The Influence Of Family Background Risk On The Financial Risk Assets Allocation

In the past more than four decades of reform and opening up,Chinese economy has developed rapidly,The income and assets of the Chinese people have been significantly improved,and the proportion of household financial assets in total assets is also increasing,Accompanied by the increasing maturity of China's financial market and the improvement of national financial management awareness,the behavior of household asset allocation is becoming more and more important on their own life and the development of financial market and macro economy,It is necessary to study the influencing factors of household financial asset allocation behavior.Meanwhile,given that Chinese households tend to invest in non-risky financial assets such as bank deposits,the participation of financial risk market is seriously insufficient,the phenomenon of "limited participation in financial risk markets" that cannot be explained by Markowitz classic portfolio theory,This means that the factors affecting the investment of risky financial assets of households are likely to be diversified,It does not depend solely on the return on assets,the level of risk and the risk attitude of investors,it may also be influenced by background factors such as the income characteristics,education level and health status of the family unit as a whole.Based on the perspective of incomplete market theory,this paper studies the influence of family background risk on the proportion of family financial risk market participation and allocation,in order to know more accurately how Chinese family background risks affect family decision-making behavior,so as to maximize family asset benefits.This paper uses the data of 33,817 family samples in 2015 of China Household Finance Survey.Using STATA13 software builds the Tobit model and Probit model.Using Financial asset participation intention and participation ratio as explained variables,and the net assets,per capita income,education situation,population scale,risk preference,urban and rural registered permanent residence,financial knowledge awareness and so on seven aspects as control variable.This paper empirically studies the impact of background risks such as labor income risk,health risk,housing risk and commercial risk on the allocation of household financial risk assets in China,and the stability test was carried out by using the questionnaire data of 2011 and 2013 and the sample data of east and west China in 2015.This article research conclusion: background risk,in the case of other factors unchanged,labor income risk,health risks,housing and commercial property and family risk negatively correlated with the participation of financial assets and configuration relations,among them,the members of the stable income to total members of the family members,the higher the proportion of the labor income risk is smaller,the risk to participate in the financial market and the higher the proportion of the configuration,The higher the proportion of chronic diseases in the family or the lower the proportion of medical insurance purchase,the greater the health risk of the family and the lower the participation willingness and allocation proportion in the risk financial market.Housing and commercial risks are negatively correlated with the participation and allocation of household risky financial assets.Households holding more real estate and commercial assets have obvious crowding out effect on the investment financial risk market.In addition,the control variables of net assets,per capita income,education,population size,risk preference,urban and rural household registration,and financial knowledge attention are all significant.The main innovation of this paper is: Based on the influence of family background risk on the allocation of risk financial assets,this paper conducts an in-depth study.Compared with other domestic papers that only consider the background risk of household owners when measuring the background risk,this paper considers the problem from the perspective of family,making the variable more in line with the connotation of the three types of family background risk and improving the existing conclusions.This paper uses the data of China Household Finance Survey in 2015 for research.Compared with previous domestic articles,most of them use the survey data of China's family financial center in 2011 and 2013,the research data is novel.