The Impact Of Sleep Quality On Household Risky Financial Asset Allocatio

As an important behavioral basis to maintain human life,sleep plays an important role in individual physical and mental health.In the context of China’s rapid economic growth,the increasing social and industrial competition and the accelerated pace of urban development and life make people’s life pressure continue to increase,which are important reasons affecting the quality of sleep.The growing sleep problem also has a range of implications for individuals,families and society.If the energy gained from sleep is regarded as a kind of resource,then the quality of sleep will have a significant effect on the time allocation and lifestyle of economic individuals,and further affect the risk investment decisions of households.Therefore,the paper assumes that sleep quality is an important factor affecting household risky financial asset allocation.Based on the panel data of the 2016 and 2018 China Family Panel Studies(CFPS),this paper discusses the role of sleep quality on the breadth and depth of risky financial assets held by households.Firstly,the paper selects whether households hold risky financial assets and their proportion as variables to measure the breadth and depth of risky financial assets held by households,and constructs Probit model and Tobit model to investigate the impact of sleep quality on risky financial investment of households.Secondly,the mediating effect and moderating effect test models are constructed to explore the influence mechanism of sleep quality on household holding of risky financial assets.Thirdly,this paper verifies and discusses the heterogeneity of household venture capital caused by sample differences from the perspectives of urban and rural areas,gender,income,health and educational level of financial decision-makers.Finally,the robustness test is carried out and instrumental variables are introduced to solve the endogeneity problems that may exist in the benchmark regression model,so as to further verify the impact of sleep quality on the breadth and depth of risky financial assets held by households.The main conclusions of this paper are as follows: Firstly,sleep quality has a significant positive impact on the breadth and depth of risky financial asset selection.The improvement of sleep quality will improve the probability of households participating in risky financial market,and the improvement of sleep quality will further increase the proportion of households participating in risky financial asset investment.Secondly,the impact of sleep quality on household risky financial asset allocation has a clear transmission path,that is,the improvement of sleep quality significantly improves residents’ income level,health level and cognitive ability,and thus improves the breadth and depth of household risky financial asset investment.Thirdly,in terms of the interaction between sleep quality and individual psychology,the promoting effect of sleep quality on family risky financial asset allocation is negatively affected by individual psychology,and neurotic personality has a significant moderating effect.Finally,the effect of sleep quality on household investment in risky financial assets is heterogeneous,and is more significant in urban areas,women as financial decision makers,and households with higher income,health and education levels.