Information Absorption And Family Financial Asset Allocation

Information absorption,which not only includes information acquisition but also concerns information processing,has a richer economic meaning and practical value.Therefore,it should be regarded as a starting point.Research on the impact of informa tion on household financial asset allocation.Information generally exists in the real world and is disseminated through variou s channels.For information recipients,information does not directly affect behavior,b ut needs to be refined and processed to a certain extent.The "effective information" th at can be formed can guide decision-making.The allocation of household financial ass ets is obviously also affected by effective information,and the highly professional nat ure of the financial market and the complexity of the era of information explosion are all important to the individual.Therefore,information absorption based on informatio n acquisition and information processing is a comprehensive reflection of the family’s"effective information" endowment.It is also a key factor in determining the allocatio n of household financial assets.The "effective information" provided by the information absorption process can guide household investors to provide decision-making efficiency and quality,so long as household investment decisions can achieve long-term stability,Strong effective information support,then its investment return on asset allocation can be expected.If there is a difference between households in the ability to absorb information,then these household investors’ expected return on investment differences It is easy to see,that is,the increase in information absorption will not only increase households’chances of participating in financial markets and improve their financial asset holdings,It also significantly increases the expected return rate of these households.Based on the CFPS/2014 data,the empirical results of using the tool variable m odels Ⅳ-Probit and IV-Tobit to eliminate endogenicity show that they control the fami ly’s structural background,living standards,income and wealth.In the case of multipl e factors affecting income composition and property risk,the increase in information a bsorption will not only encourage households to participate more in the financial mark et investment.Capital,in turn,will increase the total amount of financial assets held b y households,thereby optimizing the allocation of household financial assets;howeve r,compared with urban households.In order to promote the private capital to participate in the financial market more,to optimize the allocation of family financial assets and to perfect the financial market construction,the influence of information absorption on the allocation of rural household financial assets is significantly weak.It not only requires family investors to enhance their ability to absorb information through learning effect,but also requires the government and financial institutions to vigorously carry out financial education and information interpretation activities to guide family investors to optimize the allocation of financial assets.