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

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  • Jiancheng Wang
  • Donghao Zhang
  • Zerong Wang

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.

Suggested Citation

  • Jiancheng Wang & Donghao Zhang & Zerong Wang, 2023. "Digital finance, stock market participation and asset allocation of Chinese households," Applied Economics Letters, Taylor & Francis Journals, vol. 30(14), pages 1870-1873, August.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:14:p:1870-1873
    DOI: 10.1080/13504851.2022.2083556
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