Research On The Influence Of Chinese Family Financial Asset Allocation On Family Wealth Distribution

Based on the theory of family asset selection and the theoretical combing and research of family wealth distribution,this paper clarifies the internal logic of the impact of family financial asset allocation on family wealth distribution,combines CHFS survey data,and systematically studies the characteristics of family financial asset allocation in China and the characteristics of family wealth distribution in China.By constructing an empirical model,the empirical analysis on the influences of family financial asset allocation on overall distribution of family wealth accumulation is carried out from the perspective of full sample and grouping.On the theoretical level,starting from the theory of family asset selection and the theory of family wealth distribution,this paper systematically combs and studies the inherent logical relationship between family financial asset allocation and family wealth accumulation and distribution,including financial development theory dimension,risk aversion theory dimension and income structure theory.Dimensions lay the foundation for the following empirical analyses.On the empirical level,this paper uses the CHFS survey data,designs a reasonable empirical strategy,constructs a regression model,and multi-dimensionally examines the role of household financial asset allocation in alleviating the unequal distribution of household wealth.From the overall sample,the allocation of risky financial assets in household assets will be conducive to the growth of household wealth;for low-income groups,more financial assets are selected,which is not conducive to the accumulation of family wealth,but because of low income.The financial knowledge and financial awareness of the group is relatively weak;for middle-income groups and higher-income groups,choosing to allocate financial assets will significantly improve the level of family wealth;for high-income groups,the impact of financial asset allocation in household assets on household wealth accumulation is no longer significant;further research has also found that the level of education and financial knowledge of residents will affect the structure of household financial assets to a certain extent,resulting in different investment returns of households.It affects the distribution of household wealth;financial availability has a significant positive effect on household wealth.The development of financial markets can promote financial investment of households.The expansion of investment channels can increase the income sources of households and increase their wealth.On the application level,through the above theoretical analysis and empirical test,improving the proportion of family financial assets allocation can significantly increase the accumulation of family wealth of middle-income groups and higher income groups,effectively alleviating the inequality of family wealth distribution;At the same time,it can also enable low-income groups to enjoy the welfare effects brought about by the allocation of financial assets,thereby further alleviating the inequality of family wealth.The policy recommendations for this mainly include:(1)Raising the income level of residents and increasing the possibility of household asset selection;(2)Standardizing the development of capital markets and creating a favorable environment for residents to participate in financial markets;(3)Accelerating innovative financial instruments to meet demand for diversification of resident assets;(4)Promoting financial theory knowledge and the transformation of residents' asset selection behavior.