Digital finance, stock market participation and asset allocation of Chinese households

Jiancheng Wang, Donghao Zhang and Zerong Wang

Applied Economics Letters, 2023, vol. 30, issue 14, 1870-1873

Abstract: In this paper, we analyse the relation between the development of digital inclusive finance (DIF) and household stock market participation, as well as asset allocation. Using the digital financial inclusion index developed by Peking University and data from the 2019 China Household Finance Survey, we find that DIF significantly facilitates the probability of stock market participation and the proportion of assets allocating to equities of Chinese households. We use an instrumental variable approach to alleviate the endogeneity problem and find that the benchmark findings remain robust.

Date: 2023
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DOI: 10.1080/13504851.2022.2083556

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