Human Capital And Household Asset Allocation

With the reform and development of the new era,our country's economy has continued to develop.The people's lives have also improved markedly,and their national income has been constantly improving.At the same time,as China's financial system continues to develop and improve,the growth of inclusive finance continues.As we move forward,more and more families are able to participate in the financial market and make more diversified allocations of family assets.This paper uses micro-family data to find the metrics of human capital to study the impact of human capital on the allocation of household assets,so that families can better configure the family assets and maximize the utility.This paper uses the data from the China Household Finance Survey(CHFS)in 2015 to establish the impact of the Probit model on the participation of human capital in the household financial market and the stock market.The Tobit model is used to analyze the impact of human capital on the proportion of assets in the home equity allocation option.And conducted a robustness test.The study found that the improvement of human capital can promote households to participate in financial markets and stock markets in the allocation of assets.In the dimension of human capital measurement,compared with work experience,the marginal effect of educational level and health status on the allocation of household assets is greater.At the same time,human capital can promote the depth of family involvement in the financial market.That is,health status,education level,and work experience have a positive and significant effect on the proportion of risky financial assets and stock assets in the allocation of household assets.The paper also finds that age,risk appetite,whether they have studied economic and financial knowledge,household income,family size,and social conditions all have a significant impact on household asset allocation.There may be an inverted U-shaped relationship between age and participating stock market.Gender,risk appetite,family size,and whether or not you own a home have a significant negative impact on family participation in the financial market and the stock market;you are married,you socialize,and you study economy,financial knowledge,or participate in similar training knowledge.It also has a positive and significant impact on family participation in financial markets and stock markets.In the final article,when conducting robustness tests,it was found that robustness tests were conducted after distinguishing between rural and urban areas and after excluding 5% of samples before and after household income.It was found that the models passed the robustness test.