Does Internet Usage Contribute to Household Financial Market Participation?An Empirical Study Based on CFPS Data
This study utilizes data from the China Family Panel Studies(CFPS)to examine the impact of Internet usage on household financial market participation,specifically focusing on the risk financial market and the formal credit market.The findings reveal a significantly positive impact of Internet usage on household participation in these markets.This conclusion holds true even after employing a panel two-way fixed-effects model and conditional mixed process(CMP)estimation to address endogenous is-sues.Heterogeneity analysis demonstrates that frequent Internet usage for learning,working,socializing,and business activities sig-nificantly promotes household financial market participation,while Internet usage for entertainment purposes has no significant im-pact.Moreover,the positive effect of Internet usage on financial market participation is more pronounced among urban and highly educated households.Mechanism analysis suggests that Internet usage enhances household financial literacy and the information channel effect,thereby promoting household financial market participation.
internet usagehousehold financerisk financial marketcredit market
万方数据
