Subjective Well-being,Risk Attitude And Household Asset Selection

In 2006,Campbell put forward the concept of "family finance".As a new independent research direction,many scholars began to study the issue of household asset selection.So far,research angles and methods for the selection of family assets have been diversified.Factors affecting the choice of household assets include demographic characteristics(eg education level,gender,age,etc.),family characteristics(eg household income,family size,etc.)and behavioral finance characteristics(risk preference,trust,happiness,etc.)The discussion of the characteristic variables of behavioral finance has become a hot topic in the current financial theory and practice field.Under the premise of a general increase in national economic growth and disposable income of residents,with the advent of big data and internet finance,the choice of household investment methods has become increasingly diversified,and the factors that affect their asset selection have become increasingly complex.Risk attitude is undoubtedly an important factor affecting the choice of assets for the family,and the "eighteen" held,"happiness" has become a popular word,people are increasingly concerned about their inner feelings of happiness,study of happiness on the residents behavior decision Influence has become a hot spot.In addition,the family is playing an increasingly important role in social and economic activities.In addition,family investment behavior will have a far-reaching impact on social and economic activities.Research on the choice of assets of residents' families will,on the one hand,encourage families to establish correct investment ideas and make rational investment decisions.On the other hand,they can also optimize the resources of society.The allocation will help the government to adjust the industrial structure and formulate the correct macroeconomic policies.Therefore,the study of subjective well-being,the impact of risk attitude on the choice of household assets,both from the theoretical and practical point of view,are of great significance.In this paper,we used China Household Finance Survey data,based on behavioral finance perspective,studied the impact of subjective well-being and risk attitude on household asset selection.On variable selection,selected stocks,deposits,real estate and commercial insurance as the residents of the household assets selection variables,subjective well-being,risk attitude as the main explanatory variables,family Engel coefficient,income,age as a control variable,Through the Probit model,the paperanalyzed the influence of various factors on the household assets selection of residents,and analyzed the differences in the selection of assets by different economic units indifferent provinces and cities,according to the economic capacity and age group.Concluded as follow: the promotion of subjective well-being has a significant positive impact on the participation of residents' families,stock,property and commercial insurance,compared with other assets,subjective well-being has the greatest impact on real estate holding,and in economic capacity stronger provinces and cities,the promotion of this role is more obvious;risk attitudes have a significant negative impact on stock market participation,deposits and commercial insurance holdings,but have no significant impact on property holdings;the increase in the family Engel's coefficient will significantly reduce the participation of the stock market of the household,the holding of the property and the commercial insurance,but have no significant effect on the asset choice of the deposit,this feature is also valid in economically strong provinces and cities;the level of education has a positive impact on stock market participation,deposits and commercial insurance holdings,and the impact on stock participation is relatively large;strong economic capacity in the provinces and cities,the residents of the family is more sensitive to the risk,the improvement of family income and education level is more effective in the selection of assets in the economically weaker provinces;the diversity of asset selection among resident families aged between 36 and50 is most prominent throughout the life cycle,and at this stage,the risk of family members is also the lowest for risky stocks such as stocks,the age group that residents of the family is less than or equal to 35 years old is the best period for the stock market participation and the purchase of commercial insurance.