| Since the reform and opening up,China’s economy has grown rapidly and the total economic volume has been greatly increased.However,with the rapid increase of economic aggregate,the problem of imbalance and insufficiency is becoming increasingly prominent.There are two aspects that have aroused widespread concern.Firstly,the income gap and wealth gap between residents and families are becoming increasingly wide.Secondly,the imbalance of regional economic development has not been effectively alleviated.Based on this background,this paper systematically analyzes the current situation,development trend and causes of urban family wealth level and gap,taking urban households as the research object.In addition,the influence of each family’s investment preference and it’s regional development on the wealth level and gap of urban households is particularly investigated.Based on the measurement of urban household wealth level,this paper analyzes its characteristics,and clarifies the structure and characteristics of different types of assets in urban family wealth.At the same time,this paper analyzes the impact of venture financial asset investment and real estate investment on urban household wealth,and the heterogeneity of the impact between different regions and different age of the head of household.Considering that the factors affecting urban household wealth may be related to the regional development variables at the macro level,this paper,based on the integration of micro data and macro data,continues to analyze the regional variables influencing the level and gap of urban household wealth by using multi-layer linear model.Based on the above research ideas,this paper takes the wealth level and gap of urban households as the main line of research,and makes a review of previous research results and relevant literature.This paper reviews four aspects of family wealth composition and wealth gap,wealth effect,the impact of investment preference on family wealth,and the impact of regional development on family wealth.And the theoretical basis of the study is sorted out.On this basis,this paper makes a detailed study from the following four aspects:(1)The level and characteristics of urban family wealth were investigated.That is Chapter 3.In this chapter,through the aggregation of various micro survey data sets.First of all,the database suitable for describing the wealth level of urban households is selected.Then,according to the definition of urban household wealth,this paper explores the level and distribution characteristics of urban family wealth,and carries out descriptive statistical analysis from regional heterogeneity and age heterogeneity of household head.On this basis,this paper investigates the wealth gap of urban families and its changing trend.And the paper draws relevant conclusions,which provides data support and logical starting point for further research in the following chapters.The last section of this chapter analyzes the relationship between non investment income and urban family wealth,and the relationship between non investment income gap and family wealth gap.(2)This paper studies the impact of financial asset investment on urban household wealth.That is Chapter 4.Based on the previous descriptive statistical analysis,this chapter mainly discusses four aspects.Firstly,considering that there may be some structural problems in the impact of financial asset investment on urban household wealth,this chapter first uses the quantile regression method to study the impact of risky financial asset investment on urban household wealth.Secondly,based on quantile regression method,this paper studies the impact of risky financial asset investment on urban financial assets.Thirdly,the impact of risky financial asset investment on urban household wealth may be related to the financial literacy of investors.This chapter further takes into account the financial literacy of investors.Using the method of mediating effect model,this paper verifies the intermediary transmission mechanism of financial literacy affecting the level of urban household wealth through the influence of risky financial asset investment.Fourthly,according to different regions and different ages of heads of households,this paper further subdivides urban families,and use the Oaxaca blinder decomposition method to decompose the causes of wealth gap.(3)This paper studies the impact of real estate investment on urban household wealth.Firstly,on the basis of constructing the experimental group and the control group,this chapter uses the propensity score matching method to calculate the average processing effect,and analyzes the impact of family real estate investment on urban family wealth.Secondly,according to different regions and ages of heads of households,urban households are subdivided.The impact of real estate investment on urban household wealth is investigated in different regional heterogeneity and different age of head of household heterogeneity.At the same time,in order to explore the source of heterogeneity,unconditional quantile regression and Oaxaca blinder decomposition are used to decompose the causes of differences.