Subjective Well-being?Risk Attitude And Household Financial Asset Allocation

With the remarkable improvement of China's overall national strength,the living standards of the people have greatly improved and improved.At the same time,the expansion of investment channels and the diversification of investment varieties have made residents more involved in financial markets.Under the background of China's reflection on the way of economic growth and the requirement to promote high-quality growth,research in the field of behavioral finance such as residents 'subjective well-being and residents' risk attitudes has become the focus of household finance.This paper uses a combination of qualitative and quantitative analysis,using the Prob model to study the impact of subjective well-being and risk attitudes on household financial asset selection.It also performs a sub-sample regression grouped by household annual income and provincial economic ability.And further explore the influence mechanism on the allocation of financial assets,that is,the mediating effect between subjective well-being and risk attitude.Research finds that subjective well-being is significantly positively related to household stocks and savings deposit holdings.At the same time,the degree of risk aversion is reduced,which can increase residents' participation in savings deposits,stocks,funds,and commercial insurance,and the positive impact on stocks,funds,and commercial insurance is statistically significant.At the same time,the empirical research on the intermediary effect shows that subjective well-being will affect the residents 'risk attitude change in part,and then affect the residents' financial asset selection.Among them,the intermediary effect on the stock accounts for the highest proportion,with the most obvious impact.