Education Level,Financial Attention And Household Risk Financial Asset Investment

The financial market must play a better role in the allocation of resources in order to make Chinese residents get more benefits in the reform and opening up,and narrow the gap between the rich and the poor of Chinese residents,so that families can have more options for asset allocation.This thesis uses the micro household data to study the impact of the characteristics of the head of household on the allocation of risk financial assets by looking for the relevant indicators to describe the characteristics of the head of household,so as to make the family more reasonable asset allocation and maximize the utility.This article first sorts out the concepts related to family financial investment,and clarifies the related theories of family financial investment.Then it analyzes the current situation of the composition of family financial assets,mainly focusing on the current situation of risk financial assets held by families with different education levels and financial concerns.The author then used the data from the China Household Financial Survey(CHFS)in 2017 to establish a Probit model to study the impact of householder education and financial attention on household participation in risky financial asset investment.In addition,the Tobit model is used to analyze the impact of the educational level of household heads and financial attention on households’ participation in risky financial asset investment,and a robustness test is conducted.Finally,the author tests the intermediary effect of financial attention on education and risky capital investment.Finally,the author conducted an intermediary test on education level and investment in risky financial assets in terms of financial attention.The results show that the degree of education and financial attention of the head of household has a positive correlation with the degree of participation of households in risky financial asset investment and the depth of participation in risky financial asset investment,and financial attention is the intermediary variable between the degree of education and the participation of households in financial investment.In view of the results of the model,this thesis finally puts forward corresponding policy recommendations to guide families to make more reasonable asset allocation.