The Impact Of Information Channels On Family Financial Market Participation And Asset Allocation

Since30 years' reform and opening up,The economic of china grew rapidly.The wealth of family improved significantly.More and more attention has been paid to the allocation of family assets.The need for participation in financial markets and the rational allocation of risky assets is growing.At the same time,with the variety of securities,funds,financial,stock and other products and services is growing,the variety of family financial asset allocation gradually diversified.Family financial market participation and how to choose the financial assets has gradually become a key factor affecting income and consumption level.At the same time,how to carry out theallocation of assets has also had an important impact on China's economic growth and financial market development.The investment income of family financial assets is the main component of "property income".Whether it can participate effectively in financial market and carry out risk asset allocation is not only related to its own welfare promotion,but also involves the change of China's economic structure and the adjustment of growth mode,Therefore,family financial research is becoming more and more important.With the deepening of the degree of modernization in recent years,the construction of information technology continues to advance,whether family can access to information timely,accurately and efficiently has increasingly become one of the key factorsfor family financial market participation and asset selection behavior.Foreign research shows that the choice of information channels is the key factor for family to enter the stock market.This paper focuses on the influence of different information channelson the family financial market participation and the choice of risky financial assets in urban and rural areas.This paper focuses on the differences in the impact of traditional information channels(newspapers,etc.)and new information channels(Internet,etc.)on family financial market participation and asset allocation,as well as the different between families in urban and rural areas.Then provide the theoretical basis and policy recommendations for financial market development and family rational allocation of assets.This paper mainly includes five parts.The first chapter focuses on the whole idea of this article,including the main questions,the research significance,the content and the innovation point and literature review;The second chapter defines the family financial assets,the information channel and so on.Review the theory of family assets selection.Then based on the VickiBogan cost-effective model,the paper puts forward the investment decision mechanism of the family financial market and further make the research hypothesis.The third chapter focuses on the analysis of the status of financialmarket participation and asset allocation of the urban and rural family.And the status of urban and rural information channel development;the fourth chapter useempirical method analyzing China's urban and rural family financial asset allocation on the basis of CHFS data,firstly through the Probit regression model to explore the impact of information channel heterogeneity on urban and rural areas of family financial market participation,then use Tobit model to further analyze the impact of different information channels on urban and rural family risk financial assets allocation.Chapter 5 includes the conclusion of the study and the corresponding policy recommendations.The main conclusions of this paper are as follows:Firstly,the impact of the different channels on the urban and rural family financial market participation and risk financial assets allocation is obviously different Secondly,for urban families,both the traditional information channel and the new information channel can significantly improve the financial market participation rate and risk asset allocation ratio.Thirdly,for rural households,the new information channels such as the Internet have a more significant effect on improving the participation of financial markets and the proportion of risky financial assets.Finally,combining with the previous theoretical analysis and empirical results,the author believes that under the background of "information construction",we should attach great importance to the construction of new information channels in rural areas,especially in the rural areas of central and western regions,and attach importance to the link of family information and financial supply,give full play to the Internet and other new information channels' role in the family financial participation and the allocation of assets.In addition,enhance thefinancial awareness of financial needs,especially those rural financial needs improve the efficiency of information screening,so that residents can participate financial markets rationally.