Research On Influencing Factors And Countermeasures Of Family Financial Asset Allocation In China

With the continuous improvement of resident income level and the gradual diversification of financial instruments,the allocation of family financial assets has gradually changed.Reasonable allocation of financial assets can effectively strengthen the property income of the family.China has repeatedly stressed the increase in the property income of residents in the report of the 17 th National Congress of the CCP in 2007 and the 13 th Five-Year Plan in 2016.The research on the allocation of family financial assets has attracted attention of domestic scholars.Analysis of the influencing factors of family financial asset allocation is helpful to understand the characteristics of family financial assets selection,to guide families to allocate assets rationally and raise income.It is conducive to financial institutions to design a complete risk gradient of financial products to meet the needs of family investment.It is also helpful to develop a reasonable policy to provide a basis for the country.In view of this,this thesis starts research on family financial asset allocation of factors and countermeasures from the micro-and macro-angles in China.Based on the theory of portfolio,behavioral finance theory,rational expectation theory and life cycle theory,this thesis firstly analyzes the status of family financial asset allocation,including the total amount of family financial assets and the proportion of financial assets.On the basis of this,the influencing factors of family financial asset allocation are studied.Considering the complexity of influencing factors of family financial asset allocation,the influencing factors are divided into two aspects: micro and macro.In the micro aspect,the Southwest University of Finance 2013 Family Financial Asset Survey(CHFS)data are used to study the influence of gender,age,education and income on the allocation of family financial assets by using statistical description and empirical analysis.In the aspect of macro,gross domestic product(GDP),inflation,interest rate,exchange rate and household financial assets are tested for unit root,co-integration test,Granger causality test by using the data from 1994 to 2015,and the impact of these four macro factors on the allocation of family financial assets are analyzed by regression analysis.Finally,this thesis concludes that education,age,income and other factors have a significant impact on the allocation of financial assets in addition to gender.GDP is positively related to stocks,funds,bonds accounted for the proportion of financial assets.Interest rates are inversely proportional to the share of insurance,stocks,funds and bonds;CPI has a negative relationship to savings accounted for the proportion of financial assets.Exchange rates are inversely proportional to savings and foreign currencies.According to the results of the above analysis,this thesis provides recommendations for the rational allocation of family financial assets;it can identify the direction of innovation for the financial institutions;it also can develop macroeconomic policy to provide a reference for the government.