| With the rapid development of China's economy and urbanization,and the further prosperity of the financial market,the family income and the accumulation of family assets of urban residents in China are increasing,thus expanding the demand of urban residents for household financial assets.The stock of financing scale of the whole society increased from 14853.2 billion yuan in 2002 to 200747 billion yuan in 2018,by about 13.5 times,which is much faster than the growth of GDP in the same period.In the initial stages of reform and opening-up,the household assets of Chinese residents were almost cash and bank deposits.However,with the development of China's capital market and financial market,household financial assets of residents are no longer limited to cash and bank deposits,but began the diversified investment.Other financial assets such as Bonds,stocks,and funds also became popular choices for residents.Nowadays,household financial asset structure of residents mainly consists of bank deposits,while bonds,stocks,funds,financial managing products and other financial assets also coexist.The financial asset allocation of households is increasingly diversified.Considering the change of financial assets choices,this paper mainly focuses on the structure of Chongqing urban residents' family financial assets,as well as the factors that affect Chongqing urban residents' participation and depth of participation in the financial market.The research logic of this paper is to conduct theoretical analysis first,then empirical analysis,and finally give relevant suggestions according to the empirical results.Specifically,this paper first introduces research background of Chongqing urban residents' family assets selection,and summarizes and comments on the relevant domestic and foreign literature.Secondly,this paper elucidates the concept of family finance,family assets and family financial assets,as well as related theories: Keynes' s liquidity preference theory,life cycle theory and holding income hypothesis,asset portfolio theory,and behavioral finance theory.Thirdly,according to certain principles to design the questionnaire and explain the implementation and recovery process of the questionnaire,the paper makes descriptive statistical analysis on the structure of Chongqing urban residents' family financial assets selection and the characteristics of relevant indicators.Then,the survey data are processed.The structure of household financial assets selection and the characteristics of related indicators are analyzed from the angle of descriptive statistics.Then,empirical analysis of the survey data will be made.This study selects 12 variables of family investors: gender,age,marital status,education level,annual family income,annual family balance,total family assets,risk preference of family investors,investors' expectations for the future,investors' trust,investors' sentiment,and financial knowledge level of investors.Factor analysis is applied to extract economic status factor,age factor,subjective psychological factor,risk preference factor and investment financial knowledge factor,from the variables.Then,the factor scores of the five factors are taken into Logistic regression and Tobit regression as the original variables to study how they affect the residents' participation and depth of participation in household risk financial market in Chongqing.Finally,according to the research results,some suggestions are put forward.The conclusions of this study are as follows:(1)there is a positive correlation between family economic status and residents' participation in the risk financial market and depth of participation.That is to say,the more annual income is,the more annual balance is,the larger the total assets scale is,the greater the possibility of participating in the risk financial market is,and the greater the proportion of risk assets held among the total assets is.Moreover,family economic status is the primary factor to determine whether a family participates in the financial market.However,it is only a secondary factor in the family holding depth model.(2)There is a positive correlation between the subjective psychological factors of investors,and households participation in the risk financial market as well as the proportion of risk financial assets.That is to say,the more optimistic investors are about the future,the higher trust they have in the society,and the more positive investors are,the more likely they are to participate in the risk financial market,and the more risk financial assets they hold.And the subjective psychological factors of investors are the primary influence on how much risk finance a family holds.(3)The larger the risk appetite of investors is,the more risk financial assets they hold.Besides,male investors prefer risk more than female investors.(4)The higher the education level of family investors is,the more capable they are to master financial knowledge is.The more likely they are to participate in the risk market,the larger the proportion of risk financial assets they hold.According to the conclusion of this paper,in order to promote the development of family financial market and guide the residents to better participate in the financial market,this paper puts forward relevant suggestions as follows:(1)for family investors,they should take efforts to study financial knowledge and improve their own financial literacy;optimize the structure of family financial assets and disperse investment risks reasonably;improve psychological quality and cultivate scientific investment thinking.(2)For financial institutions,we need to speed up the innovation of financial products,market segmentation,and targeted innovation of financial products;provide financial advisory services,and further popularize financial knowledge.(3)For the government,it is necessary to improve the income level of residents and the social security system;strengthen supervision,and promote information transparency;improve financial facilities and advance the level of financial development and of higher education. |
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