Study on the Impact of Digital Finance on Risky Financial Asset Allocation of Chinese Households

In recent years, the wealth of Chinese households has increased rapidly, and the demand for preserving and appreciating household assets has grown. However, the asset allocation structure of Chinese households remains relatively singular, with the majority of assets concentrated in real estate, which increases systemic risk and is unfavorable for financial support to the development of the real economy. Therefore, this paper constructs indicators for household risky financial asset allocation and household digital finance. Then, using Probit model, Tobit model, and ordered Probit model respectively, starting from a micro perspective, it investigates the impact of digital finance on household risky financial asset allocation. This comprehensive examination is conducted by incorporating instrumental variables for endogeneity testing, utilizing the mechanism of intermediary effects, and finally drawing corresponding conclusions.