新时代大学生互联网金融风险认知与投资行为实证研究

ollege students in new era will be main investors for the internet finance market in the future. It is important to study the relationship between their risk perception, risk appetite and investment behaviors. Based on questionnaire data of 694 sample students from 15 colleges in Jiangsu province, this paper conducts an empirical research in methods of ANOVA analysis, Logistic regression and Probit regression, and obtains the following conclusions. First, college students perceiving bigger systematic and internet risks are more prudent when doing investment; however, the insignificant relationship between financial business risk perception and investment behavior shows that college students have limited ability to perceive credit risk underlying internet finance innovation. Second, college students with higher risk appetite are more likely to do internet finance investment; moreover, risk apEmpirical Research on Internet Finance Risk Perception and Investment Behavior of College Students in New Erapetite can also indirectly affect investment decision-making through its influence on risk perception, which supports the mediating effect hypothesis of risk perception. Third, financial literacy of college students also has positive effects on their investment behaviors. All conclusions above are robust in different risk perception groups and different levels of colleges. In the end, we put forward some suggestions on promoting college students to invest rationally and contributing a long-term mechanism for internet finance risk supervision.