Paper of SME Professor Zhang Jinfan and His Team Won the “Pinnacle Award”
Days ago, the “Digital Economy and Chinese Modernization — 2023-2024 Annual Summit of the Digital Economy Open Research”, co-organized by the Digital Economy Open Research, the National Institution for Finance & Development, and the Institute of Finance & Banking, Chinese Academy of Social Sciences, officially announced the outcome of the 2023-2024 Digital Economy Open Research outstanding paper selection, in order to commend the high-level academic research achievements in the digital economy research and encourage scholars to continue to explore major frontier topics in the digital economy and scale new heights in scientific research.
The paper Online Wealth Management, Wealth Effect, and Consumption: Evidence from the Internet Platform Users’ Wealth Management Behavior, co-authored by Professor Zhang Jinfan of the School of Management and Economics (SME), The Chinese University of Hong Kong, Shenzhen (CUHK-Shenzhen), won the “Pinnacle Award” in the outstanding paper selection at the Summit.
It is reported that a total of more than 170 outstanding papers were received during the 2023-2024 Digital Economy Open Research outstanding paper selection. Thirteen authoritative scholars were invited to serve as review experts to score the papers anonymously and finally selected four winners of the “Pinnacle Award.”
The “Pinnacle Award” aims to recognize scholars’ outstanding academic research achievements, that is, the research results demonstrating an extremely high level of digital financial research and important research discoveries or theoretical innovations.
Zhang Jinfan
Area Head of Finance, SME, CUHK-Shenzhen
Associate Professor
Research Field
Chinese Economy, Capital Markets and Financial Institutions, and Digital Economy
About the award-winning paper
The paper Online Wealth Management, Wealth Effect, and Consumption: Evidence from the Internet Platform Users’ Wealth Management Behavior, co-authored by Professor Zhang Jinfan and his team, was published in the 2024 Issue 1 of the Journal of Financial Research. The paper randomly selects the financial behavior data of about 30,000 active users from a unicorn-level Fintech platform in China—Alipay—and analyzes the impact of online wealth management on residents’ consumption. The main conclusions are as follows. (1) Online wealth management investment income significantly promotes residents’ e-commerce consumption. It estimates the intensity of the wealth effect. (2) Online wealth management investment promotes residents’ consumption by optimizing the income structure. (3) The wealth effect of online wealth management does not have a significant sinking effect. (4) Online wealth management has a particularly significant positive impact on the proportion of development and leisure consumption in e-commerce consumption, which helps to promote the upgrading of residents’ consumption structure. These findings provide valuable empirical evidence for research on the decision-making mechanism of Chinese residents’ consumption, reveal the potential of a new consumer finance model that combines digital finance and e-commerce in promoting residents’ consumption growth and structure upgrading, and have implications for formulating relevant policies.
