Regional Heterogeneity In Urban Household Financial Assets

Households are the basic unit of social economy.They are suppliers of labor resources and capital.At the same time,they are the requester of goods,services and investment products.Households achieve the preservation and appreciation of assets through portfolio choice.Which also has a profound impact on China's economic development and financial development.With the development of economy and the perfection of capital market,Personal investment awareness gradually increased,which leading to some changes in the type,size and structure of family assets.Although the structure of family assets tends to be diversified,there are still some characteristics,such as real estate-based,low proportion of financial assets,most of the savings,large differences between the eastern and western regions,low degree of risk and degree of disintermediation.First of all,we describe the dynamic changes of the total amount and structure of financial assets of China in 25 years through macroeconomic data.The results show that household financial asset allocation exists mainly in savings deposits,the proportion of steady financial assets is too large,the degree of decentralization is low.And then,we analyze the regional heterogeneities of the household financial asset from income,risk appetite,gender,education,age and other different angles by using China household financial investigation micro data.On this basis,through the construction of Tobit model,we analyze the impact of various factors on the impact of household assets in different areas.The empirical results show that the age,sex,years of education,income,health insurance,own housing,health status,risk attitude and economic forecast affect financial asset allocation significantly.Among them,the effect of education,income,housing security and risk attitude is quite different.We construct the family consumption model and explore the impact of the differences in the disposition of financial assets.The results show that the effect of financial asset allocation on consumption in the central-western regions is greater than that in the eastern region.Finally,we made our proposed policy recommendations for the financial gap between the eastern-central and western.