The Impact Of Digital Inclusive Finance On The Financial Asset Allocation Of Chinese Households

As China’s economy enters a new normal and gradually moves towards high-quality development,the living standards of Chinese residents have gradually improved,and residents’ financial management has also shown more diversified needs.However,Chinese household residents still have major problems in the process of allocating financial assets and face more risks.For a long time,the asset allocation of Chinese households has been dominated by cash and bank deposits,the investment demand for risky financial assets such as stocks and funds is less,and the family asset structure is relatively single.In addition,due to the imperfect development of the financial market and the low service level of financial institutions,Chinese residents cannot fully participate in the financial market.Moreover,the level of economic development in different regions of China is also different,and problems such as the digital divide and the gap between the rich and the poor will cause residents to encounter great difficulties in participating in the financial market and investing in risky assets.Digital inclusion can increase households’ participation in the risk financial market,optimize the allocation structure of households’ risk financial assets,and effectively narrow the financial service gap caused by differences in economic development.To this end,we should vigorously give full play to the superiority of digital inclusive finance in optimizing the structure of household asset allocation,gradually improving the service level of financial institutions,and lowering the entry threshold for residents to participate in the financial market.Based on this,this paper studies the impact of digital financial inclusion on household participation in financial market behavior.Firstly,this paper reviews the development of digital inclusive finance and the development of household risk financial assets at home and abroad.Secondly,the theoretical basis analysis is carried out,and the financial exclusion,financial intermediation,modern asset portfolio theory,and liquidity preference theory are introduced,which lays a theoretical foundation for the allocation and selection behavior of household risk financial assets in China,and puts forward corresponding assumptions on this basis.Then,the empirical analysis of this paper uses the digital financial inclusion index of Peking University and the 2019 household finance survey data for empirical analysis,compares the empirical results of OLS regression,Heckman model,and IVHECK model,and conducts robustness test to verify the validity of the results.Finally,comparing the impact of digital inclusive finance on family allocation of risk financial assets in terms of urban and rural areas,regions,and education levels,and proposed the intermediary role of increasing family income and promoting financial information acquisition,multi-dimensional verification digital inclusive inclusion the mechanism of finance on family risk financial assets.The results show that: first,the indicators at all levels of digital inclusive finance have a positive and significant effect on the depth and diversification of household risk financial asset allocation;Second,digital financial inclusion plays a more significant role in promoting the eastern region,urban areas and the better-educated groups;Third,digital inclusive finance can optimize the allocation structure of household financial risk assets by improving residents’ access to financial information and broadening household income channels.Based on the theoretical and empirical analysis results,this paper puts forward relevant suggestions on the development of digital inclusive finance and the help of digital inclusive finance to help family risk financial asset allocation: First,strengthen personal learning and residents’ education,improve the overall financial literacy of the public,and promote the reasonable participation of families in the financial market through financial literacy education.The second is to build an Internet information platform,improve the development of digital finance,overcome the key technologies of digital inclusive financial services,and improve the efficiency and security of digital financial services.The third is to promote the transformation of traditional financial institutions,improve the efficiency of digital inclusive services,alleviate financial exclusion,and improve the coverage of financial services.The fourth is to strengthen the construction of digital inclusive financial infrastructure,improve social security and financial support,and provide strong hardware support for improving the quality of financial services and building digital power.Fifth,it is necessary to establish a digital financial supervision system,improve the digital financial supervision system,ensure the healthy development of digital inclusive finance from the institutional level,and truly seek benefits for residents,ensure the safety of residents’ property,and promote economic development and social progress.