The Relationship Between Prosocial Preference and Household Risk Financial Asset Allocation

Abstract

Household financial asset allocation and investors' propensity to invest in venture capital are popular research areas. Many papers have studied the impact of income level, health status, risk attitude, etc. on household financial asset allocation. However, for the social behavior indicator of prosocial preference, there are not many papers exploring its impact on household financial asset allocation. Therefore, this paper finds an indicator to measure investors' pro-social preference, and then explores its impact on household financial asset allocation and investors' venture capital behavior. This paper selects the CHFS questionnaire data in 2017 and 2019, and conducts regression analysis through stata. The analysis results show that pro-social preference has a positive impact on venture capital behavior, and a higher level of pro-social preference will also lead to higher investor family holdings. ratio of risky financial assets.