Research On The Preference Order Of Family Assets Choice Of Urban Households In China

Establishing an asset market system,which is consistent with the demand of the microcosmic actors,not only meets the need of improving the efficiency of economic operation and optimizing the allocation of resources,but also the basic prerequisite for financial innovation.When Markowitz put the portfolio selection down to the trade-off between expected profits and risks,a research paradigm based on M-V was widespread.Under this paradigm,Tobin extended the portfolio selection theory to general assets selection.As a result,all assets were included in the homogeneity product except expected profits and risks.However,when we compare physical assets and financial assets,it is not difficult to find that the difference between the functional property and the wealth display effect is very obvious in addition to the expected profits and risks.However,the function of assets and the wealth display effect constitute an important basis for the investor's assets selection.Therefore,bringing the heterogeneity of assets except expected profits and risks into the choice of household assets becomes a problem of great theoretical value and practical significance.On the basis of systematic review of related literature,this paper takes the portfolio model of Markowitz as the basic theory evidence.Thirough the discussion of the relationship between assets heterogeneity and investment choice,this paper sums up the assets heterogeneity factors other than expected profits and risks as the selective preference of the investors and builds portfolio selection model with assets selection preference,which extends the Tobin model.So,this paper selects the house property as the representative of physical assets,stock,fund,bond and insurance as the representatives of financial assets.The empirical analysis method is used to measure and quantify tlhe preference of family assets selection of the urban residents in China,thus the preference order of the household assets selection is obtained.Finally,based on the actual data of family assets selection in the United States,the preference order of household assets selection is compared between China and the United States,and a reasonable explanation is given to the similarities and differences between the two countries.Analysis results are:1.If we only divide assets into physical assets and financial assets,it is obvious that residents prefer physical assets in assets selection.2.Inside physical assets,the first choice is the house property.3.Inside financial assets,the first choice is primary products,in which assets are ranked:cash-debt-foreign exchange-equity.Derivatives are ranked:sxwap-options-futures-fornvard.4.As far as the common assets are concerned,the preference order of household assets selection in our country is:house property-bank deposit-stock-fund-bond-insurance.5.The comparison between China and the United States shows that the difference between the preference of American family assets selection is low,their preferences for house property and cash are far less intense than that of Chinese residents and they have more diversified forms of investment.