Research On The Behavior Preference And Influencing Factors Of Household Financial Portfolio Choice

With the development of economic and financial, the income of the family has gradually increased, the improvement of residents’ financial management consciousness,the family’s investment demand has gradually become more and more prominent, the family’s investment behavior is increasingly frequent. Asset structure of the family gradually changed: non gradual decline in the proportion of financial assets, financial assets proportion rising, home from a preference for a single savings assets, and gradually to participate in the stock market and venture capital market, financial portfolio diversification, investment diversification characteristics gradually obvious.Behind the changes in the structure of family assets is the change of the family property,which is the difference of family behavior preference. Family assets choice behavior is an important part of family decisions, including the family in between between financial assets and non-financial assets, risk-free and risky assets selection(Bartiloro et al.,2011), the family assets selection behavior change indicating changes in family decision making methods. According to their own preferences to carry out the allocation of financial assets portfolio, preference will lead to differences in family financial asset selection behavior, which makes the difference in family assets portfolio. This leads to family assets to choose whether to have the preference, preference behavior is what different family assets selection behavior preference is what kind of, what is the difference, what factors will influence household financial assets selection behavior, are worthy of in-depth analysis of the problem. In order to further study the household financial assets choice behavior, the behavior preference based on the perspective of household financial assets choice behavior and related factors of household financial assets choice behavior. To guide the family to optimize the asset structure, promote family involvement in the financial market, has important significance to promote the development of the financial market.The change of family assets based on the selected text focuses on household financial assets choice behavior, and the influencing factors of family assets selection behavior. In this paper, according to theory analysis, empirical analysis, conclusions and recommendations of logic, the use of a combination of normative analysis and empirical analysis, starting from the present situation of household financial assets, to analysis of family assets selection behavior preference and influencing factors for the primary purpose of adopt 2011 China family financial investigation data, a detailed description of the household financial assets selection behavior preference is what, as well as the factors which, in order to guide family of assets of a reasonable choice, promote family involvement in financial markets and promote the development of the financial market are proposed. Specifically. First of all, this article details the theoretical and realistic background of household financial assets selection, selection of family financial assets,the related literature at home and abroad is reviewed, established theoretical analysis,descriptive statistical analysis, empirical analysis of the research framework. Based on Portfolio Theory(classic portfolio theory and behavioral portfolio theory), classical decision theory(expected effect theory and Prospect Theory) and the expectations theory basis, the establishment of household financial assets selection behavior preference of the theoretical analysis framework. Analysis of the impact of family income, family expectations, social capital and family structure and other factors on the behavior of household financial asset selection theory, and proposes the research hypothesis. On the basis of theoretical analysis, the 2011 China family financial investigation data from the perspectives of structure and overall analysis of household financial assets selection behavior preference, structure perspective mainly from the five aspects of different income levels, different age structure, different levels of education,urban and rural areas, the eastern, central and western area, the further analysis of the household financial assets selection behavior preferences and differences. Empirically,this paper establishes the risk assets participation rate of probit model and the effect of risk assets in the depth of the Tobit model. From the perspective of the overall, urban and rural regional perspective and the eastern, central and western regional perspective analysis the factors which will affect the family involved in financial markets. And by replacing the expected income, and social capital variables were robust to test model.Finally, according to the research conclusion put forward to promote household participation in financial market policy recommendations.It is found that:(1) the family assets selection of our country presents thecharacteristics of the preference of the stable assets, the participation rate of risk assets and the depth of participation is low.(2) from the perspective of structure, a high level of income of the family prefer risk assets, risk assets to participate in a high degree, low income families are more likely to risk-free assets; age of household risk assets engagement was first increased and then decreased the inverted "U" shape; and higher level of Education and family risk assets in breadth and depth were higher, higher preference for risky assets; urban household financial asset portfolio than rural households is more diversity in favor of risk assets; the eastern, central and Western family risk assets preference in the eastern, central second, Western minimum.(3) the empirical analysis shows that family income, social capital, education can effectively promote the family to participate in the financial market, improve the participation of risk assets in the breadth and depth of participation.(4) household financial assets selection behavior crowding out effect significant age effect and real estate, was first increased and then decreased the inverted "U" shape with the age of risk investment,age effect is obvious; the proportion of real estate of family risk assets involvement and participation in depth is significantly negative that real estate investment crowds out investment in financial assets. The comparison showed that there was significant age effect and crowding out effect in the urban and Eastern families.(5) optimistic price expectations will lead to real estate investment alternative financial investment, has a substitution effect; due to the substitution effect of real estate, "shares" departure from the expected deviation and lag of the existence of and optimistic economic expectations will reduce the household financial assets investment, macro market shares deviated from conduction to the micro family assets selection behavior.Based on the research conclusion, in order to actively guide the family to participate in the financial market, promote the development of financial market, and put forward the relevant suggestions.