| With the deepening of the process of economic financialization,the scale of financial assets and ratio of financial assets to all assets have developed rapidly.A large number of theoretical and practical studies show that there are many factors which affect the allocation of financial assets,and the allocation of financial assets will produce complex wealth effects.As household is a special social organization,household financial asset allocation has attracted wide attention.However,the research on rural household financial asset allocation is still quite weak.Therefore,based on the realistic analysis of rural household financial asset allocation,this paper explores the factors affecting rural household financial asset allocation,and studies the wealth effect of household asset allocation.Based on this,the thesis puts forward corresponding policy suggestion in improving rural household financial asset allocation.This study follows the research paradigm from theory to demonstration and then to policy,draws lessons from macroeconomic theory and portfolio approach,and considers the current problem of rural households’ financial asset allocation,especially about the allocation selection problem.Based on these conditions,the study has constructed the mechanism framework of household financial assets allocation behavior.Further observing the actual performance of rural household financial asset allocation,establishing a model of influencing factors of rural household financial asset allocation,using the data from CHFS,analyzing the leading factors of affecting rural household financial asset allocation by quantitative analysis,and exploring the influence of rural household financial assets.Taking urban residents as a reference,this paper makes a comparison between urban and rural areas to reveal the differences in asset allocation behavior between urban and rural residents.Finally,the paper puts forward some suggestions of the policy to promote the allocation of rural household financial assets,which can effectively stimulate the econo mic development.Ⅰ.According to the research of this paper,the following conclusions are drawn:Firstly,education and risk attitude are two important factors affecting the allocation of rural household financial assets.Financial availability will significantly affect the allocation of the ample liquidity financial assets in rural household.Educational level contributes 16.62%,24.66% and 15.34% to the proportion of rural household financial assets,risky financial asset allocation and high liquidity financial asset allocation respectively.T he attitude to the risk contributes 12.45%,20.80% and 21.19% to the proportion of rural household financial assets,risky financial asset allocation and high liquidity financial asset allocation respectively.This shows that education level and attitude to the risk not only affect the proportion of household financial assets and high liquidity financial assets of rural residents,but also affect whether rural residents own risky financial assets such as stocks.The increase of financial availability can reduce the allocation ratio of high liquidity financial assets such as cash and demand deposits,and better organize the structure of financial assets.Secondly,the influential factors of choice of the rural household financial assets allocation differ due to different regions,educational levels and incomes;and rural household financial assets allocation shows obvious heterogeneity group.When we test the influential element according to the three scopes,the results show that the asset allocation behavior of rural households in eastern China is vulnerable to risk and other factors.The residents in central and Western China is vulnerable to education and other factors.Highly educated rural households are mainly affected by individual characteristics when allocating risky assets,while low educated households choose risky assets because of their own social security and uncertainty.The asset allocation behavior of high-income rural households is largely influenced by education and risk,while for low-income households,the asset allocation behavior is obviously affected by health and other factors.Thirdly,rural households with higher incomes are more likely to participate in risky financial assets investment.Rural households with higher incomes in the eastern region tend to hold non-financial assets such as production assets and estate,and tend to reduce the percentage of the holdings of high-liquidity financial assets allocation.The estimated results based on the Propensity Score Matching Method show that,generally speaking,the impact of rural household income on the proportion of financial assets allocation is not significant.However,it is true that the higher the income,the more rural households tend to hold non-financial assets such as production and operation assets and real estate,which has a negative impact on the allocation ratio of r ural household financial assets.And this impact mechanism is particularly evident in the eastern region.Because of the relatively low income of rural households in the central and Western regions,the impact of household income on the allocation ratio of financial assets,the probable participation of risky assets and the proportion of high liquidity financial assets is not obvious.Fourthly,the allocation of risky financial assets and high liquidity financial assets of rural households will significantly affect the level of consumption,and will affect the consumption structure’s upgrading in high-income rural households.Rural households with risky financial assets will consume more,with strong risk preference of rural households,which will be accompa nied by the decrease of preventive savings and the increase of consumption expenditure.When financial assets are mostly held in the form of high liquidity assets such as cash and current deposits,they tend to stimulate consumers’ spending because of their strong liquidity.The influential figure of financial asset allocation characteristics on consumption is about 10%,and contributes more to the high-income group.At the same time,the high-income group household financial asset allocation will also significantly affect the upgrading of consumption structure.Fifthly,from the point of view of the difference of financial assets allocation between urba n and rural households,education level,attitude to risk,financial availability and social insurance are the main reasons for the low participation rate in the risky financial