Research On The Impact Of Household Asset Allocation On Consumption

Since the reform and opening up,the consumption structure of Chinese residents has undergone fundamental changes and their consumption capacity has been greatly improved.With the diversification of household asset allocation,the wealth effect of assets plays an increasingly obvious role in driving consumption growth.Based on this,this paper included housing and financial assets,two major household assets,into the structural equation affecting consumption,explored their impact on household consumption and different consumption types,and further analyzed how different consumption levels and two assets affect consumption paths.In southwestern university of finance and economics China family financial investigation(CHFS)project 2017 years to make a sample data,by mean reversion,quantile regression,and the mediation effect of the return of the Bootstrap test method,empirical the following conclusions: first,the housing and financial assets are present wealth effect on consumption,in which the wealth effect of the financial assets,and financial assets in the risk-free asset more evident than the wealth effect of risky assets.Second,after consumption is divided into subsistence consumption and hedonic consumption,housing has a higher efficiency in promoting subsistence consumption,and financial assets and their risky assets and risk-free assets have a higher efficiency in promoting hedonic consumption.Third,the quantile regression results show that both for consumption amount,or necessity,pleasure-seeking type consumption,low consumer class crowd the housing,the wealth effect of the financial assets have more apparent,and on every consumer class,housing is still present a stronger stimulation for necessity consumption,financial assets are presented for the promotion of enjoyment consumption greater effect.Fourth,the mediating effect test shows that disposable income and household debt,as dual mediating variables,have some mediating effects on housing and financial asset consumption,among which the mediating effect on housing is greater.Through the analysis of empirical results,the following inspirations or Suggestions are put forward: first,standardize the housing market order,restrain the housing price bubble,and gradually establish a housing security system with both rent and purchase;We will deepen reform and innovation in the financial market and guard against financial risks by the rule of law.Second,we should guide residents to develop a correct consumption view,rationally plan the asset structure,and support scientific diversification of investment.Third,we will improve income disparity,expand domestic demand in the consumer market,boost key points of consumption,and promote a balanced consumption structure.