(4)This paper studies the impact of regional development on urban family wealth.That is Chapter 6.The analysis of the previous chapters and based on the micro level research,this paper draws a conclusion on the impact of risky financial asset investment and real estate investment on urban household wealth.However,as pointed out in the analysis of transmission mechanism in Section 2.4,the factors that may have an important impact on the wealth of urban households in China at this stage are not only the investment preference of each urban family for risky financial assets or real estate,but also the economic development of the area where the urban families are located.If this is the case,there may be "missing variable bias" in the above micro level research,and the impact of macro regional level variables is omitted.In view of this,this chapter continues to explore the macro regional factors affecting urban family wealth.Because it involves the empirical data of micro level and macro level,this chapter constructs a multi-level linear model to further analyze the wealth level and gap of urban households.Through the above analysis,this paper draws the following conclusions.Firstly,in the composition and change of urban household wealth in China,stock fund asset’s belonging to risk financial assets and real estate belonging to non-financial assets have a greater impact on the fluctuation of wealth level.At the same time,the research shows that the family non investment income has a significant positive effect on the urban family wealth accumulation,and the family non investment income gap is also one of the reasons for the urban family wealth gap.Secondly,The investment of risky financial assets can increase the financial assets of urban households.It can also increase the wealth of urban families.At the same time,financial literacy can also improve the level of family financial assets and promote the accumulation of family wealth.In the study of the heterogeneity of the impact of risky financial asset investment on wealth,there are indeed wealth differences among households in different regions.After decomposition,it is found that there are two factors contributing to this difference.They are family characteristic attribute and regional financial development attribute.But in the decomposition model,the regression coefficient of risky financial asset investment is negative,which shows that it can narrow the wealth gap of urban households in different regions.In the study of the heterogeneity of the age of the head of household,there are also differences in wealth among families of different ages.After decomposition,it is found that these differences are partly caused by family characteristics and partly by the accumulation time of financial wealth.The impact of risky financial asset investment on the wealth gap of urban households of different ages is not consistent.But the study also found that,the closer the experimental data is to the reference group,the less time discrimination of financial wealth accumulation.Thirdly,in this paper,the impact of real estate investment on urban household wealth is studied.The influence is divided into two meanings:absolute influence and relative influence.Absolute impact refers to the impact of real estate investment on the overall level of urban household wealth.The relative influence refers to the difference of real estate investment between different regions and different ages of householders.In the study of absolute influence,this paper uses the methods of propensity score matching and obtains the average processing effect of about 1.20.This shows that the impact of real estate investment on urban household wealth level is positive,and real estate investment can increase urban household wealth level.From the relative impact of the research results,whether from the regional perspective or from the age of the head of household,real estate investment has widened the wealth gap of urban households.Fourthly,this paper constructs the data sets of micro family level and macro regional level,and considers the impact of missing macro regional variables on urban household wealth,and analyzes the new data set by multi-layer linear model.The conclusions are as follows.Both venture financial asset investment and real estate investment can effectively improve the wealth level of urban households.The marginal wealth tendency of real estate investment is more obvious.At the family level analysis,the education marginal wealth tendency is less than the income marginal wealth tendency.The education years of the householder has a positive effect on the urban family wealth,but this positive effect is weak.The family income can effectively improve the level of urban family wealth,and its role is strong.In the macro level analysis,this paper analyzes the level of economic development,tax burden,regional correlation and fiscal expenditure.The results show that different explanatory variables have different effects on urban household wealth.The main conclusions are as follows.From the perspective of economic development,it also has a positive impact on family wealth accumulation to a certain extent.From the perspective of tax revenue,tax revenue reduces the wealth level of urban families.From the perspective of interregional regional correlation,it can increase wealth,but the impact is small.On the premise of regional heterogeneity and the age heterogeneity of the head of household,macro regional variables affect provinces with high wealth families,and have no significant effect on provinces with medium and low wealth families.In the empirical study based on the sample data of different age groups,the higher the age group,the higher the marginal wealth propensity value of risky financial assets investment is than the low age group.At the same time,the higher the age group,the higher the marginal wealth propensity of income is also significantly greater than the low age group.Based on the above research conclusions,in order to speed up the wealth accumulation of urban families and narrow the wealth gap of urban families,this paper puts forward that in the future investment of urban families.We should expand the investment in risky financial assets,but we should pay attention to risk prevention.We should speed up the improvement of family members’ financial literacy.We should moderately expand real estate investment,and further expand the construction of affordable housing.At the same time,the government should speed up economic development,increase residents’ income,speed up the improvement of regional correlation and optimize the structure of fiscal expenditure.The research results also provide empirical evidence and support for the study of urban household wealth level accumulation and reduction of wealth level gap in China. |
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