Human Capital And Household Asset Allocation

With the development of Chinese economy,the improvement of financial market,and the continuous reform of financial system,the overall wealth level of our society tends to increase.In social economic activities,the family economy is the basic unit,so the improvement of the overall wealth of the society will often promote the increase of the total family assets.However,with the increase of total household assets,residents have more idle funds.From the trend that almost all people bought public funds last year,we can know that the financial management demand of Chinese residents is increasingly prominent,and the demand for household asset allocation is also increasing.This paper starts with human capital and uses the latest micro household data of China Household Finance Survey(CHFS)in 2017 to find the measurement index of human capital and explore the impact of human capital on household asset allocation.This paper analyzes the influence of human capital on family participation in financial market and stock market by establishing Probit model.Tobit model was established to analyze the impact of human capital on financial income and stock balance obtained after participating in financial market in household asset allocation.Heterogeneity,endogeneity analysis and robustness test were also conducted.The research test shows that the improvement of human capital can promote the participation of families in the financial market and the stock market,that is,the improvement of human capital level has a significant positive impact on the allocation of family assets.From the perspective of depth,human capital also has a significant positive impact on improving family financial income and stock balance.In the process of research,this paper also found that the total household debt,building area for families to participate in the financial markets,stock markets are negative significant influence,family population,household income,marital status,account type,education and other entertainment spending consumer spending the human capital of the other factors have a significant positive impact on family asset allocation.Finally,by distinguishing the nature of agricultural and non-agricultural household accounts and the level of household income,this paper makes a heterogeneity test on the impact of household financial asset allocation participation and amount.Instrumental variables were selected to analyze the endogeneity of the estimation results.The robustness test is carried out by eliminating the 5%data before and after all the samples,and it is found that the estimation results pass the robustness test.