Research On Influence Factors Of Household Wealth Accumulation In Beijing-Tianjin-Hebei Region

With the development of the economy,the financial market gradually was established and well equipped in the Beijing-Tianjin-Hebei region.People could hold a diversified portfolio because of the rich financial products,then their income are in high level.At the same time the household wealth accumulation increased gradually.Now our country is in economic transition period,the development of economy is unbalanced in the Beijing-Tianjin-Hebei region,and the financial resource allocation is inefficient,some residents are in the exclusion of financial services.The reasons are as followed.On the one hand,financial institutions as the financial service suppliers considering the adverse selection and moral hazard may cause financial exclusion,on the other hand,the macroeconomic regulation and control of interest rates and market from the government also cause a financial exclusion.Household wealth is based on family asset allocation.Literature on the study of household wealth mainly has two aspects: on the one hand,they analyze the factors of family wealth accumulation distribution of household wealth from the perspective of asset choice and household debt.On the other hand,they analyze the reasons of wealth distribution.Most studies are focus on the national level,less studies are on the regional,let alone on the Beijing-TianjinHebei region.As the wealth accumulation of Chinese residents,the equilibrium distribution of wealth is broken,intergenerational transmission and wealth gap between households gradually appeared and widened.Wealth inequality have a negative impact on economic growth.The purpose of this study is to narrow the gap of household wealth in the Beijing-Tianjin-Hebei region,to realize the family welfare maximization under the background of financial inclusion.This dissertation uses China Household Finance Survey(CHFS)in 2013 to study Household wealth accumulation in Beijing-Tianjin-Hebei region.The thesis analyzes the distribution and the characters of the household wealth in the Beijing-Tianjin-Hebei region.and empirically analyzes of the impact and heterogeneity of financial knowledge,credit constraints and family entrepreneurship on the wealth accumulation,in order to optimize the structure of family assets,to broaden the channels of wealth accumulation and to narrow the gap between the rich and the poor in the Beijing-Tianjin-Hebei region.The conclusions of this study are that financial knowledge,credit constraints and family entrepreneurship can affect the accumulation of household wealth.First,financial knowledge has a positive significant effect on household wealth,education,urban-rural differences,regional differences,financial environment differences and ages can produce effect of the level of financial knowledge to the family and then affect the accumulation of wealth,so for households to accumulate wealth by making reasonable retirement plans,change the investment structure,and reduce risk way.Second,in terms of credit constraints,credit constraints play an important role in the accumulation of wealth,the greater the probability of credit constraints in the Beijing-Tianjin-Hebei region,the family may have a high degree of accumulation of wealth.Marital status and social relations in the number of Party members and blood relatives have a greater impact on the accumulation of household wealth.In order to actively promote the coordinated development of the Beijing-Tianjin-Hebei region,we must improve the conditions of credit constraints,thereby reducing the gap between the rich and the poor.Third,in the family entrepreneurship,through the comparison of the entrepreneurial family than these have no entrepreneurship has more advantages in the income and wealth accumulation,such as education,nationality,social relations has obvious positive impact on household wealth accumulation,and the entrepreneurial family may gain more wealth.Therefore,if the government actively encourage and promote the public to start a business,especially to promote the Hebei region,rural areas,ethnic groups and low education level people to have business.It can increase their resident income,improve their living standards,so as to alleviate and improve the area between the rich and the poor the gap in a certain extent.In the end,the dissertation puts forward some suggestions to improve the level of financial knowledge,improve the conditions of credit constraints and promote family entrepreneurship.The possible innovation is as followed.This dissertation based on micro data of CHFS2013 empirically analyze the household wealth accumulation between Beijing-TianjinHebei family.This dissertation put forward reasonable suggestions for narrowing the gap between the rich and the poor families of the Beijing-Tianjin-Hebei region,it has a strong theoretical and practical significance.In addition,in the study of credit constraints,the majority of articles are in rural areas,and do not give full consideration to urban families,it is also a possible innovation to put the constraints of urban households into the analysis of credit constraints.