A Study On The Impact Of Digital Inclusive Finance On Household Risk Financial Asset Allocation

Since the reform and opening up in 1978,China’s economy has developed rapidly,national income has increased continuously,and the capital market has achieved unprecedented development.After the life is guaranteed and the money is abundant,how to make the money " move" has become another difficult problem faced by the family.In 2022,China’s per capita disposable income was close to 37,000 yuan,up 5percent year on year,but residents mostly invested money in financial assets with strong savings,such as cash,demand deposits and time deposits.Therefore,there is a problem of large proportion of non-financial assets and small proportion of risky financial assets in household asset allocation.From the micro point of view,the above problems are not conducive to the increase of household property income,more conducive to the resistance of the financial market may bring risks;From a macro point of view,too much allocation of household savings assets and too little allocation of risky financial assets are not conducive to the flow of national funds and the development of financial markets.Therefore,the study of household risk financial asset allocation is helpful to help families rationally choose investment products,increase property income and improve the stability of household assets.Based on relevant theories such as information asymmetry and modern asset portfolio as well as relevant literature at home and abroad,this thesis uses Probit model and Tobit model to study the impact of digital inclusive finance on household allocation of risky financial assets,including theoretical analysis,internal transmission mechanism analysis,heterogeneity and robustness test,etc.At the end of the thesis,some suggestions are put forward.The data in this thesis mainly come from the digital Financial Inclusion index co-compiled by Peking University and Ant Financial Services,as well as the family finance related information investigated and collated by the China Family Finance Survey and Research Center of Southwestern University of Finance and Economics.Based on the above,the following conclusions are drawn:(1)The development of digital inclusive finance significantly promotes the willingness,proportion and portfolio diversity of households to allocate risky financial assets.(2)Digital inclusive finance improves households’ willingness,proportion and portfolio diversity to allocate risky financial assets by improving their information acquisition ability and financial literacy.(3)The promotion effect of digital financial inclusion on the allocation of risky financial assets of urban residents is stronger than that of rural areas,the promotion effect on high-income households is weaker than that on low-income households,and the promotion effect on highly educated households is stronger than that on poorly educated households.Based on the above conclusions,this thesis puts forward specific suggestions on how to use digital inclusive finance to promote families’ participation in risky financial asset investment,rationally allocate risky financial assets and expand the source of family wealth.