Education, Healthy And Household Portfolios

Era of progress and the development of science and technology promotes the economy booming, people’s income and then also in improving living standards, a growing number of assets and a wide variety of choice for more and more families have to face a problem: how to reasonable distribution of household assets? For the family, the rational allocation of household financial assets not only helps to improve family property income, family life quality, but also help family to preventing risks of major diseases and so on. For financial institutions, the family financial problems can understand family investment preferences and investment demand, strive for high quality customers, maximize profits. For macro economy, improve the family financial asset size and structure can promote the benign development of financial markets. Cultural level associated with the cognitive level of family members, directly affect the family actions and choices; Health is one of the important factors affecting a family happiness, connected with ginseng are also. Therefore, from the perspective of cultural level and health level of family assets choice for empirical research has important theoretical significance and practical value.By reading literature, this article from the correlation, the influence mechanism and its effect on the model, summarizes the domestic and foreign scholars study of household assets choice, in addition, also summarizes the factors such as age, marital status, family income effects on household assets choice. Based on literature review, through the analysis, put forward the theoretical model and hypothesis. The empirical part, the use of the 2012 Chinese families financial research survey results, cultural degree, health level as explanatory variables, using the Probit model, Tobit model to analyze its to family participation in financial markets, the impact of financial assets accounted for; Using Heckman two step analysis explanation variable of family participation in market risk and risk assets accounted for. And age, marital status, family population, financial knowledge, and family income attribute set as control variable. In addition, culture degree and health level, the product of another round of the same regression analysis, to study the combined effects of household assets choice.About whether the results found that cultural degree family involved in financial markets, market risk, asset ratio have a significant impact on, and a greater influence on risk market participation. Health level, cross item has nothing to do with family participation in financial markets, market risk, however, if the family has been involved in the market, health level and cross terms of the assets of the family of have a significant impact, but less affected. In addition, about whether to participate in the financial markets have significant impact on household population and family risk appetite; About whether to participate in the market risk, and there was significant impact on family population, financial knowledge, family income, the stability of the family income, family risk appetite; Has a significant influence on financial assets accounted for have to explain variables have significant influence and marital status, whether learning financial knowledge, family income; In addition to the local GDP, the rest of the research factors for risky assets proportion has a significant effect. At the end of the robustness test were found in: research conclusion regional differences; But families own shares in lieu of, or before and after the removal of wealth ranking of risk assets accounted 10% of households, both the model through the robustness test.