Study On The Factors Affecting The Structural Ajustment Of Household Financial Assets

To improve the residents' property income is an important strategic decision of our country.As an important source of property income,residents' financial assets are not only related to their own welfare,but also related to the adjustment of China's financial system structure and the transformation of economic growth mode.At present,China is in a critical period of deepening the reform of the economic system.With the advancement of stock and bond issuance system reform,the proportion of direct financing has increased and the structure of social financing has been further optimized.The diversification of product supply in the venture capital market will help to meet the differentiated investment needs of different risk appetite investors,thus affecting the financial asset structure of the household.At the present stage,the household financial assets structure is still relatively simple,and the savings deposits still occupy a large proportion in the family financial assets.To promote the diversification of the household financial assets structure,it is necessary to adjust the family financial assets structure,This paper is based on the current direct financing of the context of vigorous development,focusing on the impact of China's household financial assets of the macro and micro factors.This paper first analyzes the structure of Chinese household financial assets from two perspectives: macroscopic statistical data and microscopic survey data.Secondly,it analyzes the macroeconomic impact on the structure of household financial assets in China.Then,on the basis of theoretical analysis,the econometric method was used to study the micro data obtained by the questionnaire.This paper analyzes the influencing factors of Chinese residents' participation in formal and informal financial markets by using the Probit model,and analyzes the factors influencing the adjustment of household financial assets structure by using the Tobit model and derives the key factors that affect the adjustment of household financial assets structure,And then from these key factors to explore the optimization of household financial assets structure of the path.This paper draws the following conclusions: the development of direct financing will attract more investors into the formal financial market,while reducing the proportion of informal financial market participation;the development of direct financing will also promote the family to adjust the financial asset structure,the corresponding The proportion of the risk assets in the financial assets and the proportion of the stock assets in the risky assets;the families with social security are more likely to invest and finance through the formal financial market;the accumulation of financial knowledge will affect the family risk And other factors such as family income,total assets,education level and other factors have a positive impact on family participation in formal financial markets,while risk aversion and family engaged in individual industry and commerce are two factors.Family participation in the formal financial market has a significant negative impact.