Research On The Influence Of Personality Characteristics On The Allocation Of Financial Assets Of Chinese Households

Residents are an important provider of financial capital market funds,and also an important participant in the financial market.With the development of China's economy into the new normal,the rich people get better practice.The household income is increasing.The accumulation of family wealth has made the families have more surplus wealth to participate in financial investment after removing their basic living expenses.At the same time,relative to the capital market developed countries,the participation of Chinese households in financial market is still limited by "limited participation",that is,the share of family participation in the financial market is far lower than the theoretical optimal risk assets holding share.When traditional financial theory fails to explain this kind of financial anomaly,behavioral finance theory provides a new clue for reasonably explaining the phenomenon of limited participation of family finance.Although China's financial market has been established later than the developed capital market and is also improving,investors' subjective irrational investment behavior is more obvious in the capital market.Family as head of family finance,plays a decisive role on household participation in financial markets,but because the family of individual heterogeneity in China headed households relative to the rational investors of the mature financial markets showed non rational investment behavior of the subjective decision-making process in the allocation of household assets.Therefore,the introduction of household personality characteristics to explain the traditional financial theory under the rational man hypothesis is difficult to explain the family financial allocation anomalies,and has important support for improving family financial theory.The 2014 China family tracking survey(CFPS)data,starting from the existing research of personality characteristics,the generally accepted and widely used by the "Big Five" personality classification,personality characteristics through five dimensions to measure the head of household,and fully consider the characteristics of individual characteristics and family variable heads,through the Tobit benchmark regression model analysis of the impact of household characteristics on householdfinancial assets selection.On the basis of using propensity score matching(PSM)is the counterfactual inference model,this paper chooses various personality dimensions as state intervention,the high dimension of personality household related family as the experimental group,low personality headed households as control group,to measure the average family intervention in householder open personality intervention the effect,thus infer the household characteristics is one of the reasons lead to asset selection behavior of family finance.In the further robustness test,considering that the decision of family financial asset selection will be affected by the spouse of the head of household,so we can use the personality traits of householder spouse to replace the personality variables of householder,and do a robust regression analysis again.Through a series of empirical tests,this paper analyzes the influence of personality characteristics on family financial asset selection,and conducts a test consistent with causal inference for this effect,which provides a scientific basis for the rational allocation of family financial assets.This study found that,in the control of the individual householder characteristics and family characteristics,personality characteristics of extroversion family risk of holding financial assets levels showed a significant inhibitory effect;rigorous personality savings assets have significantly positive effect on households;neuroticism score high headed households have much lower savings and the risk of financial assets;the open personality scores tend to hold household savings and risk assets.On the basis of this,we take the personality characteristics of every family member as an example,and use causal value matching method to control the selective bias.We further find that the family members with high open personality still hold more risk financial assets and savings.Then,in the further robustness test,this article uses the personality characteristics of householder spouse to replace the personality characteristics of householder,and finds that the conclusion is still steady.Through the main research of this paper,the purpose of this study is reached,and the corresponding policy suggestions are put forward at the end.