The Influence Of Wealth Level On The Selection Of Household Risky Financial Assets-Evidence From Chinese Urban Families

Rcent years,household finance has become the same important research field as the two traditional financial fields of corporate finance and asset pricing.The analysis of the selection of household financial assets is of great significance both in macro and micro.From a macro perspective,it is benifit for the government to make macro financial decisions,from a micro perspective,it helps financial companies to provide better services and products and families to make better investment decisions.For a long time,the household financial assets of China's residents have been mainly saving deposits,as for the holding of risk financial assets such as stocks,funds and bonds,our country also has the phenomenon of "limited participation" Therefore,research on the selection of household risky financial assets is particularly important.The factors that affect the selection of risky household financial assets are very complicated.Based on the experiences and deficiencies of predecessors' researches,this paper starts from the perspective of micro finance,and from the angle of wealth level,analyzes the influences of wealth level on the choice of household risk financial assets from two dimensions:participation degree and participation depth.This paper first focuses on the theory of household asset selection,and on the basis of the previous research,mainly analyzes the motivation of the choice behavior of household financial assets from the aspects of consumer savings theory,modern asset portfolio theory,behavioral finance theory and the riddle of "limited participation".Secondly,after combing the theory of household asset selection,this paper deeply excavate the influence mechanism of wealth level on the choice of household risk assets,mainly from the two aspects of the market transaction cost and risk bearing capacity.Next,in order to further analyze the relationship between the family wealth level and the participation of venture capital in China.Using the Probit model and the Tobit model,this paper makes an empirical analysis on how wealth level affects the participation degree and participation depth of the risk financial market in China's urban households,and confirms that the wealth level has a positive impact on the choice ofhousehold financial assets.The higher the level of wealth,he higher the degree of participation in the household risk financial market;the higher the level of wealth,the higher the proportion of households holding risky financial assets.Finally,according to the conclusions of this paper,it is pointed out that the problem that needs to be solved is to increase the income of the residents,improve the level of the residents' wealth,and put forward some suggestions on the government departments and financial institutions to create conditions and good market environment for the growth of the residents' wealth and the investment behavior of financial assets,so as to improve the happiness of family life.