Research On The Influence Mechanism Of Chinese Urban Residents' Family Characteristics On Household Financial Asset Allocation

In recent years,the household wealth of Chinese residents keeps growing,but the problem of single household asset structure and too low proportion of risky assets exists for a long time.According to investment theory,a single asset allocation structure is not conducive to the family to balance the asset risk and realize the value maintenance and appreciation of assets.In order to improve the household asset allocation structure and encourage households to participate in the investment of financial risk assets,it is necessary to have a clear understanding of the factors affecting household financial asset allocation decisions and the influencing mechanism.Many research results have pointed out that there may be a significant correlation between objective factors such as family size and structure and family financial asset allocation.Therefore,this paper analyzes the relationship between family characteristics and financial asset allocation through the study of micro-data.Firstly,the Logit model of the participation of family financial risk assets and the Tobit model of the proportion of family financial risk assets were constructed.The results of model parameter estimation showed that: among the characteristics of family size,the number of family members and the number of children of the head of household had a negative impact on the investment of family financial risk assets.The higher the household income,the higher the probability and proportion of holding financial risk assets;With housing families on a more positive financial risk assets investment behavior,probability and holds proportion relative to the housing families are significantly higher,but the housing assets on the extrusion effect exist in family investable wealth,the higher the proportion of the total assets,the probability of family financial risk assets and holdings is lower;Households where the head of household lives with their children are more likely to invest in financial risk assets and hold a higher proportion of financial risk assets.Family social capital also has a significant positive effect on family participation in financial venture investment.There is a life-cycle effect on the investment behavior of households in financial risk assets.Compared with the young and old household heads,the middle-aged household heads are more active in financial risk investment.Secondly,the influence mechanism of household characteristic variables on financial asset allocation was tested.Based on theoretical analysis,the hypothesis of potential mediating variables was proposed,and the existence of mediating effect was tested by stepwise method and Bootstrap method.Homeowners are more optimistic about the future,have a higher risk tolerance,and are more actively involved in financial ventures;Families living with their children are in the middle stage of their life cycle,and the heads of households are mostly middle-aged,so the holding probability and proportion of financial risk assets are higher.Household political capital will increase household wage income,and thus increase the enthusiasm of families to participate in financial venture investment.Then,the influence of different classification thresholds on the prediction ability of Logit model is discussed,and it is proposed that different classification thresholds should be set based on different prediction objectives to achieve the best prediction effect.In addition,the optimal classification threshold k is given from different perspectives.Finally,combining with theoretical analysis and empirical research results,this paper puts forward two Suggestions for improving the current situation of household financial allocation.For financial institutions,they should accurately position customers,enrich financial products,vigorously promote innovation and expand investment channels.