On The Wealthy Distribution Effect Of Household Financial Portfolio Choice In China-Based On CHFS Data

With rapid development of world economy and revolutionary changes of the international financial market, household financial portfolio choice behavior in China has changed dramatically in the last few years. Household financial portfolio choice behavior in China changes from a single type of savings investment to variety types of investment, with the investment ratio of stocks, bonds and other financial assets with risk increased gradually. Which kind of affection of the accumulation of residential wealth and distribution of social wealth by the household financial portfolio choice behavior in China is the effect of wealth distribution by household financial portfolio choice behavior in China which should be studied in this paper.First of all, we make a descriptive statistical analysis on the characteristics of macro dynamic changes of household financial portfolio choice behavior by traditional methods. And then, with China Household Finance Survey, we summarize the regularity and heterogeneity of household financial portfolio choice behavior by compared with the household financial portfolio choice behavior of developed countries. With China Household Finance Survey, we calculate all kinds of income of household financial assets and its contribution to the total income of the residents, and then make an analysis on the effects of the household wealth accumulation, to further analysis the effect of wealth distribution by household financial portfolio choice behavior in China.Then,based on theoretical analysis and empirical analysis,we make an evaluation of household financial income inequality in China and reveal the general rules of the effect of wealth distribution by household financial portfolio choice behavior in China by comparing with the Gini coefficient of financial property income distribution. With China Household Finance Survey, we make a study on the structure of household financial assets and analyze the main factors of the structure of household financial assets to find the key reason for the effect of wealth distribution by household financial portfolio choice behavior in China. Finally, we make conclusion that household financial portfolio choice behavior in China have become more financialization and risky, Chinese household financial portfolio choice behavior exist significant dual structure characteristic and "aging" feature, financial portfolio choice behavior of different income levels of households lead to obvious effects of wealth distribution, all kinds of financial assets of China’s urban households and rural households brought the different wealth distribution effect etc.And put forward the corresponding policy recommendations with the direction for future research.