Research On The Influence Of Cognitive Ability On The Configuration Of Urban Family Financial Assets

With the deepening of reform and opening up,the rapid economic development.Household disposable income has risen sharply from before,and the funds available to families for investment have increased significantly.How to use these funds to provide financing for high-quality companies with short-funded funds has become a matter of concern to everyone.On the other hand,due to the existence of inflation,how to make the preservation and appreciation of family assets become a concern for residents.Based on these two facts,it is of theoretical and practical significance to study the behavior of household financial asset allocation.Among the influencing factors affecting the allocation of household financial assets,the cognitive ability reflects the human talent ability.Therefore,the study of the influence of cognitive ability on the allocation of household financial assets reflects how talents affect the allocation behavior of household financial assets.Based on the 2014 China Family Tracking Survey(CFPS)data,this paper studies the impact of cognitive ability on family participation in the stock market and family participation in the risk financial market through the probit model.Then we use the tobit model to study cognitive ability to invest in households.The influence of stock assets on the proportion of total financial assets and household risk financial assets as a share of total financial assets.Through empirical research,it is found that in the regression of urban samples in the country,memory ability and mathematical reasoning ability have a significant positive effect on family participation in the stock market and participation in risk financial markets,and the number of years of education on family participation in the stock market and participation in the risk financial market There is a significant positive effect;memory and mathematics logical reasoning have a significant positive effect on the proportion of family equity assets and risk finance,and the number of years of education has a significant positive effect on the proportion of household stocks and risk finance.Impact.Without cognitive ability as an influencing factor affecting the allocation of risky financial assets in households,the number of years of education has a significant positive effect on households participating in the stock market and participation in risky financial markets,and the coefficient of years of education is less than the cognitive ability.The coefficient of the number of years of education for households participating in the stock market and participating in risky financial market factors is large.At the same time,the educational years have a significant positive effect on the proportion of household stock assets and the proportion of risky financial assets,and the coefficient of education is higher than the coefficient of education.Knowledge ability as a proportion of the proportion of family equity assets and risk financial assets is large.In the sample regression of eastern cities,we can get the same result.In the mid-western sample regression,we can find that the mathematical ability in cognitive ability has a positive but not significant effect on households participating in the stock market and participating in the financial risk market,and memory ability is significant for families participating in the stock market and participating in the risk financial market.The positive effect,while the mathematical ability in cognitive ability has a positive but not significant effect on the proportion of household stock assets and the proportion of financial risk assets,and memory capacity has a significant proportion of the proportion of family equity assets and the proportion of risky financial assets.The positive effect.