Marital Income Gap, Family Economic Vulnerability And Risky Financial Asset Investment

The internal structure of the household will have an impact on household investment in risky financial assets;There are many studies on the mystery of "stock market participation" in household investment;but at present,few studies focus on the structural problem of the income disparity between husband and wife,which has an impact on household investment in risky financial assets.Based on this background,this thesis uses the data of Chinese General Social Survey(CGSS)in 2015 to empirically test the channel and internal mechanism of the impact of the income disparity between husband and wife on investment in risky financial assets.The results show that,firstly,the income disparity between husband and wife can significantly reduce the possibility of household investment in risky financial assets,and passes the endogenous robustness test,the explained variable robustness test,the explanatory variable robustness test,the data robustness test,the method robustness test,etc.Secondly,using the three-step intermediary effect test,whether it is based on the mechanism analysis of objective evaluation of household economic vulnerability or the mechanism analysis of subjective cognition of household economic vulnerability,household economic vulnerability is an important transmission channel.Finally,the heterogeneity analysis shows that the age and gender of those with higher income and whether the household has children or not will affect the relationship between husband and wife's income disparity and household investment in risky financial assets.This thesis objectively evaluates the impact of the income disparity between husband and wife on the household investment in risky financial assets,and provides useful policy suggestions for adjusting the household income structure,reducing the household economic vulnerability,and improving the household investment in risky financial assets.