Abstract:
Based on the household data of CFPS 2010 and 2014, this paper investigates the effects of internet usage on household risky financial assets investment and finds significantly positive impacts. This conclusion is consistent when we use different measurements of internet usage as explanatory variables, or use different econometric models. This impact mainly exists in subgroups with higher income, higher education and urban hukou status. The mechanism shows that the internet usage decreases financial market frictions, which includes transaction costs, limited access, and social interactions.
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