The Effects Of Debt In Household Financeportfolio Allocation

The family unit is the main component of the social community in which we live,study abroad on family finance more and more widely and deeply.Based on the US consumer finance investigation which has been going on for more than 20 years,many domestic and foreign scholars analyzed the consumer's behavior.With the outbreak of the US subprime mortgage crisis in 2008,the family debt come into the views of public,debt is usually a tool to smooth the intertwined spending of family,making the overall utility of the family to maximize the main content of this study is the family of debt behavior characteristics of the The Impact of Family Financial Asset Allocation.The life-cycle theory is the basic theory of this paper,and I specify the kinds of assets and liabilities into consumer,investment and rigid according to the motivation of household consumption.Then,according to the repayment period,the credit card debt and annual income The proportion of households and the first set of housing annual mortgage income ratio.Through the integration process data of CHFS2015,I describes three types of assets the family of all samples,holding rate of consumption debt is highest and the asset held by the rigid demand accounted for the largest assets in the family.The debt ratio of consumption and investment was dumbbell-shaped distribution,a considerable part of the family for consumption or industrial investment funds borrowed equal or even exceed the total family assets.For most families,the debt ratio of Rigid demand assets is low,overall liabilities are in good condition.Finally,this paper use Tobit and Probit model to study how the characteristics of household liabilities affect the allocation of family financial assets.By comparing the marginal effect,comparing the proportion of assets and the impact of debt ratio,the conclusion is as follows: Demographic characteristics and income have a significant impact on family investment in financial assets.The impact of household education on financial assets of households is phased in.The higher the education of financial institutions,the higher the degree of investment in financial assets;The family's consumption and rigid demand for debt not only on the allocation of family financial assets have a role in the same time,but also to reduce the investment in financial assets,These two types of liabilities have also become a means to increase the risk of financial assets investment in the family;The family operating liabilities due to the purpose of borrowing clear,liabilities can bring income at the same time,so for the family risk of financial assets and risk-free financial assets investment Neither inhibits nor promotes the effect.Based on these conclusion,this paper concludes with some policy recommendations.