Research On The Impact Of Mobile Payment On Household Risk Financial Asset Allocation

In recent years,internet technology has developed rapidly in China,and mobile payment,as a new payment method in the Internet era,has also rapidly popularized in China.At the same time,with the rapid development of China’s economy,the income of households has increased,and the demand for asset allocation has also been increasing.The development of mobile payments has provided more financial products and services for households,reduced transaction costs,changed the way households invest in financial assets,and profoundly affected the asset allocation behavior of households in China.Therefore,based on existing research,this article empirically studies the impact of mobile payments on the allocation of risky financial assets in Chinese households,which has important practical significance for rational allocation of household financial assets to expand residents’ income.Firstly,this article reviews and summarizes literature research on mobile payments and the allocation of financial assets among Chinese households,and introduces different factors that have an impact on the financial asset allocation behavior of Chinese households.Secondly,the existing theoretical basis related to asset allocation was summarized,and the impact mechanism of mobile payments on household financial asset allocation was elaborated,based on which hypotheses were proposed.Then,through sample data,principal component analysis was used to select three variables: whether to have a third-party payment account,whether to shop online,and whether to have internet financial products to construct a mobile payment index and determine the selection of control variables.This paper uses the probit model and Tobit model to empirically study the impact of mobile payment on the allocation of risky financial assets of Chinese households.Finally,based on the research in this article,policy recommendations are proposed for the development of China’s financial market,and reasonable optimization suggestions are provided for the allocation of risky financial assets for Chinese households.The research results indicate that mobile payments have a significant positive impact on the allocation of risky financial assets for Chinese households.Among them,the promotion effect of mobile payments on the participation of risky financial assets by households is greater than its promotion effect on the depth of participation of risky financial assets by households.This may be because mobile payments promote the participation of households in risky financial assets,but the allocation proportion is still relatively conservative.This article further analyzes the impact channels of mobile payment on the allocation of risky financial assets in Chinese households,which promote the investment of risky financial assets in households by improving transaction convenience and expanding risk preferences.In order to overcome the impact of endogeneity on the empirical results,this article selected whether to own a smartphone as the instrumental variable for endogeneity testing.This result is still valid,and the regression results are still robust after changing the regression model,adjusting the samples,and explanatory variables.Finally,through the heterogeneity analysis of urban and rural registered residence and income level differences,the results show that mobile payment has a more significant role in promoting urban residents and high-income families.Through the research in this article,policy recommendations are proposed for the current situation of financial asset allocation among Chinese households.Accelerate and improve infrastructure construction,promote the popularization of intelligent devices and innovation of financial products,optimize the market environment,guide households to allocate their financial assets reasonably,and promote the healthy development of China’s capital market.