A Study On The Influence Factors Of The Background Risk Of American Family Financial Assets Allocation And Its Reference To China

Thanks to the rapid development of China since the reform and opening up,and especially the rapid economic growth in China in the past 20 years,it has brought sufficient income to social households.In the process of continuous development of the domestic financial market,investment needs with Chinese households as the main investors are in demand.This paper attempts to introduce the background risk theory into the allocation of household financial assets to better explain what are the main factors influencing the allocation of risk assets and how they affect their direction.First of all,this paper reviews the research results of domestic and foreign comparatively representative scholars on home equity portfolio allocation and background risks,and believes that the early average variance portfolio theory ignores the complexity of family investors and the existence of background risks will also affect investment.The proportion of risk asset allocation in the portfolio has an impact.Then,this article analyzes the characteristics and similarities and differences between the distribution of household assets in China and the United States.The differences reflect the differences in understanding of assets and pensions between the two countries.Second,the holding of securities investment funds in Chinese households' household financial assets.The ratio has declined for a long time since 2008 and has not recovered any longer.The proportion of products held by stocks,corporate bonds and other products lacks long-term growth.This to a certain extent also confirms the characteristics of the A-share investor structure.Next,this paper proposes a theoretical model for the optimal risk asset allocation ratio when considering background assets and background liabilities respectively.Through formula deduction,it is considered that the optimal risk asset allocation ratio is negatively correlated with the background asset volatility and the correlation between background assets and financial assets,and is positively correlated with the background liability volatility and the correlation between background liabilities and financial assets.Based on the preliminary conclusions derived from the theoretical model,this paper selects labor income as the proxy variable for the background assets,uses household daily expenditures as proxy variables for background liabilities,and selects independent variables as the correlation between labor income and the S&P 500 index and labor income.The volatility and labor income in the concentration of the total household asset allocation scale,as well as the correlation of the living expenses' volatility,living expenses and the S&P 500 index were taken as independent variables for empirical analysis.Finally,this paper uses NSLY79 data to conduct an empirical analysis of the regression model.The main conclusions are that the ratio of financial assets is negatively correlated with the background assets and financial market correlation,and it is positively correlated with the background debt and financial market correlation.The correlation with background liabilities and financial markets and the total size of household configurable assets are significantly positively correlated.The article suggests that domestic household investors in China pay special attention to the correlation between their own background risks and financial markets,and the total size of assets to be deployed.