Research On The Influencing Factors Of Household Financial Asset Allocation In China

With the development of the economic and financial market,the increase of national wealth and the enhancement of national financial management awareness,the asset structure of the family develops from a single savings asset to a rich risk financial asset,and the family investment portfolio is characterized by diversification and diversification.The gradual increase in the proportion of family financial assets in the national economy makes the development of family finance an important frontier field.Based on the perspective of behavioral preference,this paper analyzes the influencing factors of Chinese household financial asset allocation behavior.This paper discusses the characteristics and changes of different intergenerational groups in the financial choice behavior under the background of Internet,and explores how each factor affects the family investment choice behavior.With a view to insight into the future development direction of China’s financial market,guide households to allocate assets reasonably,and promote the sound development of the national economy and financial market.On the basis of theoretical analysis and literature review at home and abroad,this paper adopts normative analysis and empirical analysis to construct the influencing mechanism of family financial asset selection behavior by selecting five factors,namely risk attitude,financial literacy,trust,subjective well-being and social interaction.Starting from the current situation,the 2017 CHFS data were used to compare and analyze the changes of household financial asset structure in 2017 and2011 from the overall perspective,and the cross-analysis of household financial allocation was conducted from the perspective of structure in different age structures,different education levels and different wealth levels.Based on five kinds of factors put forward research hypothesis,financial market risk was further subdivided into securities financial markets,informal financial markets and financial products market,respectively affect financial assets participation Probit model and influence the financial asset involved in the depth of Tobit model,five kinds of core factors such as the specific impact of different financial market segments.Based on the perspective ofregional heterogeneity,family samples were divided into urban and rural regions and eastern and western regions to further explore the effects of influencing factors on families in different regions.Due to the possible endogeneity problem caused by sample self-selection bias,the Heckman two-step model was introduced to perform endogeneity test on the results,and the model robustness test was carried out by variable substitution method.Finally,some policy Suggestions were put forward according to the research conclusion.Research findings:(1)The proportion of household financial assets in China has significantly increased,the proportion of risky financial assets has increased,and the informal financial market and the Internet financial product market are developing rapidly.Internet financial management and informal financial market are popular with young families and families with high educational and wealth levels,which reflects that the future development trend of China’s risk financial market is Internet financial management and informal market lending.(2)Residents’ financial asset selection behavior has wealth effect,education level effect and regional heterogeneity difference.Rural households are more likely to participate in the informal risk financial market,while urban households are more likely to participate in the formal financial market.(3)Financial literacy,trust and social interaction can effectively promote families to actively participate in the risk financial market and increase the proportion of risky assets held by families.Among them,financial literacy has the most obvious promoting effect.Trust has a significant influence on the financial investment behavior of rural families and families in the eastern region.Social interaction has a significant promoting effect on other financial markets except the proportion of investment in securities market.(4)Risk aversion and subjective well-being have inhibitory effects on family participation in risk financial market.The promotion effect of risk preference is not as obvious as the inhibition effect of risk aversion.Subjective well-being has a significant negative effect on the possibility and depth of family participation in risk financial market and its sub-market,especially for urban families and families in central China.(5)Women are more inclined to take risks than men,while men prefer the informal financial market.The stock and fund markets still show that middle-aged investors participate most,while young and oldinvestors participate less.The financial market with relatively easy access conditions,such as lending and Internet financing,attracts a large number of young investors to participate,which leads to the shift of the participation group of overall risk assets to young families.Based on the above research conclusions,combined with the current development status of China’s capital market,in order to actively guide families to participate in the risk financial market,the corresponding policy Suggestions and research prospects are proposed.