An Empirical Analysis On The Influence Of Residents’ Financial Assets Choice To The Financial Efficiency

With the growth of residents’ financial assets promoting the rapid development of national economy,more and more people pay attention to the residents’ financial assets choice problem,the choice behavior of residents’ financial assets impact on a country’s economic and financial increasingly important,and scholars at home and abroad research also shows that the choice behavior of residents’ financial assets have an important influence on efficiency of social capital circulation and allocation,but there is no empirical research conducted among residents’ financial assets with indicators on behalf of fund selection and allocation efficiency such as financial efficiency,and therefore study the object of financial assets of all the inhabitants,link the two aspects and take an empirical analysis,which some inspiration can be obtained about how to regulate the choice behavior of residents’ financial assets to optimize financial efficiency,has an important significance for macroeconomic policy orientation,development of financial markets and business direction of financial institutions.This paper start on the basis of domestic and foreign study about residents’ financial assets choice and financial efficiency and the impact of the former on the economy these three areas,by drawing on their research and comments on the issue found deficiencies and problem needs to study further,and then summarize experiences from a theoretical point analyzes the residents’ financial assets choice how impact on the financial efficiency,finally in the empirical part,first make a descriptive analysis of the change in residents’ financial assets choice,Secondly,use factor analysis to extract a representative indicator of financial efficiency and evaluate it,by comparing the variation trends of both laying the groundwork for the empirical analysis,finally in regard to residents’ financial assets total and financial efficiency indicators employ VAR model and impulse response analysis,in regard to residents’ financial assets structure and financial efficiency indicators employ granger causality test and multiple regression analysis,analysis choice of residents’ financial assets which include two levels,namely changes of the total and changes in the structure how impact on financial efficiency,and then draw conclusions, validate and interpret the changes in reality.Following conclusions can be obtained through the analysis:First,the growth of residents’ financial assets total in favor of financial macro-financial efficiency,while will drive improvements of financial micro-financial efficiency in the long run,Secondly,diversification of residents’ financial assets structure will promote financial efficiency significantly,in total financial assets established,residents hold cash,insurance reserves and bond assets are more conducive to improve financial efficiency,third,changes in residents’ financial assets structure lag behind of the increase of total amount will reduce financial efficiency,residents hold savings deposits and stock assets more will have a great negatively impact on financial efficiency. According to above conclusion can get some inspiration,to achieve true financial efficiency would require residents’ financial assets total keep growth and diversification while maintaining structural balance,namely focus on the development of capital markets in the development of the money market,economic measures can be taken to make capital flows to more efficient market,such as bond market,insurance market and the money market of strong liquidity in the long run.