Research On Household Financial Portfolio Choice

With the development of financial industry and capital market, household finance has become an important research area.Research of household finance can help us understand the decision making process of household investment, it can also be useful for investor education,for financial institutions to invent new products,for the government to make better financial polices.Based on the classical theory and the author’s practical experience this paper select six micro factors influencing household assets choice.Then, this paper define the scope of research and study the influence process of each factors. Adopt the method of questionnaire to obtain the micro data of investors and to carry out descriptive statistical analysis of single factor’s influence on asset choice.Then this paper carry out multiple regression method to establish asset choice model and the six micro characteristics are studied quantitatively for the specific impact of risk appetite, the six micro factors are classified as three new impact factors by factor analysis method.Finally concluded that:wealth level, investment experience, personality traits are three of the most influential factors and find that the higher the level of these three factors, the greater the residents investor risk appetite. The improvement of culture can play a role in promoting residents’ risk appetite,but the effect was significantly lighter. The influence of income stability for risk appetite is not obvious and along with the increase of age, investor risk appetite is gradually reduced.