Research On The Influence Of Women Of Family Risk Assets

Recently,with the in-depth reform of various social systems,the continuous improvement of economic level and the accumulation of household wealth,and with the development of the financial market and the improvement of the financial product system,family investment is being liberated from the traditional high savings,and gradually tends to diversified investment,and the probability of participating in venture financial asset investment has been greatly improved.However,there are still some problems in the investment of family risk financial assets in China,such as "limitation".Therefore,the research on the investment of family risk financial assets is conducive to guiding the family to make a reasonable asset allocation.In recent years,with the gradual improvement o f women's family status,women play an increasingly important role in family financial decision-making.This paper focuses on the perspective of women financial decision-makers to explore the impact of their personal characteristics on family venture capital investment and how to have an impact,enriching the relevant theoretical and empirical scores Analysis.In terms of specific research work,based on the literature review at home and abroad,and based on the characteristics of family investment behavior,this paper expounds the impact mechanism of women on family venture capital investment,and analyzes the current situation from the perspective of micro data to grasp the correlation between women's personal characteristics and family venture capital investment.Limited by the index availability of CFPS survey data and the research space of this paper,this paper selects four variables in turn: Women's health status,women's drinking preferences,women's social status and women's spouse's education level as the core characteristics of women's financial decision-makers(i.e.core explanatory variables),and on this basis,controls some other female characteristic variables,through the construction of Probit and tobit models are used to conduct empirical research.First of all,based on the cross-sectional data of CFPS 2018,the empirical study found that women's health status,drinking preferences,social status and education level of female spouses all have significant positive impact on whether the family participates in venture capital investment and the proportion of investment.The results are still consistent by using the method of propensity matching score and deleting the untrusted samples.The analysis of heterogeneity and regional difference shows that the impact of female core personal characteristics on family venture capital investment is only significant in high-income,high education,urban families and Eastern families,indicating that venture capital investment itself has certain access thres hold.In addition,this paper also discusses the impact mechanism of female core personal characteristics on family venture capital investment in turn,and verifies it from the empirical level.Secondly,in order to further dynamically analyze the impact o f women's personal characteristics on household venture capital investment,this paper conducts research based on cross time samples(2012-2018 four rounds of survey data).The empirical study shows that when we take into account the sample information of different time levels and the changes of women's personal characteristics,the impact of the fluctuation of women's health status on family venture capital investment is reduced;however,there is no statistically significant difference in the impact coefficient of women's drinking preferences,social status and their spouses' education level,which shows that over time,it has a significant impact on the family The impact of risk financial assets is relatively stable.The empirical research based on panel data shows that there are heterogeneity in different types of households' participation in venture capital investment,and there are differences in the original willingness of different households to participate.Finally,this paper puts forward relevant policies and suggestions for the above research from the female level,guides the female financial decision-makers in the family to allocate the family assets reasonably,promotes the family to hold the risk assets,and promotes the development of the risk capital market.