Investment Advisor, Internet Use and Household Wealth: An Empirical Study from the Perspective of Common Prosperity

doi:10.11885/j.issn.1674-5094.2023.03.14.02

Abstract

Abstract: With the awakening of household awareness of investment and financial management, the popularization of mobile Internet and the rapid development of inclusive finance, institutional, professional and digital asset allocation has increasingly become the mainstream of residents' investment and financial management. With the help of the data of 40011 households across the country released by the China Household Finance Research Center in 2017, and taking stock market participation and Internet use as the media of impact of investment advisers on household wealth, we verify the possible mediator effect, moderator effect, and moderated mediator effect in investment advisers' impact on household wealth. Heterogeneity analysis was conducted on households from different regions and income groups and the results show that investment advisors has a significant positive impact on household wealth, which is more pronounced in rural areas, central and western regions, and low to middle-income families. Stock market participation has some mediator effect between investment advisers and family wealth. The use of the internet positively regulates the impact of stock market participation on household wealth. The results of robustness test by PSM method are valid too.

Key words: investment adviser, Internet, household wealth, mediator effect, robustness test

CLC Number:

F830.9

Zhao Jun, Yin Xiaomei. Investment Advisor, Internet Use and Household Wealth: An Empirical Study from the Perspective of Common Prosperity[J]. Journal of Southwest Petroleum University(Social Sciences Edition), 2023, 25(5): 17-25.

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URL: http://journal15.magtechjournal.com/Jwk_xnsk/EN/10.11885/j.issn.1674-5094.2023.03.14.02

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