Empirical Analysis About Factors Influencing On Changes Of Scale And Structure Of Assets Held By Residents

As is known to all thateconomicfinancialenvironments in our country have made remarkable changessince reform and opening up,such as the development of China's financial market and the diversification of financial products,and followed by more strengthen domestic investment consciousness and rapid development of domestic financial practice.During the period of 1993 to 2014,great changes have taken place in our country residents hold assets: First of all,the income level of urban and rural residents have greatly increased as the result of the rapid development of our country's economy and change of national income distribution pattern,meanwhile,increasing income appeared the trend of capitalization.Second,since our socialist market economy system is being perfected,both the financial management concepts and the kinds of financial products held by residents have changed a lot,savings as the only asset pattern has great changes and have been gradually.Finally,during 1993 to 2014,many changes have also taken place in the macroeconomic environment and policy,such as housing reform deepening,the impact of consumer on residents' life more important and so on.But the existing literature rarely included variables such as housing reform and the consumer credit into the study of residents holding assets.Hence current study in the field of residents held asset cannot fully or truly reflect the size and actual situation of the residents hold assets in our country.Considering that,immense changes have taken place in both the size and structure of assets holding by residents,and the factors leading such changes in residents holding assets will be different under different macroeconomic background.Based on the above reasons,real estate holding,savings,securities and insurance held by domestic residents(data of Beijing,Hunan and Shanxi are chosen actually)during 1993 to 2014 are chosen in our model,besides traditional explanatory variables such as disposable income,consumption expenditure and interest rate are also chosen.Combining with the actual situation of our country,financial liabilities and securities yield are significantly selected as special explanatory variables.Using related data of above variables to establishabsolute and relative quantity models aiming at simulating the function of residents holding assets.Furtherquantitative analysis was made by collecting urban and rural income data and also structure data of residents holding assets.Empirical results show macroeconomic indices such as GDP,interest rate and the disposable income are key factors result in changing of residents holding assets.Not only for that the scale of domestic assets changing along with the economic development and expansion of income growth,but also that residents holding assets structure will adjust according to the economic environment and policy changes.Except for traditional economic indicators,financial liabilities and securities yield and the average of the higher education level will also significant factors that affect residents' assets choice behavior in our country.It is worth noting that the influences of education level on residents' asset structure is increasingly important.Combined with model regression results found that,there exist many problems in the field of residents holding assets: First of all,remarkable difference and imbalance in the situation of residents holding asset exist between urban and rural,and the difference in savings is the most prominent problem,narrowing the income disparity between urban and rural areas is of great significance to promote the rationalization of our country residents' asset structure;Second,the residents,the proportion of real estate rise rapidly in all kinds of assets held by,that is the primary cause to simulate excessive real estate investment behavior led to unreasonable rise in house prices,which will definitely be threat to stable economic development.Finally,suggestions about how to rationalize residents holding assets structure was put forward;What's more reasonable interpretation about strict controls of housing loans to curb housing prices in China's economic was made.