Advances in Economics, Business and Management Research, volume 146

Fourth Asian B&R Conference on International Business Cooperation (ISBCD 2019)

Research on the Impacts for College Students’

Financial Management Behaviors
Cheng Peng* Ailing Yin
International Business School International Business School
Yunnan University of Finance and Economics Yunnan University of Finance and Economics
Kunming, China Kunming, China
50665929@qq.com 1145762859@qq.com

Abstract—With the development of social economy, financial beginning of the century. For the definition of personal
management has gradually become a national activity. finance, there is no unified statement at home and abroad. The
Investment and financial management are indispensable for China Financial Planning Standards Committee refers to
everyone, including college students who are active in the campus personal wealth management services as financial
of college. The aim of this essay is to study the influence College management. It believes that financial management is a
Students' financial management behavior based on the comprehensive financial service. It refers to professional
characteristics of Yu’ E Bao. The conclusion of this paper is that financial management personnel to collect and analyze and
there is no significant relationship between the choice of risk and evaluate the comprehensive financial situation of customers
return of college students and the amount of investment they are
and jointly develop financial goals with customers. We will
willing to invest in Yu’ E Bao, so the choice of risk and profit of
college students has little relationship with their financial
formulate appropriate financial solutions for our clients and
management behavior. And the financial habits of college
implement them in a timely manner, supervise and adjust them
students themselves are the mainly factors affecting their to meet the financial needs of customers in different periods of
financial behavior. life (Huang & Wei, 2010)[1].
Many other countries have studied the field of investment
Keywords: college students’ financial management, financial and financial management of college students at an early stage,
management behavior, impact factors
which may be related to the Western countries paying
I. INTRODUCTION attention to cultivating college students' financial awareness.
Volpe and Chen (1998)[2] surveyed college students in more
Since the reform and opening up, China has become the than 900 colleges and universities, and assessed college
second largest economy in the world. In the process of students' personal financial management knowledge,
opening up to the outside world, China is constantly learning investment and insurance base. They found that college
from foreign advanced technologies and making innovations. students' investment and financial management knowledge is
With the further development of China's economy and the relatively low. In 2001, Roberts & Jones (2001)[3] analyzed
reform of enrollment expansion in Colleges and universities, the investment behavior of American college students,
the group of college students is becoming larger and larger, pointing out that money attitude, power, prestige and trust and
and it has become an indispensable consumer group. The anxiety are closely related, usually reflected in the forced use
financial psychology and ideas of the new generation of post- of credit and the frequent use of credit cards. Ozlen and Ayse
90s college students will have an important impact on the (2005)[4] conducted a survey of 300 Turkish college students
sustainable development of social economy. In the from three different universities, pointing out that there are
information age, this part of the group will be more deeply some differences in the financial attitudes of college students,
affected by Internet finance. College students living on especially in terms of gender and age. Tew (2014)[5] surveyed
campus have less idle funds because their funds mainly come 513 students from 10 different universities across the United
from their parents, and they don't have a strong sense of States. They found that male and non-white students had a
financial management. Therefore, we must cultivate high- weak investment and financial management concept, and this
quality talents and stable first-line property staffs, and to concept was obviously abnormal. They also found that they
attract, cultivate and retain high-quality property management exceeded 25% of freshmen are ignorant of their financial
staffs, we must establish a sound compensation system. situation and have no financial ideas, but this situation will
However, the established compensation system must be change after the senior year. Fan (2011)[6] and Chen (2013)[7]
reasonable. The goal set by the compensation system should believe that college students have limited risk-taking ability,
not be too high or too low, which must be achieved by the pay attention to the security of investment, pursue the stability
property staffs, but it is also challenging at the same time. of income and security of funds, and dare not rush to carry out
high-risk investment in stock market funds. Subject Group of
II. LITERATURE REVIEW Guangxi Institute of Finance and Economics (Gao, 2013)[8]
The word "financial management" first appeared in China found that the grade, gender, place of origin, monthly living
in the early 1990s and was not officially launched until the expenses and the degree of understanding of financial
investment have an important influence on the financial

Copyright © 2020 The Authors. Published by Atlantis Press SARL.

