| In recent years,with the continuous development of China’s economy,Chinese families have a tendency to accumulate wealth,and their realistic demand for wealth management has been further enhanced.However,at present,Chinese households are still in a state of "sub-health" wealth management on the whole,and their investment performance is poor.One of the reasons is that the investment diversification of households is insufficient and the efficiency of their investment portfolio is low.The development of digital finance has brought new development opportunities for family wealth management.On the one hand,digital finance directly provides online trading platforms of stocks and funds and many low-threshold financial products for families,which is conducive to reshaping the asset allocation behavior of families and enriching their investment choices.On the other hand,digital finance provides technical conditions for the realization of information exchange and efficient circulation of funds,which will also indirectly affect the concept of financial management and investment decisions of families.Based on the above background,this paper mainly studies the following questions: Does the use of digital finance affect the effectiveness of household investment portfolio?What is its internal influence mechanism?How to optimize the innovative development of digital finance in the future to improve the effectiveness of household investment portfolio and guide the rational investment behavior of households?The structure of this paper is mainly composed of the following six parts:The first part: Research background and research questions.First of all,the paper introduces the research background of this paper based on the practical problems existing in China’s household asset allocation and the unique advantages of digital finance.Then,it clarifies the research significance,research purpose,research content and research method of this paper.Finally,it explains the possible innovation and shortcomings of this paper.The second part: Concept definition and literature review.By collating relevant literature both at home and abroad,and the effectiveness of the portfolio of digital financial and family concept defining,respectively,and theoretically combing inductive family measure the effectiveness of the portfolio and the economic effect and the influence factors,digital financial digital asset allocation in terms of financial and family related literature,finally,the present situation of the research literature review.The third part: Theoretical basis and research hypothesis.Based on the relevant theoretical basis and existing research,this paper constructs two internal mechanisms of the use of digital finance on the effectiveness of household investment portfolio,and puts forward the research hypothesis of this paper.The fourth part: Current situation analysis.By sorting out the development history of digital finance,the development status of three representative forms of digital finance and the use of digital finance in sample households,this paper grasps the development status of digital finance in China from the macro and micro dimensions.This paper analyzes the structural characteristics of household allocation of financial assets and calculates the effectiveness level of household investment portfolio under different classification characteristics to clarify the problems in the process of asset allocation of Chinese households.The fifth part: Empirical analysis of the effectiveness of digital financial use on household investment portfolio.According to the CHFS(2017)database,using Tobit econometric model for digital financial as well as the specific three financial forms(digital pay,digital financial and credit)and family sharpe ratio of regression analysis,on the basis of the intermediary effect model is adopted to alleviate information and ease credit constraints test two internal influence mechanism.The sixth part: Research conclusions and policy suggestions.According to the above research results,this paper mainly draws the following conclusions: First,the increase of household use of digital finance can significantly improve the effectiveness of household investment portfolio,that is,the Sharpe ratio of a household will be increased by 0.1018 for each additional unit of household use of digital finance.Secondly,from the perspective of three types of specific digital financial formats,the use of digital payment,digital financial management and digital credit can also have a positive effect on improving the effectiveness of household investment portfolio.However,in terms of improving the effect,digital financial management is the largest,followed by digital payment and digital credit.Third,family use can alleviate information in digital financial constraints and ease credit constraints,the two inner mechanism positive effect on domestic investment combination effectiveness,its partial mediation effect of 20.72% and 7.19%,respectively,suggesting that in the digital financial impact in family asset allocation,the play of information transfer effect is slightly larger than fund intertemporal allocation effect.Finally,this paper puts forward corresponding policy suggestions from three levels of government,financial institutions and families.The government should speed up the construction of digital infrastructure,promote the use of intelligent products,encourage the innovation of digital finance and improve the supervision system of digital finance.In addition,it also needs to publicize financial knowledge and guide households to invest rationally.Financial institutions should promote the innovation of digital financial products and services,build an open and transparent information disclosure platform,and strengthen the protection of customers’ privacy data.Families should take the initiative to cultivate financial awareness,actively participate in the financial market,and strive to improve their financial literacy and intelligence literacy. |
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