Fig 1.
The path analysis of digital finance affecting household risky financial market participation.
Table 1.
Variable definition and descriptive statistics.
Fig 2.
Distribution of digital finance and household participation.
Table 2.
Benchmark regressions of PKU-DFIIC on household participation in risky financial market and IV estimation.
Table 3.
The regression of the first-level indicators on household participation in risky financial markets.
Table 4.
Heterogeneity analysis 1: Household wealth.
Table 5.
Heterogeneity analysis 2: Education level.
Table 6.
Heterogeneity analysis 3: Household location.
Table 7.
Mechanism analysis.
Table 8.
Robustness checks.