Research On The Influence Of Digital Inclusive Finance On Family Financial Asset Allocation

The wave of digital transformation swept the traditional financial industry,and a large number of digital financial products,emerging formats and business models began to enter the lives of Chinese residents.At the same time,the imbalance between financial and regional economic development has become prominent,and digital inclusive finance has become the new focus of government work.On the one hand,with the blessing of new digital technology,the innovative development of digital inclusive finance products and services provides more application scenarios and solutions for serving the financing problems of agriculture,rural areas and small and micro enterprises,and also provides more possibilities for improving residents’ wealth management income and realizing common prosperity.On the other hand,under the macro-background that the financial system reform in China is intensifying and the downward pressure on the economy is increasing,as one of the important units of economic development,how to rationally allocate financial assets and realize the further growth of stock wealth has become an important issue faced by all family units in the new period.Compared with corporate finance,family financial investment decision-making often faces many problems such as high proportion of housing assets and limited participation in venture capital market.The long-term existence of these problems has seriously hindered the capital growth of family wealth and the healthy development of financial markets.Based on the above-mentioned realistic background,this paper discusses the influence of the development of digital inclusive finance on the allocation of family financial assets in China,so as to deeply understand the theory of family financial assets investment,enrich relevant empirical research,help family units make financial assets investment decisions as rationally as possible based on their own risk preferences and financial needs,and provide a basis for financial institutions to carry out innovative business,so as to help the healthy and steady development of China’s financial market.By summarizing the relevant classical financial theories and research results at home and abroad,this paper briefly expounds the theoretical logic of the influence of digital inclusive finance on the allocation of family financial assets in China.Based on the data of Peking University Digital inclusive finance Index and China Household Finance Micro Survey(CHFS),this paper briefly introduces the development level of digital inclusive finance in China and the allocation of household financial assets,and points out the possible problems.Secondly,based on the data characteristics of the two explained variables,we select the appropriate empirical models-Tobit model and Probit model,and make a benchmark regression analysis of the variables.On the basis of this empirical result,this paper also makes heterogeneity analysis and robustness test,and makes an expanded study on the specific mechanism between the development of digital inclusive finance and the allocation of family financial assets.Combined with the empirical results,this paper finally draws the following conclusions:(1)Digital inclusive finance can significantly improve the performance of family financial investment,and this promotion has a more obvious impact on the willingness of family units to participate in the risk financial market;(2)Compared with urban families,digital inclusive finance has a more significant effect on improving the performance of rural financial investment;(3)Digital inclusive finance can significantly and positively affect the family’s financial asset allocation behavior by relieving the family financing constraints and improving the risk preference of the householders.Finally,combined with the empirical results and main research conclusions,this paper puts forward the following policy suggestions:(1)to speed up the marketization of financial products and services,promote the reform of the stock market system,and promote the healthy and steady development of China’s risk financial market;(2)Strengthen the education on financial investment of Chinese residents,and accelerate the cultivation of financial literacy and investment awareness of residents’ families;(3)Promote the development and innovation of digital technology,and rationally use new digital technologies such as big data and cloud computing to solve the financing problems of families and enterprises;(4)Eliminate the digital divide and improve the convenience of investment in rural areas.