Title Page
ABSTRACT
Contents
Chapter 1. Introduction 15
1.1. Research Background 15
1.2. Research Purposes 20
1.3. Research Significance 21
1.4. Organization of Dissertation 24
1.4.1. Major Research Methods 24
1.4.2. Research Technology Roadmap 28
Chapter 2. Literature Review 31
2.1. Definition of Related Concepts 31
1) Third-party Payment 31
2) The Difference between Third-party Payment and other Payment Concepts 35
3) Household Financial Assets Choosing 42
2.2. Theories of Transaction Cost 43
1) The Concept of Transaction Cost 43
2) Related Theories of Transaction Cost 44
2.3. Theories of Mean-variance 46
2.4. Theories of Household Asset Choice 47
2.5. Previous Research 49
2.5.1. Research on Third-party Payment 49
2.5.2. Research on Household Financial Assets 56
2.5.3. Research on Third-party Payment and Household Financial Asset Choice 65
Chapter 3. Research Design 67
3.1. Selection of Samples 67
3.2. Selection of Variables 68
1) Select the Explained Variable 72
2) Select the Explanatory Variable 73
3) Select the Control Variable 74
3.3. Questionnaire 78
3.3.1. Composition of the Questionnaire 78
3.3.2. Survey Subjects of the Questionnaire 81
3.3.3. Research Model and Hypothesis 82
3.3.4. Probit Model Derivation 87
3.3.5. Reasons for Choosing Probit Model Analysis 95
Chapter 4. Results and Analysis 98
4.1. Basic Statistical Analysis 98
4.1.1. Descriptive Statistical Analysis 98
4.1.2. Frequency Analysis 100
4.2. Analysis Results of the Variable Configuration Model 104
4.2.1. Multicollinearity Diagnostics Analysis 104
4.2.2. Probit Model Analysis 106
4.3. Results of the Marginal Effectiveness Analysis 116
Chapter 5. Conclusion 121
5.1. Main Findings 121
5.1.1. The Diversity of Household Financial Assets Choices 121
5.1.2. Internet Fintech Improve Risky Financial Assets Choices 122
5.1.3. The More Competitive Relationship in Two Markets 123
5.2. Implications 125
5.2.1. Internet Fintech and Traditional Finance 125
5.2.2. Internet Fintech Innovation and Virtual Enterprise 129
5.2.3. Financial Cognition and Financial Literacy 130
5.2.4. Social Security System and Financial Market Reform 132
5.3. Research Innovation and Difficulty 135
5.4. Limitations and Future Research 137
References 142
국문초록 157
Appendices 161
Appendix 1. Questionnaire (English) 161
Appendix 2. Questionnaire (Chinese) 166
Table 3.1. Preliminary findings on variable selection 69
Table 3.2. Variable Definition and Value 76
Table 4.1. Descriptive Statistical Analysis 98
Table 4.2. Household Income Analysis 100
Table 4.3. Analysis of Age of Householder 101
Table 4.4. Residential Area Analysis 102
Table 4.5. Marriage Analysis 102
Table 4.6. Educational Analysis 103
Table 4.7. Risk Analysis 104
Table 4.8. Collinearity Diagnostics Result 106
Table 4.9. Probit Model Results 115
Table 4.10. The Result of Marginal Effect 118
Figure 1.1. Research Technology Roadmap 30
Figure 2.1. Transaction Volume and Growth Rate of China's Third-party Payment from 2015 to 2021 32
Figure 2.2. Market Share of Third-party Platform Transactions in China, 2020Q2 33
Figure 2.3. The traditional transfer model 40
Figure 2.4. The third-party payment transfer model 41
Figure 3.1. The Research Model 82
Figure 4.1. Marginal Effectiveness 120