Digital Inclusive Finance and Household Participation in Risky Financial Market:An Empirical Study Based on the Chinese Household Finance Survey

Abstract

Abstract: Based on the Peking University Digital Financial Inclusion Index and Chinese Household Finance Survey data, this paper conducts an empirical test on the relationship between digital financial inclusion and household participation in risk financial market. The paper finds that digital financial inclusion has a significant positive impact on household participation in risk financial market, and the effects of different dimensions of digital financial inclusion are different. Results of instrumental regression and robustness tests are not inconsistent with the main conclusions of this study. The paper further tests the influence mechanism and finds that digital financial inclusion mainly promotes household participation in risky financial markets by enhancing financial availability. However, due to the phenomenon of "digital exclusion", it does not significantly impact residents' financial literacy. The analysis of heterogeneity finds that the promotion of digital financial inclusion in the participation of households in risky financial markets is more significant in urban areas, west regions, and well-educated households.

Key words: digital financial inclusion, participation in risk market, financial availability, household finance

Liu Zhifeng, Zeng Yingfang, Zhang Tingting. Digital Inclusive Finance and Household Participation in Risky Financial Market:An Empirical Study Based on the Chinese Household Finance Survey[J]. Management Review, 2023, 35(5): 42-53.

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