研究 ii Abstract The rapid development of the national economy has improved people's disposable income. The continuous improvement of the financial market has provided a broad space for people to realize wealth appreciation. Family has become one of the main bodies active in the financial market. Family finance has emerged as the times require and become a hot research field in recent years. According to the theory of capital asset pricing, all households should invest a certain proportion of their wealth in risk assets. However, the participation rate and depth of China's household financial market are far lower than those of developed countries, and there is a serious "mystery of limited participation". How to alleviate the problem of Limited participation is the current research focus in this field. Some studies have shown that the individual characteristics and family characteristics of the head of household, such as education background, financial knowledge, family income level, family social network and other factors, will have a significant impact on the participation behavior of the family financial market. In today's society, the widespread use of the Internet has brought tremendous changes to people's lives, and the concept of social interconnection continues to be popular. This paper attempts to analyze the characteristics of individual behavior From the perspective of Internet use, this paper studies whether Internet use will affect household financial market participation. This paper first reviews the relevant literature and theories at home and abroad, explains the fact of rapid development of Internet application and "limited participation" in financial market by using data statistics chart, puts forward the research hypothesis of this paper, and makes a theoretical analysis of the impact mechanism; then uses the micro data of CFPS (2016) in China's household tracking survey, through the use of probit and tobit models This paper makes an empirical analysis of the impact of Internet use on household financial market participation, and uses bootstrap method to test the intermediary effect of social capital and financial knowledge. It is found that Internet use can significantly promote the participation of households in the financial market and increase the proportion of asset allocation in the financial market. 万方数据 Abstract iii The conclusion is still valid after excluding endogeneity. The result of group regression shows that the promotion of Internet use to the participation of urban family financial market is greater than that of rural family, and the promotion to the high-income family is greater than that to the low-income family, and the promotion to the high-level family is greater than that to the low-level family. Then through the substitution variable method and tendency score matching method to test the robustness, it is found that the research results are robust. Further analysis of the impact mechanism shows that the use of Internet will reduce the cost of information search through information channel effect and promote family participation in the financial market. It will also promote family participation in the financial market by enriching the social capital of family and improving the level of financial knowledge. Through research, this paper concludes that we should further improve the Internet penetration rate, actively guide families to understand risk financial assets through the Internet, reasonably use the Internet to search for financial market information, improve the participation rate of financial market, and alleviate the problem of "limited participation". Key words: Family financial market participation; Internet use; Asset allocation 万方数据 互联网使用对家庭金融市场参与的影响研究 iv 目 目 录 第 1 章 绪论 ........................................................................................................................................ 1 1.1 研究背景及意义 ................................................................................................................. 1 1.1.1 研究背景........................................................................................................................... 1 1.1.2 研究意义........................................................................................................................... 2 1.2 研究内容与框架 ................................................................................................................. 2 1.3 文献综述 ............................................................................................................................... 4 1.3.1 家庭金融市场参与影响因素的相关文献综述 ............................................................... 4 1.3.2 互联网使用的相关文献综述 ........................................................................................... 7 1.3.3 互联网使用与家庭金融市场参与的相关文献综述 ....................................................... 9 1.3.4 文献评述......................................................................................................................... 10 1.4 研究方法及创新点 ........................................................................................................... 10 1.4.1 研究方法......................................................................................................................... 10 1.4.2 本文的拟创新之处和不足 ............................................................................................. 11 第 2 章 概念界定及理论基础 ...................................................................................................... 12 2.1 概念界定 ............................................................................................................................. 12 2.1.1 家庭金融......................................................................................................................... 12 2.1.2 家庭金融资产 ................................................................................................................. 12 2.1.3 互联网............................................................................................................................. 12 2.2 理论基础 ............................................................................................................................. 13 2.2.1 现代投资组合理论 ......................................................................................................... 13 2.2.2 合理预期理论 ................................................................................................................. 13 2.2.3 信息经济理论 ................................................................................................................. 14 2.2.4 交易成本理论 ................................................................................................................. 14 2.3 互联网使用影响家庭金融市场参与的机制分析 .................................................... 15 2.4 本章小结 ............................................................................................................................. 16 第 3 章 我国互联网使用与家庭金融市场参与的现状分析 ...................................................