| With the rapid development of China’s economy,residents’ wealth is growing,and the demand for investment to preserve and increase value is becoming more and more vigorous.For families,the enthusiasm to participate in financial market investment is further increased,and the factors affecting family financial asset allocation have become a hot topic for scholars to study.In recent years,the concept of women’s empowerment has been promoted globally,the traditional concept of men and women is gradually disappearing,and the decision-making pattern within the family is gradually changing,and the different decision-making patterns will affect the participation and allocation ratio of household financial assets to a certain extent.In this context,it is of great practical significance to explore in depth the impact of the degree of female decision-making empowerment on the allocation of household risk financial assets.Firstly,this paper outlines the background and significance of the study,and collates the relevant literature at home and abroad;secondly,it summarizes the relevant theories involved in this paper,based on which,the mechanism of the influence of the degree of women’s decision-making empowerment on household financial asset allocation is analyzed and the research hypothesis is proposed;in addition,the current situation of women’s household decision-making empowerment and financial asset allocation in China is described respectively,and the main problems are discussed to provide ideas for the following Heterogeneity analysis;finally,by compiling the 2014 China Household Tracking Survey(CFPS)data,the degree of women’s decision-making empowerment is selected as the explanatory variable,and the probability of household risky financial asset allocation as well as the percentage of the explanatory variable,and the Probit and Tobit regression models are used to conduct the benchmark regression analysis,and to ensure the reliability of the experimental results,the endogeneity test and robustness tests.Based on the differences in household characteristics,the samples were grouped by urban-rural and household income,and heterogeneity tests were conducted.To explore how the degree of female decision-making empowerment affects household financial asset allocation,social interaction,and online information channels were tested as mediating variables for the mechanism.The main findings of this paper are as follows: First,the degree of female decision-making empowerment has a significant positive effect on the probability of participating in risky financial markets and a positive effect on the share of risky financial assets held by households.The control variables of education level,household income and assets,household health,household size,self-employment,and property ownership all have significant effects on the participation and holding of shares of risky financial assets.Second,there are significant differences in the impact of women’s decision-making empowerment on household risky financial asset allocation in both urban and rural households as well as in households with different income levels.In urban areas and high-income households,the increase in women’s decision-making empowerment promotes household participation and investment in risky financial markets,but the effect is not significant in rural and low-income households.Finally,based on the moderating effect model,this paper demonstrates that there is an interaction between work stress and women’s decision-making empowerment,and it can attenuate the enhancement effect on household participation in risky financial markets and the share of risky financial assets.The degree of female decision-making empowerment significantly contributes to household participation and ownership of risky financial assets through social interactions and online information channels.In response to the above findings,relevant countermeasures are proposed: female employment policies should be promoted to improve women’s financial knowledge and create a social environment where women can compete with men on an equal footing;the publicity and popularization of financial-related knowledge among the general population should be further strengthened to enhance financial risk identification;residents should make good use of Internet information channels,pay attention to financial hotspots and financial news,and actively improve their financial literacy. |
