Does mobile payment adoption increase household portfolio diversification? Evidence from China

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-04-01 Epub Date: 2025-02-07 DOI:10.1016/j.frl.2025.106911

Weisong Qiu

引用次数: 0

Abstract

Extensive documentation indicates that holding highly concentrated portfolios can lead to significant losses in financial welfare. Using data from the 2017 to 2019 China Household Finance Survey, this study examines the impact of mobile payment adoption on household portfolio diversification. Using a two-way fixed effects model, we identify a positive correlation between mobile payment usage and the diversification of household portfolios. This relationship withstands various robustness tests, encompassing analyses for endogeneity, selection bias, and alternative proxies for key variables. Mechanism analysis indicates that mobile payments function via financial information and risk preference. Heterogeneity analysis suggests that the positive impact of mobile payments is particularly pronounced for households with lower educational attainment, those facing health risks, and residents of rural areas.

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移动支付的采用是否增加了家庭投资组合的多样化？来自中国的证据

大量文件表明，持有高度集中的投资组合可能导致财务福利的重大损失。本研究利用2017 - 2019年中国家庭金融调查的数据，考察了移动支付的采用对家庭投资组合多样化的影响。使用双向固定效应模型，我们确定了移动支付使用与家庭投资组合多样化之间的正相关关系。这种关系经受住了各种稳健性检验，包括内生性分析、选择偏差和关键变量的替代代理。机制分析表明，移动支付通过金融信息和风险偏好发挥作用。异质性分析表明，移动支付对受教育程度较低的家庭、面临健康风险的家庭和农村地区居民的积极影响尤为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance