Human Capital And Family Financial Asset Investment

The 19 th National Congress of the Communist Party of China further pointed out that raising the income level of the people,insisting on the simultaneous growth of residents' income while expanding economic growth,and broadening the channels of labor income and property income of residents.The choice of family financial assets investment is an important way for residents to participate in financial markets and obtain family property income.Studying human capital and family financial assets investment behavior has profound practical significance.Studying family financial asset investment preferences based on different human capital levels has certain guiding significance for improving family investment level,and has strong theoretical value for the designing financial instruments and national macro policies.This paper is based on the China Household Financial Survey Data(CHFS),first uses the Logit and Tobit models to study the impact of human capital on household financial assets investment participation and shareholding.Then,the mediation function test model of risk preference is constructed to explore the internal mechanism of human capital and family financial asset investment behavior.Then,in order to analyze the influence of risk preference on the investment behavior of family financial assets under the same human capital background,a mediation conduction model of risk preference is constructed.Finally,the quantile regression model of human capital investment in family financial assets is constructed to analyze the heterogeneity of human capital investment in family financial assets.The main conclusions are as follows:First,human capital has an impact on the participation of family financial assets investment and has large difference.Human capital has the greatest impact on the participation of stock assets,and has the least impact on the participation of bond assets.For every one year of head of household's education years,the odds of participating in equity asset investment will increase by 25.03%,and the odds of participating in bond asset investment will only increase by 13.67%.Second,human capital has an impact on the proportion of household financial assets investment and has large difference.Human capital has the greatest impact on the proportion of stock assets holding,and has the least impact on the proportion of holdings of savings assets.For each year of head of household's education years,the proportion of investment holdings of stock assets will increase by 8.54%,and the proportion of investment holdings of savings assets will only increase by 3.15%.Third,the impact of human capital on household financial asset investment is partly a direct impact,and part of it is indirectly influenced by the risk preference of intermediary variables;under the same human capital level,the higher the risk preference,the stronger the transmission effect on household financial asset investment;The impact of human capital and risk appetite on household financial asset investment is heterogeneous.The policy recommendations in this paper have clear practical guiding significance.Resident investors should strengthen the study of financial investment knowledge and raise the level of residents' awareness of financial markets;Financialinstitution practitioners should consider the differences in human capital between residents and develop more rational and innovative financial products;Financial institutions should increase the transparency of financial information and consciously follow the financial market order;Government policy makers should focus on improving the level of human capital and actively improving the investment environment in the financial products market.