Research On The Influence Of Mental Accounts On The Diversification Of Family Asset Allocation

In recent years,the wealth level of Chinese households has risen significantly,but the household asset allocation is still too unitary.How to guide the diversification of household asset allocation has become a hot research topic.Although many scholars have studied this issue from objective factors,can the family asset allocation be studied from the perspective of human mental accounts? With the gradual maturity of the theory of mental accounts and the soundness of my country's household financial database,this article can study how mental accounts affect the diversification of household asset allocation from a theoretical and empirical perspective.First of all,this article analyzes the mechanism of the diversification of household asset allocation through mental accounts,and proposes three theoretical hypotheses: First,the increase in regular income can increase the degree of diversification of household asset allocation.The impact of transformation cannot be determined.Second,the improvement of daily expenditure accounts and development expenditure accounts can increase the level of diversification of household asset allocation,and the impact of the level of hedonic expenditure accounts on the diversification of household asset allocation is uncertain.Third,the improvement of savings accounts and real estate value accounts can increase the degree of diversification of household asset allocation,while changes in provident fund accounts have no effect on the diversification of household asset allocation.Secondly,this paper uses the annual data of the China Household Finance Survey and Research Center in 2013,2015,and 2017,a total of100,772 valid samples,and an unbalanced panel model for empirical analysis.The empirical results show that there is a significant positive correlation between the regular income account in the income account and the diversification of household assets,while the impact of the unconventional income account on the diversification of household assets is uncertain;the daily expenditure account and the development expenditure account in the expenditure account There is a significant positive correlation with the diversification of household assets,and the influence of hedonic expenditure accounts on the diversification of household assets is uncertain;there is a significant positive correlation between the savings account in the storage account and the real estate value account and the diversification of household assets,and The provident fund balance account has no impact on the diversification of household assets.The empirical results verify the theoretical hypothesis of this article.Finally,based on the results of empirical research,in order to guide the diversification of household asset allocation in China,this article proposes the following suggestions: First,the government should increase the regular income of Chinese residents by reducing taxes and burdens,increasing the tax threshold,and encouraging business operations.Improve the diversification of family assets;second,the society can guide residents' spending patterns,increase the diversification of family assets by increasing education expenditures for themselves and their children and increasing development expenditures;third,financial institutions can enrich the design and satisfaction of wealth management products The diversified needs of the people will increase the diversification of family asset allocation.Fourth,the happiness index of households is also very important.Narrowing the development gap and satisfying the people's yearning for a better life can also increase the degree of diversification of asset allocation.