The Digital Inclusive Finance’s Impact On Household Risk Financial Market Participation

At present,the high-quality development stage of China’s economy puts forward dual requirements for stability and innovation in the field of economic management.On the one hand,due to its own characteristics in the field of economic management,global economic development is facing uncertainty,coupled with the obstacles of the global epidemic and other factors,economic development needs to maintain stability as the core and foundation;on the other hand,in maintaining stability Under the premise of economic development,it is necessary to seek innovative breakthrough points to achieve diversity and innovation in the field of economic management and accelerate economic development.Among them,the formation and development of digital inclusive finance is an effective means to meet the innovation of economic development.In the development of digital inclusive finance,it faces the adverse impact of the "digital divide" on groups in remote areas and the elderly.At present,digital inclusive finance has gradually evolved into a complex financial ecosystem,which not only covers different types of financial products,but also includes financial service providers to reduce financial service costs and improve third-party professional service institutions.Household financial risk market participation is increasingly affecting the quality of life and income level of residents.With the gradual maturity of the financial market,my country’s household asset investment has become more and more diversified.The combination of a variety of financial instruments can make household investment obtain higher returns,and at the same time achieve the purpose of a certain risk scale.However,with the relatively limited services of mainstream financial institutions,the investment needs of various social levels cannot be met because there are gaps between residents in different families due to factors such as education level,family assets,and environment.To a certain extent,this leads to the heterogeneity of the degree of participation in the financial risk market by household investors when making financial investments.With the continuous popularization and development of digital inclusive finance,it may have an impact on residents’ investment and participation in the financial risk market.Based on this,based on the economic data from 2013 to 201 7,this paper studies the impact of digital financial inclusion on residents’ financial risk market participation through the Probit model and model,and reveals its mechanism.The empirical results show that all variables such as the age of the household head,marital status,gender,education level,family income level,and total family assets are used as control variables.After analyzing and verifying the data,the conclusions are:(1)Digital inclusiveness Financial development can increase the likelihood that households will participate in risky assets.(2)The development of digital inclusive finance can increase the investment proportion of household risky financial assets.(3)The development of digital inclusive finance can promote household risk financial market participation by alleviating household liquidity constraints.(4)The development of digital inclusive finance can promote household risk financial market participation by promoting household financial market information acquisition.Based on the current situation and empirical results of China’s digital financial inclusion and household financial risk market participation,the following countermeasures and suggestions are put forward.First,financial institutions should improve technology and digitization.Second,improve the financial quality of residents and reduce financial exclusion.Finally,give full play to the government’s regulatory and guiding role and increase household financial risk participation.