Research On The Impact Of Personality Traits On Residents’ Holding Of Risky Financial Assets

Since China’s reform and opening up,the wealth level of residents has been significantly improved,and the corresponding asset allocation demand of residents has been increasing.With the development of China’s financial market,although the scale of venture financial assets market has been expanding,there is still a large development space for the per capita holding rate and amount of venture financial assets in China.On the one hand,guiding residents to realize asset appreciation through the allocation of risk financial assets has important practical significance to improve the people’s livelihood and happiness.On the other hand,improving the holding rate of residents’ risk financial assets can promote the development of Chinese enterprises.The low financing cost brought by the development of risk financial market can effectively reduce the burden of enterprises and make China’s social and economic development more dynamic and competitive.At present,the participation rate of residents in the risk financial market and the holding rate of risk financial assets in developed countries are high.For example,the United States and Japan,with the development of China’s economy and the increase of residents’ investable wealth,it can be predicted that the scale and depth of China’s risk financial market will be further expanded in the near future,and the risk financial assets will be concerned by more residents who eager for wealth appreciation because of their special risk and premium.There are many studies on the influencing factors of whether people choose to hold risky financial assets and how many risky financial assets they hold.Based on the previous research results and referring to the definition of personality traits in psychology,this paper discusses the impact of five personality traits on residents’ tendency to hold venture capital financing assets and the amount they hold.In terms of data,this paper uses the data of CFPS in 2016.This paper analyzes the impact of five personality traits on residents’ holding of risky financial assets throughⅣ Probit model and Ⅳ Tobit model.For the empirical results that personality traits variables significantly affect the tendency and the degree to hold risky financial assets,this paper analyzes the empirical results again by changing independent variables,instrumental variables,changing other model and other robustness test methods.Through the empirical analysis and robustness test of Ⅳ Probit model and Ⅳ Tobit model,this paper believes that the personality traits have a significant impact on residents’ holding of risky financial assets,and the results are stable.Among them,Agreeableness,Openness,Extraversion and Conscientiousness have a significant positive impact on residents’ holding tendency,holding amount and holding proportion of risky financial assets,and the Neuroticism have a significant negative impact on residents’ holding of risky financial assets,However,the influence of Neuroticism is not significant in rural samples.At the same time,through empirical analysis,this paper believes that the influence of personality factors on the samples of risky financial assets holders is not significant.The conclusion that the five personality traits have a significant impact on residents’ risk financial assets holding has a certain practical reference significance for helping financial institutions better sell risk financial products and helping policy departments formulate relevant policies to guide residents to participate in risk financial markets.