A Study On The Combination Of Urban Households In China

With the development of domestic financial and the improvement of the financialmanagement consciousness, household assets gradually become a hot academicresearch. Every economic decision can directly affect the social and economicactivities, these decisions on the one hand, subject to the laws and regulations,national policies and other constraints of external factors, on the other hand can affectthe macroscopic policy and economic changes. By2013, China’s household savingsrate has reached the world’s first, on the other hand, China’s securities market isbecoming more and more effective, ipo equity division reform and co. LTD., Chinahas been heavily promoted by the family to participate in the enthusiasm of thesecurities market, all kinds of financial management of financial products innovation,the family of portfolio selection is facing challenges, how to guarantee theappreciation value of household wealth, is the problem which not allow to ignore.The main purpose of this article is on the basis of existing research results,through the qualitative analysis and numerical simulation method of combining theurban families’ portfolio decision-making mechanism in China systematicallyexplored. First, through the survey data of urban families in China financialcharacteristics of qualitative analysis, summarized our country family maininfluencing factor of the portfolio selection, the related assumptions, establish themathematical model of life cycle, the last household portfolio selection is obtained bynumerical simulation calculation of the optimal strategy in the process of the entirelife cycle path.Behavior of the family portfolio choice in our numerical simulation found thathousing assets investment in our country family savings behavior affect significantly,whether family formed early home ownership, to the family of decision-making in thedifferent stages of life cycle play a key role, is the mainstay of families’ housing assetsinvestment projects, the highest proportion of household assets; At the same time,there is a strong intergenerational relation between urban families in our country, thisarticle by setting parameters such as education expenditure, bequest motives, andtransfer payment, the higher the education degree of assets, the higher the proportionof the investment risk; Legacy assets also can bring the same utility to our family.This article is the research of the corresponding problem, the innovation lies in:firstly，through the numerical simulation of the dynamic programming method isemployed to solve the optimal problems of our country family; secondly， in theprocess of building model, the article is considering the family intergenerationalrelationship and the introduction of housing assets.