The Impact Of Human Capital And Social Interaction On The Allocation Of Financial Assets Of Urban And Rural Households

With the continuous development of China's financial market and the rapid increase of household disposable income,the proportion of financial assets in household property is increasing day by day,and its financial asset selection behavior is becoming more and more complicated.It is no longer a single savings deposit in the past.Families begin to participate in the investment of financial risk assets such as stocks,funds,bonds,precious metals,etc.However,with the family finance in developed countries Compared with asset selection,the allocation of household financial assets in China is characterized by the heterogeneity of saving and low risk of financial assets.Traditional capital asset pricing theory holds that new households invest a certain proportion of wealth in all risk assets,and the investment proportion only depends on their risk attitude.In reality,why do many households not participate in the investment of risk assets? Why is the participation rate and depth of China's household risk assets far lower than that of developed countries? This paper attempts to analyze this problem from two aspects of human capital and social interaction.Considering that social interaction may partially affect the choice of family assets,this paper also attempts to further verify the interaction between social interaction and human capital.The allocation of family financial assets has become an important factor restricting the wealth growth of urban and rural residents in the new era.Based on the data of China Household Finance Survey(CHFS)in 2013,this paper uses regression analysis and sharp value decomposition method based on R2 to investigate the impact of human capital and social interaction on household asset allocation behavior of urban and rural residents,and conducts grouping test by region and income.The research finds that,generally speaking,the education level in human capital is the most important factor affecting the asset allocation of urban and rural families.Age and financial market participation have a significant inverted U-shaped relationship,and social interaction can significantly promote the allocation of risk financial assets.In addition,family income can greatly promote the breadth and depth of the allocation of family risk financial assets;households with risk preference will hold more risk financial assets,while risk aversion will inhibit the participation of families in the financial market;households with female head will promote the allocation of risk financial assets;households with more households will have more There will be no excessive participation in financial markets.The result of grouping test shows that the asset allocation behavior of households in the eastern region is easily affected by education and other factors;the asset allocation behavior of households in the central and western regions is easily affected by risk attitude and social interaction and other factors.The asset allocation behavior of high-income urban and rural families will be greatly affected by income,while for low-income families,it is obviously affected by education and social interaction and other factors.In order to make the asset allocation of urban and rural households more reasonable,more participation in the financial market,optimize the allocation of family financial assets and improve the role of the financial market construction,not only to strengthen the level of education,improve the financial literacy of residents,but also to establish community financial mutual aid organizations,inject vitality into the financial service system,pay attention to the development of backward areas,reduce the gap between the rich and the poor,increase the wealth of residents.