Wealth Stratification, Credit Availability And Household Financial Asset Selection

As an important carrier of social and economic activities,the willingness of families to participate in financial markets and the quantity and configuration of holding financial assets are important indicators of a country's economic development stage and capital market development level.At the same time,family finance is one of the main research contents of modern finance.The scope includes risk market participation,asset allocation decision,mortgage loan selection and family credit availability.As a significant branch of finance,family finance has been widely studied in developed countries in Europe and America.With the continuous development of China's economic development and financial markets,the issue of financial assets allocation of households has attracted more and more attention from domestic and abroad scholars.By combing the relevant domestic and foreign literature,the research on the selection of family financial assets,especially the empirical research on the financial asset allocation of households in developing countries,should be further deepened and expanded in some aspects.In general,most of the research is mainly based on theoretical deduction,and the results are lack of support from family microdata.The research conclusions are often lack of science.In recent years,some domestic scholars have begun to use the micro-survey data at the household level to empirically test the factors affecting the financial assets allocation of Chinese households.However,due to the limitation of the availability of family data,there are drawbacks such as single research method,insufficient control variables and lack of endogenous discussion in the research process.In order to make up for the lack of research,this paper is based on the China Household Finance Survey(CHFS)2013 national financial survey data,combined with China's national conditions and the characteristics of China's financial market development,empirically examine the wealth stratification and credit constraints on residents Family financial markets participate in the breadth and depth of influence and identify possible impact mechanisms from a social network perspective.This paper helps to theoretically enrich the understanding of household financial asset allocation behavior.Based on the conclusions of empirical research,it can provide micro-evidence support for relevant policy formulation.Relevant countermeasures and suggestions can help improve household financial asset allocation efficiency and increase household property income and Improve the living standards of residents.The main research content of this paper consists of seven parts:Chapter 1: Introduction.This paper mainly introduces the research background,research significance,research ideas,research methods and main research contents,and expounds the innovation and inadequacies of this paper.Chapter 2: Literature review.The domestic and foreign literatures are sorted out,and relevant literatures at home and abroad are summarized from the macroscopic and microscopic perspectives.Through the review of the domestic and foreign literatures,the defects of existing researches are found.Chapter 3: Analysis of the current status of family risk financial asset allocation.Including the allocation status of China's family financial assets and asset risk portfolio,and compare with other countries.Exploratory analysis of regional heterogeneity,urban-rural heterogeneity,and family individual heterogeneity in household financial asset allocation ratios.Chapter 4: The theoretical basis for the choice of family financial assets.Define the core concepts used in this paper,summarize the theory of modern asset portfolio,summarize the influencing factors of "limited mystery of participation",and lay a theoretical foundation for the construction of measurement models and empirical analysis.Chapter 5: empirical analysis of the factors affecting the choice of family risk financial assets.First,based on the literature review and the relevant theoretical analysis,proposed the research hypotheses for testing.Secondly,based on the family micro survey data of CHFS in 2013,the Probit and Tobit models are constructed to investigate the impact of wealth stratification and credit constraints on the selection of family formal risky financial assets,and the IVProbit and IVTobit models are used to test the estimation results when considering endogeneity.The stability.Finally,from the perspective of social networks,the impact mechanism model is established to identify possible impact mechanisms.Chapter 6: Empirical Analysis Results and Interpretation.Firstly,we estimate the results of the influence of wealth level,wealth stratification and credit constraints on the selection of family risk financial assets,respectively.Secondly,estimate the credit constraints on the family's formal financial assets under different wealth levels.The impact results are analyzed and analyzed.Finally,the impact mechanism model is estimated,and the existence mechanism of the social network is identified based on the empirical results.Chapter 7: Conclusions and Implications.According to the results,summarize the factors affecting family risk financial assets,and based on the conclusions of theoretical analysis,empirical research and China's national conditions,propose countermeasures to improve the efficiency of China's family financial assets alocation..Based on theoretical analysis and empirical results,this paper has the following conclusions:(1)The level of wealth has a significant role in promoting the participation of family financial market and the proportion of family risk financial assets.The effect of income and assets on the participation of family risk financial market is significantly positive.The higher the level of gift money,the family participation.The higher the probability of a risky financial market.(2)There is a large gap between the rich and the poor in China's families,and there is a significant difference in the willingness of families of different wealth classes to participate in the risk financial market.Compared to the poorest 25% of households,households in the middle-income and affluent sectors are more likely to participate in risky financial markets.(3)Credit rationing has a significant inhibitory effect on family risk financial market participation.Households subject to formal credit constraints and private credit are less involved in risk financial markets,and the ratio of holding risky financial assets is lower.The family holds risky financial assets.(4)In the case of considering endogeneity,the research conclusions are also robust.Wealth levels,wealth stratification,social networks,credit constraints,and intercourse have a significant impact on household financial asset choices.The estimation results of the impact mechanism model show that factors such as wealth stratification,credit constraints and cross-over items can indirectly influence the choice of family financial assets through the channels of family social capital investment.(5)Factors such as age,property ratio,physical condition,risk attitude and whether commercial insurance purchases significantly affect the breadth and depth of participation in family risk financial markets.Finally,based on the conclusions of theoretical analysis and empirical research,this paper summarizes the policy implications contained in this study,and proposes countermeasures to optimize the allocation of family financial assets in China based on China's national conditions.