The Herd Behavior In The Choice Of Family Assets Allocation In China's Urban Residents

With the rapid growth of China's economy and the ever-changing financial innovation since the reform and opening-up,China has become the world's second-largest economy entity,as well as entered into the well-off society on a large scale,which means that most of residents,especially the urban residents,have completely solved their survival needs.Nowadays the needs of development have become the main theme in China.Correspondingly,reducing the essential living expenses,the residents get more surplus income.The basic economic issue for households will shift to asset selection from consumer choice.Therefore,there is not only the important theoretical significance,but also the significant practical value to study the residents7 behavior of asset selection in-depth.Based on the systematic review of the related research,it takes the urban households in our country as the research object.According to the data-driven research paradigm,it uses the actual data of asset allocation classification in urban households as the entry point.First of all,it follows the descriptive statistical analysis method to preliminarily research for the situation and the characteristics of asset allocation in urban households.By importing the method of isomorphism structure similarity coefficient,it focuses on the isomorphism in the process of asset allocation in the urban households,and utilizes the empirical analysis methods to further checkout the isomorphism phenomenon for asset allocation in urban households.Under the related behavioral financial theories and models,it releases the main reasons for isomorphism in the process of asset allocation is that it exists herb behavior in the process of asset allocation.In the end,in response to the poor efficiency of resource allocation causing by the isomorphism in the process of asset allocation,it gives the relevant policy recommendations to optimize the asset allocation in the urban households.The results of the study show that there generally exerts some isomorphism phenomena in the process of asset selection for urban households and the similarity coefficient of the structure is 0.95,although there exists huge differences between their income,traditional culture and custom.The isomorphism is no more than on income,and the similarity coefficient of the asset allocation structure is as high as 0.99 for the urban households.Meanwhile,it embodies in the regionalism,and the similarity coefficient of the asset allocation structure is up to 0.97 in different regions.All the value above-mentioned is higher than the national average.The main reason for the isomorphism among urban households in China is the "herding behavior" in the process of investment.And the leading cause for the herd behavior is that the vast majority of residents with inefficient capacity for the information collection and processing,the wealthy comparisons among the households,the demonstration effect leading by the rich and the press effect from the media.