The Impact Of Internet Finance On Household Financial Asset Allocatio

The 20 th Tenth Report of Party pointed out the need to broaden the channels of property income and to enhance the wealth of resident households by increasing their financial assets.In the information era,Internet finance not only brings new opportunities for investment in household financial assets,but also promotes the steady and positive development of China’s economy,which breaks the traditional financial shackles and promotes financial reform and disintermediation.It also brings more financial products to households,broadening the range of financial asset choices and increasing the possibilities for households to improve their asset investment returns.In the background of promoting the general welfare of all citizens in China in the present stage,it is necessary to improve the efficiency of household financial asset allocation to increase property income.However,in the face of economic and social uncertainties,especially the impact of the new pneumonia epidemic,traditional offline financial services are insufficient,while online low-cost,efficient "non-contact" financial services to meet the needs of household financial accessibility.Therefore,it is important to study the impact of Internet finance on household financial asset allocation to increase household property income to promote common wealth.Based on the China Household Finance Survey(CHFS)2019 data,this paper firstly composes and summarizes the relevant literature studies and theoretical foundations,then elaborates the influence mechanism of Internet finance on household financial asset allocation and puts forward the research hypothesis,and uses Probit model,OLS model and Tobit model to empirically analyze the impact of Internet finance on household financial asset allocation decision,allocation depth and allocation the impact of Internet finance on household financial asset allocation decisions,depth and breadth of allocation is empirically analyzed by using Probit model,OLS model and Tobit model,and the impact of third-party payment,Internet finance and Internet lending on household financial asset allocation is empirically examined.Finally,the feasibility of the impact mechanism is explored,and existence of urban-rural and educational heterogeneity is analyzed.The study finds that(1)Internet finance has a significant contribution to household financial asset allocation,and the contribution to the breadth of allocation is more pronounced.In terms of different business modes,both third-party payment,Internet finance and Internet lending can promote household financial asset allocation,and the impact of Internet finance is the largest.(2)In terms of impact mechanism,Internet finance can promote the allocation of household risky financial assets by increasing financial accessibility and satisfying credit demand.(3)In terms of heterogeneity,the effect of Internet finance on the allocation of financial assets is somewhat greater for urban households and those with higher education levels.In conclusion,the paper makes the following recommendations: the efficiency of household financial asset allocation should be improved by coordinating the joint development of traditional industries and Internet finance,improving household financial accessibility,strengthening the construction of the Internet finance industry,improving market supervision and management,and encouraging residents to enhance their financial knowledge through multiple channels.