The Impact Of Digital Financial Capability On Household Risky Financial Asset Allocation

Effective portfolio of financial assets is conducive to improving household property income and realizing wealth preservation and appreciation.The relevant data show that the participation rate of household risky financial assets investment,the proportion of investment and the diversification degree of investment portfolio are still low in our country.Digital financial capability provides a lot of support for household risk financial asset allocation in terms of skills and knowledge.This paper explores the influence of digital financial ability on the allocation of household risky financial assets,namely,the extent to which it influences the breadth and depth of participation in risky financial assets,so as to further understand the theory of family financial asset investment behavior and enrich the empirical research with our economic and financial environment as the background.And help micro families based on their own family characteristics and environment to make rational choice of financial assets investment,promote the healthy development of our financial market.This paper adopts the data of China Household Finance Survey(CHFS)published by Southwestern University of Finance and Economics,and adopts Probit and Tobit models to analyze the impact of digital financial capability on household risky financial asset allocation.The robustness test was carried out by means of instrumental variable method endogeneity test,model change,measurement method change and tail reduction treatment.Based on the regression analysis of household classification from different aspects such as the nature of household registration and the age of household head,the heterogeneity of digital financial capability on household risk financial asset allocation is discussed.At the same time,using the mediation effect model,social interaction,income level and risk attitude are selected as the intermediary variables to carry out mechanism analysis,and discuss how digital financial ability has an impact on household risk financial asset allocation through three channels.In the further study,the influence of digital financial capability on the dispersion of household risk financial asset allocation is analyzed.The results show that digital financial capability has a significant positive impact on the breadth and depth of household risk financial asset allocation.Digital financial capabilities have a more significant role in promoting venture capital investment in urban areas and youth households.Digital financial capabilities broaden access to information through social interaction;Increase household endowment through income growth,increase the risk of financial market trading funds;By influencing the risk attitude of residents,the risk tolerance in the process of investment is improved.The three factors optimize the allocation of household risk assets.In addition,digital financial capabilities also improve the degree of dispersion of household risk financial asset allocation.In view of the research problems,this paper respectively from the national government,financial institutions and residents of three levels of policy suggestions.