Research On The Impact Of Resource Endowment On Family Risk Financial Asset Allocation

With the in-depth development of the economic system,the gradual improvement of financial markets,and the continuous innovation of financial products,China's household asset allocation structure and income structure have been further optimized.However,the phenomenon of "limited participation" in risk assets that is common among households has hindered their wealth appreciation and the development of China's capital market.Resource endowments are resources and abilities that family members or families themselves have and can benefit together.The degree of resource endowment affects the depth and breadth of household financial assets.In view of the fact that among all risky financial assets,stocks have a long development time and low entry barriers in China,this article takes stock assets as an example to study the impact of family resource endowment on the allocation of risky financial assets and a comparative analysis of the eastern and central regions.The difference in the impact of the impact,and then make recommendations for relevant departments.The research consists of five parts.The first part is an introduction,introducing the relevant background,explaining the research purpose,significance,ideas and methods,and an overview of the research results at home and abroad.The second part explains related concepts and theories,and briefly explains the concepts of family finance,family financial assets and classification,and life cycle theory,and the selection of financial asset portfolios.The third part introduces the data sources,and analyzes the basic situation of the sample households and the current situation of financial asset allocation.The fourth part is an empirical analysis.Using the data from the 2017 China Household Finance Survey,the impact of resource endowments on the breadth and depth of household stock holdings was analyzed through the Probit and Tobit models,respectively,and the differences in impact between the eastern,central,and western regions were compared.The fifth part summarizes the research conclusions and puts forward policy recommendations.The results of the empirical analysis in this paper show that:(1)The family members' average years of education,social trust,per capita transportation and communication expenditures,and economic capital,psychological capital,head of household characteristics,and regional characteristics are all related to whether the household holds shares and the depth of stock holding Significant impact,the per capita red and white happy event expenditure has a "crowding effect" on the depth of household stock holdings,and the breadth and depth of household stock holdings are in line with the "life cycle theory".(2)There are regional differences in the allocation of financial assets.In the eastern region,social trust,per capita transportation and communication expenditure,age,marital status,and human capital,economic capital,psychological capital,and regional characteristics all have significant effects on whether households hold stocks.The average family's years of education,Social trust,per capita transportation and communication expenditures,and economic capital,psychological capital,head of household characteristics,and regional characteristics all have significant effects on the depth of household stock holdings;in the central region,the average family years of education,social trust,per capita transportation and communication expenditures,and The variables related to economic capital,psychological capital,and regional characteristics all have a significant impact on the depth and breadth of household stock holdings.Per capita red and white wedding expenses have a significant negative effect on the breadth of household stock holdings.In the western region,the average family education duration,Per capita non-financial assets,risk appetite and head-of-household characteristics,and regional-related variables all have significant effects on whether households hold stocks and the depth of stock holdings.The head of household happiness has a significant negative effect on whether households hold stocks.On this basis,this article puts forward suggestions from three levels: government departments,financial institutions,and family departments:(1)Government agencies should increase the income level of residents,reduce the income gap,standardize the capital market,and improve the social security system(2)Financial institutions should accelerate the innovation of financial products and strengthen the promotion of financial knowledge and investment channels.(3)The family should base on its own situation,rationally allocate financial assets,learn financial professional knowledge,and actively seek professional help.