Political background, digital finance, and risky financial asset allocation

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-09-05 DOI:10.1016/j.iref.2024.103594

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Abstract

The influencing factors of household financial asset allocation have been widely discussed in household finance, but little is known regarding the impact of political background. Using data from the China Family Panel Studies spanning 2012 to 2020, this paper examined the relationship between political background and risky financial market participation and investigated whether digital finance could moderate the relationship. The findings demonstrated that political background had a positive impact on households’ participation in the risky financial market in China. Furthermore, social networks, credit support, and subjective well-being were the channels through which political background promoted risky financial asset holdings. In addition, the positive effect of political background on risky financial market participation would be mitigated by the development of regional digital finance. Our study explained the limited participation puzzle in the risky financial market in China from the perspective of political background and highlighted the importance of an inclusive financial environment to reduce the inequality of risky financial market participation.

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政治背景、数字金融和风险金融资产配置

家庭金融领域广泛讨论了家庭金融资产配置的影响因素，但对政治背景的影响却知之甚少。本文利用 2012 年至 2020 年的中国家庭面板研究数据，研究了政治背景与风险金融市场参与之间的关系，并探讨了数字金融是否能缓和这种关系。研究结果表明，政治背景对中国家庭参与风险金融市场有积极影响。此外，社会网络、信贷支持和主观幸福感是政治背景促进风险金融资产持有的渠道。此外，政治背景对风险金融市场参与的积极影响会因区域数字金融的发展而减弱。我们的研究从政治背景的角度解释了中国风险金融市场参与有限的难题，并强调了普惠金融环境对减少风险金融市场参与不平等的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.