Theoretical Model And Empirical Research On Household Asset Allocation Of Relocated Households Of Collective Land

During the process of urbanization in China,rural collective land acquisition has provided land banking to rapid development of urban economy.Land acquisition and demolition(LAD)accelerates the exchange of land element and capital compensation between rural and urban areas.Existing researches focus on the “material-oriented” flow and allocation of land element which means the preliminary allocation of resettlement compensation of LAD,but lack of “people-oriented” full-life flow and allocation,especially the research on household asset allocation of relocated households(HAARH)on collective land.In fact,most land-expropriated parvenu cannot allocate their large amount of compensation properly which result in serious of social and economic problems,such as gambling,conspicuous consumption among kids of land-expropriated parvenu,and asset precipitation.These hinder rural-urban stable development and rural governance.Based on the literature review,this paper encoded the interview and literature materials in opening mode,axial mode and selective mode and constructed a theoretical model of HAARH by utilizing Grounded theory.The model established on the principle line of psychological cognition and household asset allocation behavior of relocated households.Psychological cognition includes four dimensions: mental accounting,anchoring effect,risk preference and social conformity.Social stimulus(financial market,land demolition policy,land demolition compensation and social security)regulates the relationship between the psychological cognition of the relocated household and the household asset allocation behavior.The HAARH includes four types which are daily expense account,the investment account,the leveraged account,and the long-term income account.The paper studied the variables' relationships based on Portfolio Selection theory,the Planned Behavior theory and the Behavioral Economics theory and put forward research hypothesis in the next step.Preliminary survey was designed upon the measurement indicators of HAARH and used in testing the before model and hypothesis.250 questionnaires were distributed and 207 valid questionnaires were obtained after screening in the formal survey.SPSS23 was adopted to analyze the data reliability,validity,regression and moderating effects.The empirical results show that:(1)Mental accounting and social conformity have positive impacts on the household asset allocation of the daily expense account and the leveraged account,while anchoring effect and risk preference have negative impacts on these two accounts;mental accounting,anchoring effect and social conformity have positive impacts on the household asset allocation of the investment account and the long-term income account,whilst risk preference has a negative impact on these two account.(2)The results of the moderating effects tests show that:(a)The psychological cognition of the relocated households has a positive impact on the household asset allocation of the daily expense account,the investment account and the leveraged account and the long-term income account;(b)Demolition policy,monetary compensation and social security have significant moderating effects on the relationship between the psychological cognition of the relocated households and the household asset allocation of the daily expenses account.Financial market has no moderating effect on this relationship,but it has a positive effect on this account;(c)Financial market,monetary compensation and social security have significant moderating effects on the relationship between the psychological cognition of the relocated households and the household asset allocation of the investment account.Demolition policy has no moderating effect on this relationship,but it has a positive effect on this account;(d)Financial market,demolition policy,monetary compensation and social security have significant moderating effects on the relationship between the psychological cognition of the relocated households and the household asset allocation of the leveraged account.(e)Financial market and monetary compensation have significant moderating effects on the relationship between the psychological cognition of the relocated households and the household asset allocation of the long-term income account.Demolition policy and social security have no moderating effect on this relationship,but it has a positive effect on this account.From the above mentioned key influencing factors,the ways for promoting household asset allocation of relocated households can be considered from the persepective of the government,the market and the family.The paper helps give a hand in taking the cover off from the black box which indicates HAARH on the collective land in order to enrich the theoretical research of the optimal HAARH;meanwhile,the research finally proposes a holistic and multi-agent governance mechanism concerning from government guidance to market regulation to family allocation to assist a reasonable HAARH.