Abstract
As an important part of culture, consumption concept can not only influence people’s attitude about worth and wealth, but also their economical behavior and financial decisions. Based on CHFS2011 database, this paper analyzes the relationship between consumption concept and people’s choice of financial assets. The empirical results of this paper show that those who hold forward and positive consumption concept are more willing to hold risk assets than those who hold traditional and conservative consumption concept.
Highlights
Finance has increasingly become a focus of research, family financial market participants and choice of household financial assets became the core problem of domestic financial research
What factors influence Chinese domestic financial market to participate in decision-making and asset allocation? In this paper, we will investigate the relationship between consumption concept and the choice of financial assets based on large- scale micro data of Chinese family financial
The data is highly targeted with detailed household financial assets of the information, which is valuable to explore the concept of consumer choice of their financial assets from the micro-level
Summary
Finance has increasingly become a focus of research, family financial market participants and choice of household financial assets became the core problem of domestic financial research. What factors influence Chinese domestic financial market to participate in decision-making and asset allocation? We will investigate the relationship between consumption concept and the choice of financial assets based on large- scale micro data of Chinese family financial. Mankiw and Zeldes noted that, in addition to income, gender, age, education level, the marital status and background risk would impose an impact on the allocation of the residents’ financial assets [3]. Bertaut and Starr concluded the impact of consumer expectations, credibility, social interaction, investor sentiment and other factors on residents’ involvement in the stock market [5]. Dezhu Ye and Liyan Zhou conducted empirical analysis on the data from Chinese family financial investigations, and found that there is a significant negative correlation between the sense of happiness and the risk assets of the residents. The more happy the people are, the more willing the people would rather maintain their current living conditions, the more risk-averse, the higher degree of concern for the future, and the less corresponding short-term behavior is [7]
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