Research On The Impact Of Digital Inclusive Finance On Household Financial Asset Allocation In The Yellow River Basin

The allocation structure of household financial assets in the nine provinces of the Yellow River Basin presents a single trend,with low participation in the household financial market.This inefficient allocation of financial assets has to some extent affected the quality of life and income levels of residents in the Yellow River Basin.With the application of emerging technologies in the financial field,digital inclusive finance has lowered the threshold of increased market transaction costs caused by information asymmetry,expanded the coverage and depth of financial services,not only improved the convenience level of family investment and wealth management,but also spawned a number of Internet wealth management products,effectively stimulating family investment and wealth management enthusiasm.This article takes the Yellow River Basin as the research object,constructs a model and analyzes the impact of digital inclusive financial development on household financial asset allocation in the Yellow River Basin.The details of the study are as follows:Firstly,this article introduces relevant concepts and theories to illustrate the theoretical logic of the impact of the booming development of digital inclusive finance on the allocation of household financial assets in the Yellow River Basin,laying a theoretical foundation for hypothesis formulation.Secondly,this article introduces the current situation analysis of digital inclusive finance and household financial asset allocation in the Yellow River Basin.The development status of Internet and digital inclusive finance in the Yellow River Basin is described;This paper introduces the current situation of household financial asset allocation in the Yellow River Basin from two aspects: total amount and structure.Then,this article uses the Chinese Household Finance Survey data(CHFS)from nine provinces in the Yellow River Basin in 2015,2017,and 2019 and the Peking University Digital Inclusive Finance Development Index to conduct an empirical analysis,using a panel fixed effect model to study the impact of digital inclusive finance and its sub indicators on household financial asset allocation in the Yellow River Basin.At the same time,the spatial heterogeneity and urban-rural heterogeneity of the impact are tested through subsample regression.Moreover,through the intermediary effect model,it is concluded that Internet use intention,financial literacy,and household wealth are important intermediary variables that digital inclusive finance affects household financial asset allocation in the Yellow River Basin.The instrumental variable method is used to ensure the robustness of the empirical results.Finally,based on the previous research,relevant policy recommendations are proposed for digital inclusive finance to drive the allocation of household financial assets in the Yellow River Basin from the perspectives of government,financial institutions,and household investors.