Research On The Influence Factors Of Chinese Household Trust And Human Capital On The Allocation Of Risky Financial Assets

There are three important assertions and orientations in the report of the 19 th National Congress of the Communist Party of China: First,"the main contradiction in our society has been transformed into a contradiction between the people's growing need for a better life and the development of an inadequate balance." This is an in-depth study of the contradiction between China's macroeconomic supply and demand structure.Second,"continuously promote the all-round development of people." This shows that the continuous improvement of people's well-being and adherence to the people-centered development thinking will continue to be the core of China's quality development.Third,“expanding the channels for residents' property income”.This is of great significance for safeguarding and improving people's livelihood and continuously expanding the size of middle-income groups.Comprehensive consideration of the above three points,focusing on the continuous promotion of the "transformation and adjustment structure" of China's social and economic development,according to the "top-level design" ideas can form the following development logic: the current comprehensive development of people as the core,the need to effectively increase the family The accumulation of wealth,especially property income,is an important measure to resolve the current "needs" and "development" contradictions.Firstly,based on CHIP data,this paper sorts out the basic situation of family trust,human capital and risk financial asset allocation in China,and then elaborates on the correlation between the three and the influencing factors of family risk financial asset allocation.Secondly,the family risk financial asset participation probability and participation degree are used as the proxy variables of family risk financial asset allocation.The probit and tobit models are used to analyze the allocation of family risk financial assets from the urban and rural perspective.Subsequently,the national households were divided according to the eastern,central and western regions,and the analysis of the influencing factors of family risk financial asset allocation was conducted for robustness test and coordination analysis.The results show that,first of all,the participation probability and participation of risk financial assets of urban households are higher than that of rural households;Secondly,trust and human capital have positive effects on family risk financial asset allocation.The human capital of family members will promote the marginal impact of trust on the participation probability and participation of family risk financial assets.And its trust will promote the marginal impact of human capital on the allocation of household risk assets,so improving the family's trust and human capital level will effectively improve the allocation of urban and rural household risk financial assets;Thirdly,compared with the eastern region,the increase in the level of family trust has less marginal impact on the participation of family risk financial assets in the central and western regions,and the increase in human capital level has a greater impact on the margin.