Characteristics And Trends In Asset Preferences Of Chinese Residents

Different paths of social change, differences of income, cultural, habits, as well as the heterogeneity of households assets decided the choice of different preferences in asset selection. In this paper, on the basis of relevant discovery at home and abroad, the existing research on portfolio selection were unified in expected revenue Markowitz-research paradigm under risk, ignoring the impact of the asset portfolio selection preferences, in this regard, based on the expansion of intertemporal substitution model we demonstrated the importance of research on household asset selection, combined with discussing the functional differences between real assets and financial assets. And using indifference curve analysis methods we discussed theoretically the relationship of households preference in the selection between real assets and financial assets, and revealed the heterogeneity of preferences in household asset selection process. On this basis, took China’s actual data related to this paper and our own survey data as a sample, with pairwise matching, used indifference curve analysis method we estimated preferences of households estate assets, cash on hand, deposits, funds, stocks and other assets. To get sort of preference of household assets we standardized them, and made income variables, from the dynamic perspective we checked the characteristics and trends of changes in household asset selection preferences. The full text is composed of six chapters.Chapter 1-Introduction. Mainly on the research background, theoretical and practical significance and purpose of this study, and on the basis of the review of the relevant research of domestic and foreign scholars, the basic framework of this research and innovation.Chapter 2-residents factors of asset preferences in the asset allocation. As the Alternative theories of intertemporal consumption as a starting point, based on the extending analysis of the theory of intertemporal consumption, used the indifference curve analysis method, the heterogeneity between different assets are discussed to identify the specific impact factors of residents asset selection preferences.Chapter 3-Sort of households asset preferences. On the basis of theoretical analysis of residents assets preference, use indifference curve analysis, combined with macro data, various types of household assets were estimated preference, sorting of household assets preference in China was derived.Chapter 4-Empirical evidence of household asset selection. Made the empirical analysis on relations of the household assets preference on our sample survey data,and dynamic analysis on the selecting status of household asset in different household income levels,and gave the corresponding empirical evidence.Chapter 5-Characteristics and trends of preferences of household assets. Based on the distribution of households assets in different income groups, we summed up the change and its changing trend of selecting status of household asset in different household income levels.Chapter 6-Conclusions and Implications. The basic conclusions of the study are summarized and combined with the general laws of economic evolution we obtained the Enlightenment to improve household asset structure.