Research On The Impact Of Digital Financial Inclusion Development On Household Financial Asset Allocation

Since the 21 st century,economy of China has grown rapidly,becoming the second largest economy in the world.Our country’s economic ranking has jumped to number one outside the United States.Economic growth has helped increase the disposable income of residents while at the same time providing the opportunity to accumulate family wealth.As a result,many families face the problem of rationalizing financial asset allocation brought about by wealth accumulation.There are problems with household asset allocation such as high real estate ratio,low participation rate in financial markets,and unreasonable asset allocation.How to improve the level of household asset allocation is the field of household finance.It is attracting attention.With the rapid development of the Internet,digital financial inclusion provides a comprehensive range of financial services,improved financial availability,and cost of financial services to solve some of the existing shortcomings of traditional finance.This allows you to combine digital technology with traditional finance through channels.The characteristics of low cost and reduced information asymmetry better solve the problems of financial inclusion and information asymmetry in traditional finance in the rationalization of household financial asset allocation,and deepen household participation in financial markets.can do.In this regard,this article summarizes the challenges of household development and the characteristics of the development of digital inclusive finance.This article uses a three-year survey and three surveys of China’s financial household data for 2013,2015,and 2017.As an annual panel data sample of the Beijing University Digital Finance Research Center,the allocation of household financial assets according to the degree of household participation in the financial market shows whether the household owns financial assets and participation in financial assets.Expressed as the depth of.Financial markets are expressed as the ratio of household risk assets to various risk assets to household financial assets.Nonlinear panel dual virtual value model Probit model and restricted dependent variable Tobit model for empirical analysis of the impact of digital financial inclusion on household financial asset allocation and whether financial knowledge levels produce mitigation effects Is built.Considering that the explanatory variables may be endogenous due to unestimable missing variables,we construct instrumental variables to estimate the IVprobit and IVtobit models through maximum likelihood estimation(MLE),and logit and linear regression.Analyze the robustness of the model using ol.The regression results of the model show that:(1)There is a positive correlation between the development of digital financial inclusion and household participation in financial markets for financial asset allocation.The higher the location,the degree and depth of household participation in the financial markets at this location,the greater the ability of these households to allocate financial assets.(2)The breadth of cryptocurrencies and the depth of digital spending has a positive impact on the size and depth of household participation in financial trading.Width of cryptocurrency,width of the household.Significantly more than the depth of use of digital finance to further improve the effectiveness of asset allocation.(3)It will also have a positive impact on the development of digital inclusive finance for various types of high-risk financial assets such as equities,funds,fixed income and wealth management.(4)Surveys have confirmed that financial knowledge has a easing effect and that there are differences in various aspects.Studies on the impact of the development of digital financial inclusion on household financial asset allocation provide micro-level empirical evidence to guide households to participate in financial markets.The model validation results draw recommendations.Promote the development of digital financial inclusion in different regions and accelerate the establishment and improvement of digital financial inclusion systems for all groups.(2)Expand coverage of financial infrastructure in Japan,especially in remote areas,and improve digital financial support facilities.(3)In order to achieve the improvement of household financial knowledge,it is necessary to accelerate the process of entering the countryside,community,and campus of financial knowledge in order to improve the penetration rate of financial knowledge of residents;(4)Promote the establishment and improvement of credit information systems.(5)It is necessary to strengthen financial supervision while maintaining the stability of financial markets.