Abstract
<p>Expanding the degree of financial inclusion is one of the important ways to deepen the effect of the Internet. Internet finance in China greatly reduces the information asymmetry and decreases the transaction costs between financial participants, which to some extent promotes the reform of financial systems in China. Besides the elite and center institutional arrangements, some so-called grassroots or civilian financial structures appear. Thus the finance has begun to show a trend of financial disintermediate. This paper selected some variables to build a measure system, based on the 2015 Household Financial Survey. It firstly analyzed the correlation of variables and tested the variance factors through the analysis of use frequency of mobile payment and its transaction amount, meanwhile through the analysis of the impact of family investment structure on the Internet investment transactions. Then it used principal component analysis method to analyze multiple variables in reduced dimensionality. After that it tested ADF unit root and Granger causality of screened indexes, and established a stepwise multivariate linear regression model. Finally, this paper illustrated that the expansion of mobile payment transaction had an impact on the increase in the Internet financial investment transactions based on the empirical analysis and theoretical deduction, and then the paper gave some relevant recommendations.</p>
Highlights
Expanding the degree of financial inclusion is one of the important ways to deepen the effect of the Internet
Internet finance in China greatly reduces the information asymmetry and decreases the transaction costs between financial participants, which to some extent promotes the reform of financial systems in China
This paper selected some variables to build a measure system, based on the 2015 Household Financial Survey. It firstly analyzed the correlation of variables and tested the variance factors through the analysis of use frequency of mobile payment and its transaction amount, through the analysis of the impact of family investment structure on the Internet investment transactions
Summary
After more than 30 years of reform and opening up, China’s economy has been growing rapidly, and the people’s living standard has been continuously improved During this period, the Internet information technology has progressed rapidly in our country, the traditional financial business model is not adapted to the development of the times. The paper turned macro variables to microcosmic based on the fact that China’s low household financial participation rate It used the data of 2015 Household Financial Survey made by Tsinghua University. The inclusive financial model in developed countries was more similar to the broad concept of inclusive finance, to serve the poor and low income class, and to provide financial services to other individuals or organizations. The discrimination of internet financial investors deviated from the inclusive of finance, and exclusion phenomenon in Internet finance is similar to the phenomenon in small and medium-sized enterprises and low income groups in traditional financial institutions
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