Mobile Payment,Perceived Risk and China's Household Financial Market Participation
Improving household financial market participation is an inevitable requirement for high-quality financial development.Using data from the 2019 China Household Finance Survey(CHFS 2019),this research explores the impact of mobile payment on household financial market participation from the perspective of perceived risk.And finds that:mobile payment significantly promotes household financial market participation;subjective per-ceived risks such as financial risk,time risk,and privacy risk are important channels through which mobile payments affect household financial participation;external house-hold factors such as financial market type,local entrepreneurship level,regional economic development level,as well as internal household characteristics such as risk preferences,financial market information,and education level of family decision-makers,are impor-tant reasons for the heterogeneity of mobile payments on family financial participation,and the impact of internal household characteristics is significantly higher than that of external household factors.Mechanism analysis reveals that,under the same conditions,households using mobile payments are much more likely to participate in the financial mar-ket than households not using mobile payments,and improving household risk preferences,financial information,and education levels has a higher marginal effect on the participation of households using mobile payments in the financial market compared to households not using mobile payments.
Mobile PaymentPerceived RiskHousehold Financial Market ParticipationFintechLimited Participation
NETL
NSTL
万方数据
