| As a special and important nonfinancial asset,human capital has received extensive attention in the field of household asset allocation.The in-depth study of the heterogeneity of human capital is significant to the improvement of the efficiency of Chinese families’ financial assets.Based on the 2015 data from China Household Finance Survey of Southwestern University of Finance and Economics,this paper combines theoretical model analysis and empirical analysis to study the impact of heterogeneity of human capital on the allocation of risky assets in urban households in China.In theoretical analysis,this paper introduces risk-free human capital and risky human capital into the asset allocation model,and obtains the theory of human capital heterogeneity factors such as age,income,and risk preference by solving the optimal risky asset allocation ratio.This paper also finds the existence of industry risk heterogeneity,and it expects that industry risk will have a negative impact on the risk market participation.In empirical analysis,this article selects 8374 households in the database as effective samples,and establishes the PROBIT and TOBIT models to test the impact of key human capital heterogeneity factors on residents’ risk market participation and household risky asset allocation ratio.Some main conclusions include: industry risk heterogeneity factors have significantly negative effects on the risk market participation and household risky asset allocation ratio;the householder’s education level and health level both positively and significantly affect residents’ risk market participation and risky asset allocation;income and total assets have a significant positive impact,which means wealth effect exists;the empirical results of the risk market participation of residents in financial industry are more positive than the theoretical results,which can be explained by the “information advantages”;risky asset allocation of IT industry,leasing and business service industries’ residents are rational;residents of construction industry and manufacturing industry should appropriately increase the allocation ratio of risky assets;residents of industries such as education and cultural media should appropriately reduce the allocation ratio of risky assets. |
