The Household Portfolio Selection Of Our Country Based On The Heterogeneity Of Assets

In 1952, Markowitz proposed the portfolio theory, created the mean-variance research paradigm to get the optimal combination of risky assets. In 1958, based on Markowitz, Tobin put forward the "separation theorem", pointed out that all investors are holding the same portfolio of risky assets, and investors’ appetite for risk determines the distribution between the risk-free asset and the optimal combination of risky asset. However, When Tobin extended the Markowitz securities portfolio selection to portfolio selection,he did not separate from Markowitz’s mean-variance research paradigm. If, in the Markowitz model, in addition to the yields and risk, other aspects of risk securities being regarded as homogeneous can be able to accept, so, when we extend to the general portfolio selection, boiling the heterogeneity between assets only down to the difference between the yield and risk would obviously be not right. Compared with the pure financial assets, physical assets also have the corresponding use value in addition to the function of value increment, the different use value has been obviously ignored by the existing mean-variance paradigm.In this paper, we boil the difference of assets’ use value to the functional differences, and the evaluation of the functional differences is the preference heterogeneity, reflected in household assets choice. The mean, variance and preference heterogeneity of the assets jointly determine the household portfolio choices. For this, We believe that when we introduce the preference factor to portfolio selection, the household portfolio selection problem can be summed up in two levels of decision. The first level is the choice of physical assets and financial assets, we can solve the choice based on the method of indifference curve analysis.The second level is the choice of internal segmentations of physical and financial assets, Due to the heterogeneity of physical assets, the choice of its internal segment assets can be used as the first level, the selection of financial assets internal segmentation can be classified as the mean- variance research paradigm. Considering two aspects of selection, the optimal portfolio is available. The full text is composed of seven chapters.Chapter one- the introduction, this paper introduces the topic background and significance, analyzes the research purpose, summarizes research methods and research contents of the full text, and expounds main innovation points and deficiencies.Chapter two-literature review, a brief introduction to household assets, combing foreign and domestic scholars, respectively, to household portfolio selection of relevant research and literature.Chapter three -Portfolio selection theory, introduces the single phase and phase of the modern portfolio theory, put forward defects of it according to assets heterogeneity, then analyzes the related research in the behavioral portfolio theory.Chapter four-the heterogeneity of assets and assets preference, overviews the heterogeneity in some aspects and the heterogeneity of different assets in our country’s capital market, analyzes the factors influencing the preference of household assets, then concludes the household assets preference theory combined with the revealed preference.Chapter five-Portfolio model based on the preference of asset. Firstly introduces the traditional model of optimal portfolio model (CAPM) on the basis of the Markowitz and Tobin portfolio theory, Secondly build the household portfolio model based on the heterogeneity of assets from two aspects, namely the physical assets and financial assets, and the internal segments of physical assets. Finally measures the heterogeneity of preference by using the marginal rate of substitution between assets.Chapter six-empirical evidence of household portfolio choice in our country, obtained the Nash equilibrium of traditional optimal portfolio on the basis of return on assets; analyze the actual household assets configuration of our country on the basis of current price and the per added quantity. Combining the theory of asset choice preference, measures our country household assets choice preference from the aspect of physical assets and financial assets.Chapter seven-research conclusion and prospect, combined with the empirical evidence in the previous chapter, interprets the difference between the equilibrium solution of optimal portfolio and the actual assets configuration, analyzes the households assets choice behavior under the influence of the mean value and variance of the assets and the preferences, then put forward suggestions.