Household Asset Allocation Study

Traditional finance major subject in corporate finance and asset pricing, and as China's domestic financial planning and financial products to strengthen awareness of the rich"family to a more efficient allocation of assets", The problems are increasingly concerned about academics, family finance has gradually become a new independent research.Family finance research has its own special meaning, this article from the individual or family, financial institutions and macroeconomic three dimensions illustrates the current asset allocation of the family real significance; and family assets into financial assets, physical assets and human assets three categories, and started refining its analysis.Asset allocation in the family described in the relevant theories, this paper summarizes the time value of money theory, portfolio theory, the family life cycle theory, business cycle theory. Meanwhile, an example of the explanation, so that theory more concrete, and summed up the matrix of family life cycle and economic cycle asset allocation matrix.In the portfolio selection of American families, by families of U.S. individual investors, asset allocation analysis of historical evolution, come to the family asset class diversification, international portfolio, from passive to active asset management asset management three important trends; And use Excel VBA to the 1991-2001 Ten representative in the United States the actual performance of investment instruments optimal portfolio analysis, obtained: Gold only as a failure of the monetary system of modern credit substitutes, and in most of the economic operation under normal circumstances, the investment rate of return of gold and cash and cash levels less than the investment rate of return objects, therefore, normal economic operation, Individual investors need not be gold into their own pool of assets; In the case of short selling, more conducive to individual investors, portfolio optimization of their families, so in our upcoming margin trading and stock index futures, investors will further optimize our portfolio of their families provided institutional conditions of the latter.Portfolio selection of Chinese families, this study from the life-cycle theory, human assets, financial assets of the three dimensions of our family portfolio distribution is given by the chart method detailed analysis, drawn: Chinese family has financial assets portfolio risk trend, indicating that residents of high-level investment in china is increasing motivation, However, residents of real estate assets account for the large proportion of total assets, which limits the diversity of our residents in the direction of the family assets, development of conclusions.Finally, from the microscopic and macroscopic point of view the main conclusions of this paper are summarized and give further research directions.