Research On The Impact Of Social Network On Financial Asset Allocation Of Chinese Households

In recent years,Chinese household wealth has accumulated more and more.By the end of 2020,Chinese total household wealth has surpassed Japan,and is next only to the United States,ranking second in the world.However,Chinese household wealth is mainly concentrated in the real estate allocation,the wealth risk is highly concentrated,and the allocation of financial assets is also mainly concentrated in non-risk financial assets.The probability and depth of the allocation of risk financial assets are low.Unreasonable asset allocation structure not only not go against the maintenance and appreciation of family wealth,but also is not conducive to the stable development of economy and society,so it is particularly important to optimize the structureof family assets.There are many factors affecting family investment decision-making.Most scholars mainly focus on the heterogeneity of families,but ignore the social environment of families.Five thousand years of traditional culture based on Confucian culture and relationship system has made our society a typical "relationship" society relying on interpersonal relations and human exchanges.In this social context,families often exchange information through the social network circle,which affects the family’s economic decision-making.Therefore,from the perspective of social network,in-depth exploration of the influencing factors of family financial assets has strong practical and theoretical significance.Firstly,this thesis finds the entry point of this research through literature review and current situation description,and then constructs a comprehensive index system of social network by selecting important variables related to social network.With the rapid development of information technology,people are no longer limited to the traditional face-to-face communication.Online social platforms such as QQ,wechat,microblog and post bar play a more and more important role in daily life.Therefore,this thesis divides social networks into online and offline networks,and measures online networks by telephone and network communication fees.The offline network is constructed by factor analysis using indicators such as human revenue and expenditure and local transportation expenses.Secondly,using Probit model and Tobit model,this thesis explores the dynamic impact and nuance of online and offline networks on the probability and depth of families’participation in stocks,funds,financial management and private lending markets.Then,the endogeneity and robustness of the model are tested.In addition,this thesis further explores the impact path of social network on family risk financial assets,empirically testing the regulatory intermediary effect between social network and family risk financial assets through coefficient test method and Bootstrap self-sampling method,and deeply explores the direct and indirect impact path of social network on family risk financial assets.