| Forty years of reform and opening up is the forty years of China's sustained and rapid economic development.The GDP increased from 362.4 billion yuan in 1978 to 82.71 trillion yuan in 2017.The per capita GDP was less than 400 yuan in 1978 to 59,660 yuan in 2017,and the total economic output was the second in the world.The great economic development has led to the accumulation of wealth of Chinese households.According to the public data of the People's Bank of China,as of the end of 2017,the balance of household deposits in China reached 64 trillion yuan(including demand deposits of 24 trillion).Under the background of major changes in the wealth management of households in China,China's capital market has continued to improve and expand,and the disposable income of residents has continuously increased,and its diversified investment and financial management appeals have become prominent.Under the assumption of rational people,the traditional portfolio theory believes that as long as the risk asset premium is positive,the family should hold an appropriate proportion of risk assets,but the proportion of real risk financial assets held by households in China is still relatively low.There is a deviation between the strict rational hypothesis of traditional investment theory and the market reality,which limits its application.Therefore,this paper changes the research perspective and tries to explain its impact on the choice of family risk financial assets from the perspective of human capital.Specific to the research details,this paper carries out research and discussion from the perspectives of theory,statistics and evidence.In theory,there is still relatively little research on the relationship between the two in the academic world.This study divides human capital into education and health,and based on portfolio theory and human capital theory,it constructs education and The impact mechanism of health on family risk financial asset selection,in which education mainly affects family risk financial assets selection by affecting family wealth level,risk preference and investment income,while health factors affect family risk appetite,grant motivation,consumption It is expected to influence the family risk financial asset selection behavior.Based on the above research,this paper proposes relevant research hypotheses.In terms of statistics,through the descriptive statistical research on the core assets of urban households in China,it is found that the proportion of urban household risk financial assets allocation in China is still at a low level,and there is a certain difference in education,age and regional distribution.In the empirical aspect,this paper applies the Probit and Tobit models to empirically test the hypothesis and adopts the PSM model to analyze the robustness of the empirical results.The research finds:(1)In terms of risk financial asset selection,human capital has a significant positive impact on the selection of urban household risk financial assets.That is,urban families with higher education levels and health levels are more likely to choose risky financial assets.(2)In terms of risk financial asset allocation,human capital also has a significant positive impact on urban household risk financial asset allocation.That is,urban families with higher education level and health level have a higher proportion of participating financial assets.(3)Households with multiple housing or higher housing assets have higher probability of risk financial assets selection but a lower proportion of allocation. |
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