Study On The Influence Of Well-being On Residents' Venture Capital Behavior ——Empirical Analysis Based On CHFS Data

As a hot topic in today's society,happiness can comprehensively reflect people's mental and living conditions,and can be regarded as a comprehensive impact indicator;The interest in venture investment is also increasing,but the risk investment behavior of Chinese residents is still in a weak position compared to many countries.Therefore,this paper combines relevant literature to explore the impact of residents' well-being on venture capital behavior.This paper uses the relevant data of the CHFS database to make a descriptive analysis,and then conducts an empirical test.Using the Probit model and the Tobit model,it explores the effect of residents' well-being on venture capital behavior from two perspectives,and tests the endogeneity of the model.The regression results of all samples draw the conclusion that residents' well-being has a negative effect on venture capital behavior as a whole.According to the classification of urban and rural areas and national regions,the classification regression is carried out,and the results of heterogeneity are obtained.There are obvious differences between urban and rural residents sub-samples and regional sub-samples.The specific performance is as follows: From the perspective of urban and rural household registration,happiness It has no significant impact on the risk investment behavior of rural residents,but has a significant negative impact on urban residents;from a regional perspective,residents in eastern my country have a significant positive effect on their risk investment behavior.The regression results of the sub-samples in the western region are similar to the total samples,which are significant negative effects.The conclusions obtained from the classification regression provide an entry point for the targeted recommendations of this paper.This paper explores the influence mechanism of happiness on residents' venture capital behavior,including four mediating variables,namely risk attitude,entrepreneurial behavior,short-term economic situation expectations and social trust.Through empirical research,it is found that happiness has a negative impact on residents' risk attitudes,that is,the higher the residents' happiness,the more conservative their risk attitudes are,and the less risky investment behaviors.The higher the sense,the more active the residents' entrepreneurial behavior,and the promotion of their venture capital behavior;the negative impact on the residents' short-term economic situation expectations,but the economic situation expectations have no significant impact on the residents' venture investment behavior;the degree of social trust of the residents presents Negative impact,the higher the residents' happiness,the lower the trust in strangers,and the risk investment behavior will be reduced accordingly.According to the conclusion,the corresponding suggestions are put forward: encourage residents to participate in the investment of financial and wealth management products;take residents in the eastern region as the key group of risk investment;vigorously publicize and popularize the relevant knowledge of risk assets such as stocks;develop the economy and improve the economic strength and living standards of residents.The innovation of this paper is to explore its influence on venture capital behavior from the perspective of residents' well-being.In the past,the analysis of the influencing factors of residents' risk investment behavior rarely involves happiness.In addition to the direct influence between the two,the existing mechanism of action is explored,and the influence of residents' well-being on venture capital behavior is improved.