移动支付普及对我国家庭风险金融资产投资的影响

【作者】 赵阳；

【导师】 孙燕；

【作者基本信息】 上海财经大学 ， 金融硕士（专业学位）， 2024， 硕士

【摘要】 伴随我国金融体系的持续完善以及居民家庭对风险金融市场的认知程度日益提升,金融资产配置逐渐成为越来越多家庭关注的焦点话题。尽管如此,当前我国的居民家庭在金融资产配置方面仍然遭遇了诸多挑战,例如资产配置过于单一、投资组合的盈利水平表现不佳等问题。根据CHFS统计数据,2011年至2019年家庭平均持有的风险金融资产占其金融资产总额的比重已从5.15%上升至6.84%,说明我国家庭的金融资产的较高百分比配置在银行存款等无风险资产品种。近年来,移动支付作为信息时代的标志性产物也在我国迅速普及。作为一种新型的支付方式,移动支付不仅为居民提供了更加便捷、高效的支付体验,还进一步拓宽了金融服务的范围和渠道。与此同时,伴随我国经济迅速发展,居民家庭由于收入水平提升而导致对于资产配置优化的需求也逐渐增长。鉴于当前的情境,研究移动支付方式的普及如何影响家庭风险金融资产的投资变得尤其关键。移动支付的发展为居民家庭提供了更多的金融产品和金融服务选择,使得家庭能够更加方便地参与到金融市场中。这种新型的支付方式不仅降低了交易成本,还使得家庭能够更加灵活地进行资产投资与配置,从而提高了金融资产的流动性和使用效率。更为关键的是,移动支付的普及已经改变了居民对家庭金融资产的投资方式,推动了家庭金融资产配置向更加理性化、多元化的方向演化。通过移动支付平台,家庭可以更加便捷地获取各类金融信息,做出更加明智的投资决策。同时,移动支付还提高了居民投资风险偏好程度,激发了家庭风险金融资产的投资热情,进一步促进了金融市场的繁荣发展。本论文在已有研究的基础之上,深入研究了移动支付的普及对我国居民家庭在风险金融资产投资的影响。首先归纳总结了移动支付以及家庭金融资产投资的有关文献。其次,本文归纳了相关基础理论以及影响机制理论,并基于此提出相应假设。依据这些理论假设,本文选取2011、2013、2015、2017和2019年开展的五轮CHFS调查数据,采用了Logit、ZIP与Tobit模型,分别对家庭风险金融资产投资的参与度、配置种类以及比重回归分析。然后,根据样本间的城乡差异、区域差异以及健康程度差异进行分组回归来检验模型的异质性。最后借助内生性以及稳健性检验确保模型回归结果的可信性。基于上述研究结果,本文从四个方面入手为我国金融市场的发展提出了具有针对性的政策性建议:推动数字金融等信息技术的发展,优化居民就业环境及收入水平,推动社会保障制度体系的完善,增强家庭投资者的金融素养教育。这些措施可以有效提升居民家庭的风险承受能力和金融理财意识,推动家庭金融资产的多元化配置,最终促进我国金融市场的长期以及稳定的发展。更多还原

【Abstract】 With the continuous improvement of China’s financial system and the increasing awareness of residents’families towards the risky financial market,the allocation of financial assets has gradually become a topic of increasing concern for more and more families.Nevertheless,the current situation of financial asset allocation for Chinese residents’families is still facing many challenges,such as over-simplified asset allocation and poor profitability performance of investment portfolios.According to CHFS statistics,the proportion of risky financial assets held by households in the total financial assets has increased from 5.15%to 6.84%from 2011 to 2019,indicating that a higher percentage of Chinese families’financial assets are allocated to risk-free asset classes such as bank deposits.In recent years,mobile payment,as a landmark product of the information era,has also rapidly spread in China.As a new payment method,mobile payment not only provides residents with a more convenient and efficient payment experience,but also further broadens the scope and channels of financial services.Meanwhile,with the rapid development of China’s economy,the demand for asset allocation optimization among households has gradually increased due to the increase in income levels.Given the current situation,it is particularly crucial to study how the popularization of mobile payment affects the investment in risky financial assets of households.The development of mobile payment has provided residents’families with more financial products and services options,enabling them to participate more conveniently in the financial market.This new payment method not only reduces transaction costs,but also allows families to invest and allocate assets more flexibly,thereby improving the liquidity and utilization efficiency of financial assets.More importantly,the popularization of mobile payment has changed the way residents invest in household financial assets,driving the evolution of household financial asset allocation towards a more rational and diversified direction.Through mobile payment platforms,families can more conveniently access various financial information and make more informed investment decisions.At the same time,mobile payment has also increased residents’risk appetite for investment,stimulated the enthusiasm of households for investing in risky financial assets,and further promoted the prosperity and development of the financial market.Based on existing research,this paper delves into the impact of the popularization of mobile payment on Chinese residents’families’investment in risky financial assets.Firstly,it summarizes relevant literature on mobile payment and household financial asset investment.Secondly,this paper summarizes relevant basic theories and impact mechanism theories,and proposes corresponding hypotheses based on them.Based on these theoretical hypotheses,this paper selects the survey data from the five rounds of CHFS conducted in 2011,2013,2015,2017,and 2019,and adopts Logit,ZIP,and Tobit models to conduct regression analysis on the participation,types,and proportion of household risky financial asset investment,respectively.Then,grouped regressions are conducted based on differences in urban and rural areas,regions,and health status among the samples to test the heterogeneity of the model.Finally,endogenous and robustness tests are used to ensure the credibility of the model regression results.Based on the above research results,this paper proposes targeted policy suggestions for the development of China’s financial market from four aspects:promoting the development of information technologies such as digital finance,optimizing the employment environment and income level of residents,promoting the improvement of the social security system,and enhancing the financial literacy education of household investors.These measures can effectively enhance the risk tolerance and financial management awareness of households,promote the diversified allocation of household financial assets,and ultimately facilitate the long-term and stable development of China’s financial market.更多还原