关键词: 普惠金融, 金融素养, 风险金融市场参与, 风险金融资产配置

Abstract: Based on the data of China Household Finance Survey (CHFS), this paper studies the influence of inclusive finance on the selection of household financial assets. The findings show that the inclusive finance can increase the probability of household participation in stock markets and risk financial markets, and can also increase the proportion of household allocation of stock assets and risk financial assets. Through a mechanism analysis, it is further shown that the inclusive finance can affect the financial attainment of households, and thus further affect the household financial asset selection. In addition, when the samples are subdivided into rural households and urban households, higher-income households and lower-income households for research, it is found that the inclusive finance has a greater marginal impact on the rural households and lower-income households. Therefore, to raise the level of inclusive finance can promote households to allocate financial assets more rationally, and the effect of this policy is more significant in rural households and lower-income households.

Key words: inclusive finance, financial attainment, risk financial market participation, risk financial asset allocation