With China's economic development and rising living standards, household asset structures have evolved from single-channel allocation to diversified distribution. Concurrently, digital advancements should be examined for their impact on household financial asset allocation. This study investigates how digital finance development influences household asset allocation. Based on portfolio theory, financial inclusion principles, and the current state of digital finance development, we formulate research hypotheses. Using CHFS (2019) data and the Digital Inclusive Finance Index, we construct a Tobit regression model. Results demonstrate that digital finance development increases household asset proportion and diversifies financial assets, indicating its positive role in optimizing asset allocation. The mediating effect mechanism reveals this promotion is achieved through reduced information frictions. Finally, we propose strategies including expanding digital finance development, enhancing financial literacy, strengthening regulatory oversight, and innovating financial service products.

Jie Geng, Yuanbing Gu. The Impact of Digital Finance Development on Household Financial Asset Allocation—Analysis Based on CHFS Data. Academic Journal of Business & Management (2026), Vol. 8, Issue 7: 68-80. https://doi.org/10.25236/AJBM.2026.080710.

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