| In recent years,policy-making in China has become more concerned with people's livelihood.The 19th National Congress of the Communist Party of China pointed the way for us to meet people's growing demand for a better life and to solve the problem of unbalanced and inadequate development.These two goals have become the focus of policy-makers and economic researchers.Existing options for achieving these goals include an increase in residents'property income level and the diversification of people's choices in financial assets.Optimizing the allocation and raising the value of household assets can help improve people's income.These measures can also function as an important basis for the development of the asset management industry.An important research avenue focuses on the characteristics and influence mechanism of household financial asset decision-making.Policy-makers also focus on this type of research.Macroeconomic policy-making is closer to people's livelihood.In addition to adjusting overall trends,adjustments in economic structure are more concerned with potential impacts on the micro household,while behavior changes in the micro household ultimately feed back into the macro economy.Economic policymakers'priorities include people's livelihood and wealth allocation.Economic restructuring and financial reform are closely related to trends in residents'asset allocation,and they have an impact on household asset selection.Meanwhile,macroeconomic policy-making and adjustment should also consider potential impacts on household financial asset selection behavior.Recently,micro-based policy formulation and subsequent adjustments have become a significant topic.Under this background,household finance—A Study on the hot topic in financial research in recent years,started to focus on macroeconomic policy adjustment and transformation of economic development under the external environment changes.Choices in household financial assets have changed,leading to a macro-perspective shift in financial micro household research.Based on the framework and methods of household finance,this paper attempts to study the impact,mechanism,and approach of macroeconomic policy change and adjustment on household financial asset selection.Additionally,the present study discusses the characteristics of a floating population's household financial asset selection under the constraint of the dual structure and household registration policy.Based on previous research plus our new findings,this paper argues the following key point:macroeconomic policy adjustment impacts decision-making in micro household financial assets.Two of these main influences include economic expectations and background risk.The household left behind members,restricted by the dual structure and the household registration policy,are the most important factors that affect the floating population's choice of financial assets.This paper's main sections include literature review,analysis,empirical study,and exposition of core views.First,a discussion of the literature review,theory,and research framework is carried out.Literature and theoretical support are also presented for the follow-up research.Second,this paper analyzes the impact of monetary and fiscal policy adjustment on the choice of micro household financial assets through trend research and time-series empirical research.Using survey data acquired through empirical research on micro household finance,this study verifies the impact of economic expectations on the choice of household financial assets.Then,through empirical survey data on the floating population's household finances,we verify the influence of household members on household financial asset allocation under the dual structure and household registration policy.Finally,we outline the study's main conclusions and propose policy recommendations.The paper's main conclusions are as follows:?1?Adjustments in monetary and fiscal policy have an impact on the willingness of household financial assets to choose.Policy variables,policy intermediate target variables,and household financial assets will have an interrelated and fluctuating trend in a time sequence.Residents'willingness to deposit savings and dispose of stock funds are affected by policy variables and policy intermediate target variables.?2?Household economic expectations based on current policy are an important factor influencing the choice of residents'financial assets.Economic expectations are also one of the important ways in which macroeconomic policy can affect micro household financial asset allocation.Pessimistic expectations for economic trends have a negative impact on the allocation of risky assets in household financial asset selection,but they have a positive impact on the allocation of cash and savings deposits.Expectations for economic trends and for the monetary intermediary index have different influences on household financial asset choices.The effect of anticipation on household financial asset selection is vastly different under different conditions of household background risk.Additionally,educational level and financial planning play an important role in the anticipated impact.Receiving financial planning assistance helps families with pessimistic expectations to invest in riskier assets.?3?A household's background risk is a key factor influencing the residents'financial asset selection,and it is also one of the important ways in which macroeconomic policy can affect micro household financial asset allocation.The level of household background risk changes over time,which is reflected in the shift of variables that trigger the background risk difference to household financial asset selection.The household risk-bearing capacity of different background risk is different.There are differences in households'choice of financial assets based on the impact of monetary policy.The monetary effect of household risk asset allocation is low when facing low background risk.Moreover,through the case analysis of a housing tax levy pilot,we found that the tax policy represented by the property tax levy has a significant impact on the allocation of risk assets in household financial asset selection.?4?The floating population is restricted by the dual structure in urban and rural areas and by the registration policy.The family left behind members have an impact on the choice of whether to liquidate their financial assets.The family members left behind tend to reduce the allocation of risky assets and increase the allocation of risk-free assets,as compared to floating population family members.The greater number of family members left behind,the greater level of impact.We further discovered that traffic convenience,agricultural production activities,and transactions and preventive motivation under uncertainty of wealth level might be major factors that affect household financial asset choices.For instance,a long-term and stable labor contract will increase the proportion of risky asset allocation for both floating population and left-behind family members.The reduction of background risk offsets this impact on the left-behind population.This article possible contributes to the discussion in the following ways:First,based on a macro perspective,this paper focuses on micro household financial asset selection behavior,emphasizing adjustments in family financial assets following adjustments in economic policy?particularly in monetary and fiscal policy?.There are relatively few studies on family finance that address both macro and microcosmic perspectives.Second,we included the willingness of residents to invest in financial assets in our analysis and empirical research.Using a quarterly survey of 20 thousand households throughout the country,we effectively correlated changes in financial choice willingness with policy and economic trends.We also increased the reliability of our data through a results report and characteristics study using a comparative analysis of the domestic major micro family survey data.Third,this paper integrates the expected and actual impacts of background risk into a unified research framework.We found that despite other common influencing factors and complex mechanisms,these two influences still exist.We therefore provide a framework for studying this problem.Fourth,most of the previous research on household finance uses cross-sectional data.There are fewer empirical studies using panel data and observing the effects in a time series.In this paper,we applied micro household panel data to analyze changes in financial asset allocation for households with different background risks?including income level,wealth,security level,and property ownership?when monetary policy and environment change.Fifth,extending the current discussion on economic policy,this paper foregrounds the related problems of dual structure and household registration policy adjustments.Finally,our study analyzes the financial asset selection behavior of a floating population consisting of 292 million individuals. |
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