assets as well as the high liquidity financial assets holding ratio.8% of the consumption gap between urban and rural households can be attributed to it.From the comparison between urban and rural areas,urban residents with social security,due to the security of pension and medical care,are more willing to participate in the investment of risky financial assets,which will also reduce the proportion of high liquidity financial assets allocation.From the point of view of the difference of household financial assets allocation between urban and rural residents,the low educational level of rural residents,the feature of risk aversion and the poor financial availability in rural area s are also the main reasons for the low participation rate of rural residents in risky financial assets such as stocks.In addition,8.47% of the consumption gap between urban and rural areas can be explained by the participation of risky assets,but the difference in the high liquidity financial assets allocation between urban and rural households can provide support for the alleviation of the consumption gap.Ⅱ.According to the research conclusions of this paper,the following policy recommendations are proposed:Firstly,correctly understand the investment risks of physical assets such as housing,and rationally allocate the proportion of housing and financial market investment.In the sutiation that housing market changes obviously,the search for a reas onable allocation ratio in the housing market and financial market has become a problem that farmers shall face with.Secondly,strengthening investor’s risk education and guiding reasonable investment idea.It is necessary to incorporate basic investment knowledge education into the national education system,and implant risk awareness and risk concepts at an earlier stage.At the same time,the CSRC,exchanges and other institutions and the media should form a three-dimensional linkage in promoting market rules and risk concepts.Thirdly,improving the social security system in rural households and reducing the uncertainty of residents’ expectations.Taking social relief as a breakthrough,focusing on improving the new rural cooperative medical care system,gradually promoting the rural endowment insurance system,and establishing a rural social security system will help to diversify the rural residents’ asset portfolio.Fourthly,accelerating innovative financial instruments to meet the diversified needs of rural household financial assets.In order to meet the new financial needs of rural residents,financial institutions must innovate and develop various types of securities,bonds and bills.I n addition,financial institutions should be encouraged to devel op innovative insurance products around rural residents.Fifthly,promoting the theory knowledge and culture of finance and improvingcapability of rural household financial asset selection.As financial knowledge and financial culture are important factors in rural households’ choice of financial assets,various financial institutions and departments should publicize financial knowledge to rural residents and guide rural areas to form a healthy financial culture.Sixthly,developing financing lease market of rural productive assets and expanding the allocation capital of financial market.By publicizing the financial leasing business of productive assets in rural areas and improving the supporting policy of rural financial leasing,rural households can get enough capital to participate in the financial market.Ⅲ.Research innovation points:Firstly,based on the multidimensional structure of rural household financial assets,this paper investigates the influencing factors of rural household financial assets a llocation and wealth effects.Previous studies mainly focused on rural residents’ financial asset proportion and the holding of risk financial asset.This study not only focused on these two scopes,but also examined the characteristics of liquidity allocation of the rural household financial asset.There are significant differences in the earning rate and cashability because of different liquidity,it is important to analyze the liquidity structure of rural households’ financial assets.This study will exp lore the multidimensional characteristic allocation mechanism of rural household financial assets,which is consistent to the rural economic and financial environment and the characteristics of farmers.At the same time,it will analyze the group heterogeneity of rural household financial assets allocation,and reveal the complex behavior mechanism in the process of rural household financial assets allocation.Secondly,pay attention to the two-way interaction between rural household income and household financial asset allocation,and identify the complex impact of household income on rural household asset allocation.Family income can affect the allocation of rural household financial assets,but in fact,the allocation of rural household financial assets may have income effect,that is,the two-way relationship between the two may lead to the emergence of endogenous problems.On the basis of finding the endogeneity of rural household income,this study re-estimates the impact of household income on rural household financial asset allocation by propensity score matching method,which helps to further clarify the relationship between rural household income and financial asset allocation.Thirdly,based on the Urban-Rural Dual Structure and the development req uirements of urbanrural integration in China,it is important to carry out the analysis of urban-rural household financial asset allocation.The ultimate goal of urban-rural integration development is to narrow the ga p between urban and rural development and residents’ living standards.This study uses urban residents as a reference to carry out a comparative analysis between urban and rural areas.It not only reveals the differences in financial asset allocation behavior between urban and rural residents,but also specifically examines the contribution of asset allocation differences in the formation of urban-rural consumption gap.The contribution of asset allocation differences.On the one hand,it provides a reference for the improvement of rural reside nts’ financial asset allocation in the new era.On the other hand,it tests the influence of asset allocation in the formation of urban-rural disparity,and provides a new point and perspective for the alleviation of disparity between the urban and rural life. |
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