Social Network And Family Financial Asset Allocation

With the development of macro-economy and the increase of family income,the enthusiasm of families as finance market participants is constantly improving.This paper takes social network as the starting point,which is divided into modern social network and traditional social network,to make a supplementary study on the informal influencing factors of family finance.First of all,this paper reviewed a series of domestic and foreign literature on social network and household financial asset allocation.Secondly,this paper used the National Bureau of statistics and other databases to analyze the situation of China’s household assets.In the empirical research,this paper mainly used the CHFS in 2017 to study the relationship between modern and traditional social networks and household financial asset allocation through Probit model and Tobit model,and then conducted relevant robustness test and heterogeneity test.The results show that:(1)Both traditional social network and modern social network can significantly improve the probability and proportion of household allocation of stock assets,but the latter plays a stronger role;(2)Social network can promote the family groups except low-income families to participate in the stock market and the proportion,especially for the highest income families;(3)The results of heterogeneity by age group show that social network can promote the family groups except young families to participate in the stock market and the proportion,especially for the middle-aged and elderly families.Finally,at the end of the article,relevant policy recommendations are given to provide reference for how to reasonably allocate household assets and how to promote the development of the finance market.