Abstract
Chinese households now have a good understanding of finance and their asset allocation choices are increasingly skewed towards financial products. At present, most domestic and foreign researches on the structure and choice of household asset allocation mainly analyze the influence of residents’ characteristics or financial literacy on household asset allocation, while few researches on the internal relationship between household risk, asset structure and allocation choice. Based on CHFS data and the theory of asset investment behavior, this paper systematically analyzes and risk assets and family financial asset allocation structure of mutual influence and role, an empirical analysis of the influencing factors of residents in our country family financial asset allocation structure by using Probit model and Tobit model, pay attention to risk assets, family income and other factors, a deeper understanding of family financial asset investment circumstances.
Highlights
As a microeconomic unit of the society, households' asset allocation directly affects the scale and structure of the capital market and the development and innovation degree of the financial industry
The risk of family assets has a significant influence on whether a family participates in the stock market
The index of high asset risk has a significant positive impact on the possibility of households to participate in the stock market; the index of low asset risk has a significant negative impact on the possibility of households to participate in the stock market
Summary
As a microeconomic unit of the society, households' asset allocation directly affects the scale and structure of the capital market and the development and innovation degree of the financial industry. There are more and more researches on the family as the investment subject, which can be roughly divided into two categories. One is to analyze the micro individual factors, such as risk preference and education level. The other is the macroscopic external environmental factors. The relationship between the degree of household access to the financial market and its asset portfolio is studied more abroad
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