This is an open access article distributed under the CC BY-NC 4.0 license -http://creativecommons.org/licenses/by-nc/4.0/. 18
 Advances in Economics, Business and Management Research, volume 146

investment behavior of college students. In 2008, Sun & Ma financial management frequency. Based on the above, this
(2008)[9] found through investigation that financial education essay makes the following hypothesis Influencing factors of
helps to improve the financial management level of college financial management behavior, in addition to wealth
students. management products such as Yu' E Bao from the outside
world, some factors come from college students themselves.
III. RESEARCH DESIGN ON INFLUENCING FACTORS OF
H1: The choice of risk and profits for college students will
COLLEGE STUDENTS' FINANCIAL BEHAVIOR
affect the amount of savings that college students invest in Yu'
Under the advocacy of China's vigorous development of E Bao.
the economy, internet finance has been developing vigorously H2: The financial habits, financial willingness, and financial
in China. On the basis of Alipay's great success, Alipay has management concepts of college students will have an impact
made the right time to cooperate with the Tianhong fund, on the amount of savings that college students have invested
aiming at Alipay's reserve business to launch a new value- in Yu' E Bao.
added business called ‘YU’E Bao’. In June 2013, Tianhong
Foundation as fund manager was launched by Ant Gold B. Issuance and Recycling of Questionnaires
Clothes, which was officially market-oriented. With its rapid Considering the availability of data, this study selected
development, Yu’ E Bao has triggered a research boom in college students in Yunnan Province as samples. In this survey,
academia. On November 14, 2013, the latest scale of Yu’ E distributing 200 questionnaires to Yunnan college students via
Bao has exceeded 100 billion yuan, becoming the first fund in the Internet, and the invalid questionnaires were eliminated.
the history of Chinese funds to exceed 100 billion yuan. On Finally, 198 valid questionnaires were collected and the
May 26, 2017, Tianhong Fund announced that since 00:00 on duration of the questionnaire was one month. There are three
May 27, the maximum amount of personal holding balance main parts in the design of the questionnaire: The first part is
Yu' E Bao has been adjusted to 250,000 yuan. Starting from the basic information of the sample, which covers the basic
February 1st, 2018, Yu' E Bao set the daily subscription situation of the gender, age, major, source of living expenses
amount, that is, when the actual purchase reaches the set quota and surplus of Yunnan college students. The second part is
on a single day, the application will not be accepted on the about the investigation of the financial awareness of Yunnan
same day, and the daily subscription amount will be adjusted college students, which mainly includes two aspects of
periodically. As one of the most noticeable financial products, financial willingness and financial management concept. The
Yu’ E Bao has brought new influences on the financial habits last part is the current financial management status of Yunnan
of Yunnan college students who are familiar with the college students, including the investigation of Yunnan
operation of the Internet. Based on the above reasons, this college students' financial habits and the use of Yu' E Bao.
research will take Yu’ E Bao as the object of study. The main After collecting the questionnaire, the data was sorted out.
aim of this essay is to study the financial management ability There are three main parts in the design of the questionnaire:
of college students and how to choose financial products the first part is the basic information of the sample, which
correctly based on the characteristics of Yu' E Bao. Under the covers the basic situation of the gender, age, major, source of
huge driving force of the market, the endless stream of living expenses and surplus of Yunnan college students. The
Internet financial products have different adaptability to second part is about the investigation of the financial
different groups of people. The research steps are as follows: awareness of Yunnan college students, which mainly includes
A. Establishing Research Hypothesis two aspects of financial willingness and financial management
concept. The last part is the current financial management
As one of the many financial products widely used by status of Yunnan college students, including the investigation
Yunnan college students, Yu' E Bao is characterized by low of Yunnan college students' financial habits and the use of Yu'
risk and high returns (compared to bank time deposits of E Bao. After collecting the questionnaire, the data was sorted
similar nature). Tang & Jiang (2018)[10] mentioned in the out. The questionnaires with comprehensive answers and
literature that a risk management course is needed to help following reasonable rules were regarded as valid
college students establish financial security management, questionnaires, meanwhile the questionnaires with incomplete
which shows the importance of risk factors in university answers and non-logical rules were excluded, and the data was
physical finance. According to the general characteristics of recorded into SPSS25 statistical analysis software.
investment, the author knows that risks and benefits are not
C. Characteristics of Data Analysis Process
available. For the split, there is a risk associated with the risk,
and the risk factors are related to the physiological behavior of The data selected in this essay is the primary data collected
Yunnan University. The risk factors that exist simultaneously through the questionnaire survey. According to the selection
with the risk will also be related to the physiological behavior of sample variables and the research content of this essay, this
of Yunnan University. In addition to the above mentioned essay will select SPSS25 software as a research tool to analyze
risks and profits, some scholars also mentioned the financial the data. First, describe the data, and then set the variables.
management habits of college students and other factors. For The savings amount of Yu' E Bao and the choice of risk and
example, Wang & Zheng (2017)[11] used the AHP method to income of Yunnan college students are used as dependent
study the financial habits of college students. Internet finance variables, and other factors are used as independent variables.
has a great influence on the three aspects of wealth According to the results of the questionnaire, to draw cross
management product loyalty, financial management and charts, ANOVA charts and correlation coefficient maps. The
data were analyzed by unary regression and multiple

