The Influence Of Resident Happiness On Family Participation Of Financial Market

With the rapid development of our economy,people's living standards is constantly improving.With the gradual improvement of Chinese financial market in recent years,the enthusiasm of the residents for the participation of financial market has also increased.However,compared with developed countries,the limited participation of Chinese residents' families in financial market is more obvious.This is also one of the reasons that restrict the rapid development of Chinese financial market.Based on the 3848 microscopic household sample data from the China Household Finance Survey,this paper will study the comprehensive of family participation in Financial Market based on the subjective happiness of residents,select the probability of family participate in financial market to represent the participation breadth,select the risk asset share,participate in the financial asset share of financial market,and lent-out money share to represent the participation depth,establish a model,and the tool variables are used to deal with the possible endogenous problems,and pass empirical analysis.To clarify its influence on the involvement of family participation in financial market.We found that the happiness of the residents had a significant impact on the breadth and depth of the family participation in Financial Market.The results of Probit regression show that the increase of happiness will reduce the probability of family's participation in financial market The results of Tobit regression show that the increase of happiness will decrease the family's holding of risky assets,and increase the family's holding of loans,which also shows that happiness has a negative effect on the depth of family's financial market participation.In the panel model regression results,we find that the family whose happiness is improved with time has a positive effect on the proportion of financial assets participating in financial market.The conclusions of this paper will be helpful to financial institutions in the design of financial products and the implementation of government policies.