion index compiled by the digital finance research center of Peking University,this thesis examines the mechanism of digital financial inclusion affecting household risk financial market participation from the perspectives of supply and demand.On the supply side,digital financial inclusion promotes households’ participation in risk financial market by reducing transaction costs,increasing the availability of financial services and reducing the dependence on traditional financial institutions;On the demand side,digital financial inclusion promotes households’ participation in the risk financial market by improving residents’ financial literacy and changing their risk preferences.In the endogenous treatment,the spherical distance from each prefecture-level city to Hangzhou and the spherical distance from family location to the provincial capital city are used as instrumental variables to alleviate endogenous problems.In the heterogeneity analysis,this thesis will examine the long-tail effect,the digital gap effect,and the education gap effect of digital financial inclusion.In the robustness test,This thesis uses the most representative stock assets in the risk financial market,the secondary sub-index of digital financial inclusion,and the financial technology index to test the robustness.This thesis finds the following conclusions: First,the development of digital financial inclusion can significantly promote the breadth,depth,and diversification of family risk financial market participation.Second,the mechanism analysis shows that digital financial inclusion promotes the breadth,depth,and diversification of family risk financial market participation by weakening the limitation of limited participation opportunities,improving residents’ financial literacy,and changing residents’ risk preferences.Third,the heterogeneity analysis shows that the promotion effect of digital financial inclusion on family risk financial market participation is more obvious in urban groups,eastern regions,high-income families,Internet users,and groups with high education levels.Digital financial inclusion has not shown any obvious long-tail effect,but the digital gap and the education gap effect are more obvious.The research conclusion of this thesis has certain enlightening significance for the development of digital financial inclusion,that is,in the process of developing digital financial inclusion,we should pay special attention to the construction of financial and network infrastructure,improve the coverage of smartphones,and increase efforts to improve the income level,education level and financial literacy of rural and remote areas. |
PDF Full Text Request