An Empirical Analysis Of The Influence Of Risk Preference On Family Financial Assets Choice Behavior

The choice of household assets is the micro-foundation of financial market development and financial innovation.The portfolio theory of stocks proposed by Markowitz and the portfolio selection theory extended by Tobin have created the MV paradigm in the study of financial asset selection,using this paradigm.In the study,economists finally gave the theoretical basis of "do not put all the eggs in the same basket" in practice,and theoretically solved the problem of optimal portfolio selection for investors.However,whether it is from the construction of the portfolio selection model or the model solving process,it is not difficult to find that the existing research has three shortcomings:First,the solution of the optimal portfolio model depends on the investor(resident family).Utility function,when the resident family can’t give its utility function in practice,the model loses its application value;second,the model and its related theory are constructed based on the resource allocation perspective,ignoring the financial market risk allocation.The importance and function;the third is to discuss only the choice of investors in a given market environment,ignoring the impact of investor choice itself on market characteristics.Therefore,it is of special significance to discuss the asset selection behavior of households and their impact on relevant financial markets from the perspective of risk appetite.Based on the systematic review of relevant research,this paper attempts to use data-oriented research methods to examine the relationship between risk preference and household asset selection.For this reason,based on the data of China’s household financial survey,this paper combines relevant data of financial market.Through the integration and construction of relevant variables to obtain sample data,using descriptive statistics and empirical analysis methods to explore the impact of risk preferences of Chinese households on financial asset selection behavior.The results show that:(1)China’s households’ risk appetite is low overall,risk appetite is consistent with family financial asset allocation risk characteristics,and financial market risk status can be predicted by designing risk-related household surveys to effectively prevent systemic finance.The occurrence of risk provides a reliable basis.(2)When the degree of risk appetite increases,the family’s stock market participation rate,fund market participation rate and risk asset market participation rate both increase significantly.In this sense,the key to solving the problem of low direct financing rate in China is to take corresponding measures.Inspire residents’ risk appetite.(3)Risk appetite has a greater impact on households with more or a wider variety of financial assets than households with fewer types of financial assets.In the allocation of financial assets,the risk appetite affects the general family of financial assets.The biggest,it is not difficult to see that promoting financial development and innovation,prevention of systemic financial risks and asset bubbles should be based on the middle class families.