The Influence Of Real Estate Factors And The Number Of Family Members On The Allocation Of Family Financial Assets

In recent years,the allocation of family financial assets in my country has received more and more attention.The family is the main unit of all human social life,and it is also an indispensable main unit of my country’s economy and society.Different families have different allocations of financial assets,which are affected by factors such as investor confidence,risk appetite,and real estate.This paper studies the impact of housing-related factors and the number of family members on family risk asset investment,and uses the 2017 Financial Survey Database(CHFS)to explore household asset allocation.From these two perspectives,on the one hand,because the real estate market has overheated in recent years,many families have invested too much in real estate during asset allocation,leading to problems such as household asset mismatches,and the state has frequently introduced policies to control real estate.,Households have increased risks in asset allocation.By exploring the impact mechanism of housing on the allocation of risky assets,the relevant real estate market and the rational allocation of household risk assets have been enlightened;On the other hand,my country has also liberalized the two-child policy.Families can flexibly choose the number of children according to their own circumstances.The number of children creates different family structures and different housing needs,which further affects the family’s allocation of risk assets.With the rapid economic and social development of our country and the continuous growth of the capital market,most of the previous studies are limited to single risk assets such as stocks.However,this article attempts to study various types of risk assets and analyzes the impact of household real estate conditions and the number of households on the allocation of household risk financial assets.Establish logit model and tobit model respectively,divide the real estate status into real estate ownership,mortgage holdings,and willingness to buy a house,and use the number of family members as a specific variable to conduct an empirical analysis of family participation in risky market investments such as stocks and funds.The results obtained are:from the perspective of market participation rate,households holding real estate,mortgages,and willingness to buy houses will promote families to participate in risky investments such as stocks and funds,and the increase in the number of family members will promote families to participate in risky market investments such as stocks and funds;From the perspective of market participation,an increase in the proportion of household real estate will inhibit families from participating in stock investment,and an increase in the number of family members will inhibit families from participating in stock investment;On the whole,property ownership,ownership of a mortgage,willingness to buy a house,and the number of family members will promote the family from not participating in venture capital to participating in venture capital,while the proportion of property ownership and the number of family members will inhibit the family’s intensity of venture investment.Therefore,the research in this article has certain enlightenment for the three aspects of the government,financial institutions and households.The three main actors must work together to promote the financial market and economic development on the macro level,and increase the wealth level of the family on the micro level.