A Study On The Impact Of Household Endowments On Financial Asset Allocation

Since the reform and opening up,China's economy has achieved high-quality leapfrog development,which is clearly reflected in the significant increase in the per capita income and wealth of urban and rural households.However,the savings rate of Chinese households is still higher than that of any other country in the world.In 2015,the average assets of Chinese households achieved an increase of about 20%.Among them,financial assets increased by nearly 60%.Compared with the data in 2013,risk assets represented by stocks and financial wealth management products increased by nearly 100%and 200%respectively,which shows that the breadth of household financial asset allocation in our country has been greatly improved.However,nearly 70%of households in our country have not participated in the stock market.In 13.5%of households,their stock assets account for more than 90%of their total financial assets.Therefore,although our country's household asset allocation situation has changed compared with before,there is still great room for correction and balance.By analyzing the data of CFPS 2018,this paper constructs a multi-factor model including four components of economic capital,human capital,household characteristics and individual characteristics of household head,then performs regression and R-squared-based Shapley Value Decomposition Method to expand the analysis of the above variables on the influencing factors of urban and rural household financial product allocation behavior and financial product holding scale.Then,by grouping households by regions and different income levels,conducting multiple tests and comparisons,it deeply explores the impact of household endowments represented by economic capital and human capital on the allocation of financial assets of urban and rural households.The research results show that:households with relatively strong economic capital are more inclined to allocate financial assets,and the proportion of holding financial products will be relatively higher.What's more,the impact of economic capital on high-income households is more significant;in terms of human capital,household heads Age and household financial asset allocation behavior or allocation ratio show an inverted U-shaped relationship,the size of the family will also inhibit the family's financial asset allocation behavior.The educational background of the head of household has the highest contribution to the influencing factors related to human capital,and the contribution rate of the influencing factors to urban households is higher than that of rural households.This gap is very significant among low-income households.In different regions,the influencing factors also have different significant degrees.At last,based on the relevant findings in this research,the article puts forward policy recommendations for the differences in humanities and economic development in different regions,in order to improve the current situation of lacking of balance in the allocation of household financial assets in our country and urgent correction.