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Government digital policy breaks the mystery of “limited participation” in China's home finance market

Scientific reports, 2023-11, Vol.13 (1), p.20233-20233, Article 20233 [Peer Reviewed Journal]

The Author(s) 2023. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2045-2322 ;EISSN: 2045-2322 ;DOI: 10.1038/s41598-023-47372-6

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  • Title:
    Government digital policy breaks the mystery of “limited participation” in China's home finance market
  • Author: Xing, Lu ; Han, DongHao ; Xie, Hui
  • Subjects: Digital economy ; Households ; Securities markets
  • Is Part Of: Scientific reports, 2023-11, Vol.13 (1), p.20233-20233, Article 20233
  • Description: This study uses a two-step approach to construct a multi-period double-difference model and introduces a quasi-natural experiment of the Broadband China pilot policy to investigate whether household financial market participation at the urban level is affected by the digital economy, which is significant for promoting Chinese households' shift from savings to investment and alleviating the long-standing problem of insufficient household financial market participation in China. In terms of direct impact, the digital economy increases the household financial market participation rate of urban residents by 3.26%, and increases the financial market participation rate of highly financially literate households by 2.14%; in terms of indirect impact, the development of the digital economy increases the total number of household smart Internet devices by 8.27%, and similarly increases the attention to household financial information by a significant 4.22%, which further positively influences the household financial market participation rate. This paper also evaluates the individual and regional differences of the digital economy on household financial market participation, and the estimated causal effect of the digital economy on household financial market participation is purer, which expands the scope of research on the digital economy and household financial market participation, and provides a certain reference basis and policy inspiration for the government to promote the construction of the digital economy.
  • Publisher: London: Nature Publishing Group
  • Language: English
  • Identifier: ISSN: 2045-2322
    EISSN: 2045-2322
    DOI: 10.1038/s41598-023-47372-6
  • Source: PubMed Central
    ProQuest Central
    DOAJ Directory of Open Access Journals
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