A Study On The Influence Of Resident Income Structure On Household Financial Asset Allocation

With the comprehensive construction of a well-off society in China,the level of residents’ income has been improved unprecedentedly.In recent years,the rapid development of mobile internet not only provides people with investment convenience,but also awakens people’s investment awareness and increases residents’ demand for financial assets.At present,the rapid development of financial market in our country,the structural problem of household financial asset allocation is prominent,namely high deposits and limited participation in risk markets coexist.This is not conducive to the development of our financial market and national economy,nor is it conducive to our residents sharing the dividends of national economic development.Under the background of upgrading the quality of Chinese economy,it is difficult for residents’ income to maintain rapid growth in the future.By optimizing the resident income structure and adjusting the allocation of financial assets,it is of great significance to improve the resident income and promote economic and financial development of our country.This paper divides household financial assets into safe assets,stable assets,risk assets and insurance assets.The paper selects the data of China Household Finance Survey(CHFS)2015,2017 and 2019 to study the impact of household wage income,business income,property income and transfer income on household financial asset allocation.Then risk attitude is introduced as a moderating variable to study the impact of the interaction between different income and risk attitude on household financial asset allocation.This paper mainly uses panel Tobit model for empirical tests.Finally,from the perspective of urban-rural differences and regional differences,the paper analyzes the heterogeneity of the impact of income structure on household financial asset allocation.The empirical study shows that the increase of the proportion of wage income,operating income and transfer income will increase the proportion of household holding in safe financial assets.But reduce the proportion of household holding in stable assets,risk assets and insurance assets.The rising proportion of property income will reduce the proportion of household allocation to safe assets and increase the proportion of household allocation to stable assets,risk assets and insurance assets.After introducing risk attitude as an adjusting variable,the interaction between the proportion of wage income,operating income,and family risk attitude will weaken the promotion effect of wage income,operating income on family allocation of safe assets,and weaken the inhibition effect of wage income,operating income on family allocation of stable assets,risk assets,and insurance assets.The interaction between the proportion of transfer income and household risk attitude will strengthen the promoting effect of transfer income on household allocation of safe assets.And strengthen the inhibiting effect of transfer income on household allocation of stable assets,risk assets and insurance assets.From the perspective of urban and rural heterogeneity,the proportion of wage income,operating income and transfer income have different effects on the allocation of financial assets of urban and rural households.From the perspective of regional heterogeneity,the promoting effect of wage income,operating income and transfer income on household allocation of safe assets and the inhibiting effect on household allocation of stable assets and risk assets are in the order of east>west>central.To optimize household income and financial asset allocation structure and promote common prosperity,the following suggestions are put forward: First,we will raise the minimum wage and strengthen subsidies for agricultural and industrial families.Second,we should improve the diversified security system of medical care and pension,increase the coverage area and depth of commercial insurance.Third,strengthen risk education and training to guide residents to reasonably perceive risks to improve the awareness of financial asset investment.Fourth,promote digital financial inclusion and appropriately lower the threshold for access to various financial assets.