Research On The Relationship Between Overseas Education Background And Household Riskasset Allocation In China

With the development of economy and technology,more and more attention has been paid to education by society and families.Education will affect the allocation of family risk assets by affecting the income of families and the risk attitude of family investment decision-makers.However,the impact of different educational backgrounds on income and risk attitude will be different.Based on the data of China Household Finance Survey(CHFS)in 2017,this paper studies the relationship between overseas education background and China’s household risk assets allocation,aiming at the problem of "limited participation" in China’s household risk financial market.First of all,under the control of other factors unchanged,this paper makes an empirical analysis with parents’ overseas education experience,children’s overseas education experience and both parents’ and children’s overseas education experience as independent variables to explore their relationship with risk attitude and family income.The results show that: the three reduce the degree of risk aversion,and there is a significant positive correlation with family income.Among them,both parents and children’s overseas education experience has the most obvious effect on risk attitude,while children’s overseas education experience has the weakest effect.In terms of family income,the effect of both parents and children’s overseas education experience is stronger,followed by children’s overseas education experience.Secondly,through Probit model regression and Tobit model regression,this paper finds that the overseas education experience and economic management professional background of family members have significant positive correlation with household risk assets participation rate and household risk assets participation degree respectively.Furthermore,this paper divides the overseas education experience into parents’ overseas education experience,children’s overseas education experience,and both parents and children’s overseas education experience,and discusses the relationship with household risk assets allocation respectively.The experimental results show that: All three have significant positive correlation with household risk assets participation rate and household risk assets participation degree.To be specific,both parents and children’s overseas education experience have a biggest impact on household risk assets participation rate and household risk assets participation degree,followed by parents with overseas education experience,but the effect of children’s overseas education experience on household risk assets allocation is the weakest of the three.In this paper,the economic management professional background of family members serves as a moderator variable,exploring the effect of its interaction with overseas education experience on household risk assets allocation.The result shows: The economic management professional background of family members will significantly inhibit the effect of parents’ overseas education experience and both parents and children’s overseas education experience on the household risk assets participation rate and household risk assets participation degree,but it does not affect the effect of children’s overseas education experience on household risk assets participation rate and household risk assets participation degree.Considering the unreasonable phenomenon of the household assets allocation still exists in China,the research on the relationship between overseas education background and household risk assets allocation in this paper can provide a new perspective to solve the "limited participation" problem in the household risk financial market to a certain degree.