A Study On The Effects Of Psychological Capital And Risk Appetite On Household Property Ownership

Since the researches on family finance in our country started late and mostly focus on family assets,and there is very little research on family real estate.What's more,the existing researches on real estate mostly are developed from the perspective of macro policies and the researchers pay less attention to the aspect of micro family real estate.Therefore,this article will fill in the gaps in the corresponding research,and mainly be written to explore the influence of psychological capital and risk preference on home ownership behavior.In order to ensure the scientificity and rationality of the research,I use literature research method,empirical analysis method and multidisciplinary research method to analyse related issues under the guidance of behavioral finance theory and asset selection theory.There are two aspects to the study of family holding real estate: one is the number of family real estate,and the other is the proportion of family real estate assets in total family assets;explanatory variables include 10 factors such as psychological capital and risk preference.Using the ordered logit model for the first aspect of the research,I find that the higher the family's psychological capital and the more risk-averse,the greater the probability of holding a larger number of properties;about the second aspect of the research,as the tobit model shows,the result is that the higher the family's psychological capital and the more risk-averse,the larger the proportion of the family's real estate assets in the family's total assets.In order to ensure the reliability of the results,the endogeneity is analyzed with the ivprobit model,and the robustness is tested with OLS and ordered probit regression.In conclusion,psychological capital and risk appetite,the two characteristics of micro-family individuals,have a significant impact on the probability of each family holding the number of real estate and the proportion of family real estate assets in the total family assets.It can lead to ideas that through the closer combination of family individual characteristics and theoretical guidance,we get a more comprehensive perspective on how to understand the behavior of households holding real estate,and then lay hope for exploring practical methods for practice under theoretical guidance.