| The report to the 20th National Congress of the Communist Party of China proposed to "improve the policies and systems for factor distribution,explore various channels to increase the factor income of low-and middle-income people,and increase the property income of urban and rural residents through various channels," and "strive to expand domestic demand and strengthen the fundamental role of consumption in economic development." As an important source of resident property income,financial assets are of self-evident importance.Consumption is the first driving force of economic growth.Family is the basic unit of economic movements in our country.The relationship between family financial assets and family consumption is of great significance to encourage residents family to allocate financial assets in a scientific and reasonable way,increase the income of financial property,promote consumption expansion and improve quality,and stabilize the sustainable growth of real economy.From the micro perspective,this thesis takes the family as the basic unit.Using the micro database of China Household Finance Survey(CHFS)and China Household Tracking Survey(CFPS),combined with the unique psychological characteristics and consumer psychology of Chinese people,this thesis explores the impact of Chinese households’ financial assets and psychological accounts on their consumption and structure.It relaxes the assumption of "rational man" in traditional economics and is closer to reality.In this paper,psychological accounts are subdivided to explore the heterogeneity of different asset accounts on consumption.The threshold effect model is used to explore the nonlinear relationship between household financial assets and consumption.The mediation effect model is used to study the mechanism of household financial assets on consumption.The results show that rational allocation of household financial assets structure can promote consumption,mental account plays an important role. |
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