The Impact Of Work Pressure On Household Risky Financial Asset Allocatio

After the reform and opening up,China’s economy has maintained a long-term rapid growth,which has greatly promoted the development and prosperity of China’s capital market.Although the scale of household assets in China has expanded rapidly,there is still a great imbalance in its asset allocation mode.Many families are unwilling to participate in the financial market due to their ideology,income level and other reasons,which leads to the inconsistent pace between the opening of China’s capital market and the participation of family capital market.The allocation ratio of household risky financial assets is too low,and there is an obvious "limited participation" problem in China’s capital market.At present,the pace of social life in China is speeding up,and the work pressure of employees is increasing day by day,which further affects the individual health status,psychological state and behavior choice.And this series of influences will bring individual mood and income level changes,and then affect the family asset allocation pattern.Therefore,it is of great practical significance to focus on the inclination and willingness of Chinese households in asset allocation and deeply explore the impact of individual work stress on Chinese households’ asset allocation,which is of great significance to improve the efficiency of the capital market and promote the accumulation of household wealth.In this context,this paper uses the 2018 data of The China Family Panel Studies(CFPS)implemented by The Institute of Social Science Survey(ISSS)of Peking University to explore the impact characteristics and mechanism of work stress on the breadth and depth of household risky financial asset allocation.Firstly,this paper summarizes the relevant research and puts forward the corresponding research hypothesis.Secondly,the comprehensive index of working pressure obtained by the entropy method is used as the explanatory variable to carry out the benchmark regression,and the relevant robustness test is conducted.Thirdly,income level and negative emotions are used as mediators to examine the impact of job stress on household risky financial asset allocation.Finally,this paper conducts grouping regression on the sample population according to gender,education level and wealth level,so as to investigate possible heterogeneity.The main conclusions of this paper are as follows:(1)the breadth and depth of household risky financial assets allocation is negatively affected by the level of work stress.The higher the individual’s work stress level,the lower the breadth and depth of household risky financial asset allocation.(2)Work stress will affect the breadth and depth of household risky financial asset allocation by affecting individual income level and negative emotions.On the one hand,high work pressure will reduce individual work income,while the reduction of individual work income will reduce the enthusiasm and holding of household risky financial asset allocation.On the other hand,high work pressure will promote the generation and accumulation of individual negative emotions,and too many negative emotions will inhibit individuals from carrying out risky family financial assets.(3)The effect of work stress on the allocation of risky financial assets in households is heterogeneous in gender,education level and household wealth level.The negative impact of job stress on household risky financial asset allocation was more pronounced among male financial decision makers,families with higher education levels,and families with higher wealth levels.This paper innovatively discusses the impact of work stress on the allocation of risky financial assets of families from the perspective of work stress,enriching the research content of family finance.In the aspect of index construction,this paper fully considers the pressure sources in individual work,and introduces two objective weighting methods of entropy value method and factor analysis method to synthesize a more detailed comprehensive index of work pressure,which ensures the scientific nature and accuracy of the research results.