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 Advances in Economics, Business and Management Research, volume 146

regression model. After the results were obtained, the results amount of living expenses. The specific data analysis is shown
were tested by the T test, F test, D-W test. After analyzing the in the figure below：
significance between the dependent variable and the
independent variable, the conclusion was drawn.
IV. CONCLUSION
A. Sample Basic Information Description
Display according to sample statistics, there were 142
female students, accounting for 71.72% of the total number,
and 56 male students, accounting for 28.28% of the total
number. Because most of the surveys are for economics and
management students, and the proportion of female students in
the economics and management majors is large, the number of
female students in the survey sample is high. Second, there are
64.65% of the students in the survey, and the subject of this
survey is related to financial management and investment.
Therefore, the respondents have a certain understanding of the FIGURE Ⅰ. THE MONTHLY LIVING SURPLUS RATIO
survey topics and related knowledge enhanced the
effectiveness of this survey. Third, the number of students in B. College Students' Choice of Risk and Profit
seniors accounted for 66.67%, and that of juniors was second The choice of risk and benefit of college students is taken
only to seniors, accounting for 20.2%. Senior students have as the independent variable, and the highest amount of
been living in college for four years. Compared with the investment acceptable to college students is used as the
freshman and sophomore who have just entered the school, dependent variable to establish a unary regression equation.
they have strong economic awareness and strong financial The model's overall F test and regression coefficient t test are
desires. Fourth, the monthly living expenses of Yunnan used to determine whether there is a significant relationship
college students is the highest in the grade of 0-199 yuan, between the two. The results are shown in the table below.
accounting for more than half, the second grade of 200 to 399
yuan, the least of 1,000 yuan, only accounted for 5.05%.The
reason for this result may be that Yunnan college students do
not have financial habits, and may also be related to the total

TABLE I. ANOVA TABLE OF UNARY REGRESSION EQUATION

Model Unnormalized Coefficient Standardization Coefficient

1 B Standard Error Beta T Sig Zero Order

Predictors 2.204 0.465 4.742 0

Choice of risk and -0.107 0.190 -0.057 -0.566 0.573 -0.570

return

From Table Ⅰ, it can be seen that the significance index of independent variable has no significant effect on the
the F-test is 0.573, which is much larger than the critical value maximum amount of investment acceptable to Yunnan college
of 0.05. From Table 5.4, it is seen that the T-test significance students, and there is no significant relationship between the
index for the β coefficient is far greater than 0.05. Therefore, it two.
can be argued that the choice of risk and return as an
TABLE II. UNARY REGRESSION EQUATION COEFFICIENT TABLE

Unary Regression Equation Coefficient Table

Model Unnormalized Coefficient Standardization Coefficient

1 B Standard Error Beta T Sig Zero Order

Predictors 2.204 0.465 4.742 0

Choice of risk and -0.107 0.190 -0.057 -0.566 0.573 -0.570

return

of 0.05. From Table 5.4, it is seen that the T-test significance

From Table Ⅱ, it can be seen that the significance index of index for the β coefficient is far greater than 0.05. Therefore, it
the F-test is 0.573, which is much larger than the critical value can be argued that the choice of risk and return as an

