摘要 : We examine the impact of digital financial inclusion on thediversification of individual stock investments in China usingnationwide data from the Chinese Stock Market IndividualInvestor Survey and the Peking University Digital Fin... 展开 We examine the impact of digital financial inclusion on thediversification of individual stock investments in China usingnationwide data from the Chinese Stock Market IndividualInvestor Survey and the Peking University Digital FinancialInclusion Index of China. We show that digital financial inclusionsignificantly increases the diversification of individualstock investments, primarily by reducing investors' perceivedtransaction costs and mitigating investors' limited attention. Italso plays a more significant role among investors with lowerconventional financial development, lower financial literacy,below 45 years old, shorter investment experience and females.We recommend the continued promotion of digital financialinclusion to optimise asset allocation in Chinese households. 收起