The Impact of Digital Economy on the Allocation of Rural Household Financial Assets - An Empirical Analysis Based on CHFS Data 
Jiangying Li  Ya Cheng^{（corresponding author）}

College of Management Sichuan Agricultural University, Chengdu, 611130;

Abstract: his paper investigates the effect and mechanism of the digital economy on rural household financial asset allocation. Using 2019 CHFS data and Probit/OLS models, we find that the digital economy significantly broadens and deepens rural households' participation in financial markets. This result holds after endogeneity and robustness tests. Mechanism analysis shows that the digital economy promotes allocation via third-party payment and credit card use. Heterogeneity analysis reveals stronger effects for non-elderly (under 60), pension-insured, and happier households. Policy recommendations include improving rural digital infrastructure, digital training, pension product innovation, and happiness enhancement.

Keywords : digital economy; household financial asset allocation; third-party payment; credit card

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