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 Advances in Economics, Business and Management Research, volume 146

independent variable has no significant effect on the using, but the desire to use is not very strong, hesitant, do not
maximum amount of investment acceptable to Yunnan college rule out their tendency to change other financial products, just
students, and there is no significant relationship between the use Yu' E Bao as a transitional product.
two.
Despite this, on the whole, only 1.23% of the Yunnan
C. Analysis of Factors Affecting the Savings of Yu' E Bao college students who are using Yu' E Bao are really forced to
use Yu' E Bao, which is a very small proportion. Moreover,
even among the students who did not use Yu' E Bao, 44.44%
were at least willing to use Yu' E Bao, but they were not used
due to certain factors. It can be seen that the overall
impression of Yu' E Bao is good. Most of the people who use
it are willing to continue to use it，some students who do not
use it also want to use it.
In order to study the factors affecting the amount of money
that Yunnan college students are willing to invest in Yu' E
Bao, the author will use multiple linear regression to analyze
and use the significant indicators after F-test and T- test to
judge the size of each influencing factor.
Using the questions option answer in the questionnaire, the
gradient assignments of 1, 2, 3, 4, and 5 are used as the
dependent variable of the multiple linear stepwise regression.
D. Summary of Multiple Linear Regression Models
It can be seen in the table as following that the R square is
small, but only for explanatory qualitative analysis, which can
be ignored. From the table, the value of the Debin Watson test
is 1.687, which is between 1.5 and 2.5, so it can be considered
FIGURE Ⅱ. THE MONTHLY LIVING SURPLUS RATIO
that the residual has no sequence correlation, and the
regression equation does not belong to the pseudo-regression.
As showed form figure Ⅱ, it is found that 88.89% of the It is also can see that the significance index of the model's
people who are using Yu' E Bao are still willing to continue to overall F test is 0.004, less than 0.05, so it can be considered
use Yu' E Bao, of which 9.88% are willing but unwilling to that there is a linear relationship between the independent
take action, but they are classified among the people who are variable and the dependent variable set by the author.
using it. Because this may be statistically used while they are
TABLE III. MULTIPLE LINEAR REGRESSION MODEL ANOVA TABLE

Multiple Linear Regression Model ANOVA Table

Model Sum of Df Mean Square F Sig
Squares
1 Regression 28.146 8 3.518 2.924 0.004
Residual 227.41 189 1.203
Total 255.556 197
E. Hypothesis Analysis The author speculates that the reason for this result is that
college students generally believe that the risk of Yu' E Bao is
In order to verify H1, the author sets the risk-reward low, so the risk of investment and wealth management is
choice of Yunnan college students as an independent variable, neglected. Moreover, Yu' E Bao is a product of Alipay, and
and sets the maximum savings amount of Yunnan college Alipay can now automatically transfer the deposited funds into
students into Yu' E Bao as the dependent variable. The Yu' E Bao and automatically generate revenue, operation is
relationship between the two is used to establish a unary convenient, which may be the reason for the loss of college
regression equation, and use F-test and T-test to determine students. Combining the above two summaries, college
whether there is a significant relationship between the students use Yu' E Bao to manage their wealth, which is not
independent variable and the dependent variable. The results based on the low risk and high income of Yu' E Bao, but may
show that there is no significant difference between the choice be the flexibility and convenience of Yu' E Bao's use. This
of risk and income of college students and the maximum proves once again that the choice of risk and income of
savings of college students who invest in Yu' E Bao. There is college students will not affect the amount of savings invested
no significant relationship between the two. The result is by college students in Yu' E Bao. The research results are
inconsistent with H1. The choice of risk and income of college inconsistent with H1.
students will not affect the amount of savings that college
students invest in Yu' E Bao.

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 Advances in Economics, Business and Management Research, volume 146

In order to verify H2, the author takes the financial habits, paper and provide guidance through the review process. And
financial willingness and financial management concepts of also thanks to the reviewers who provide constructive
Yunnan college students as independent variables, at the same feedbacks to this paper.
time, the amount of savings that Yunnan college students put
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