Research On The Allocation Structure And Influencing Factors Of Chinese Household Financial Assets

Since the reform and opening up,my country’s financial market has shown a steady growth trend.The disposable income of residents has continued to increase,and more and more households have chosen to join the financial market for asset allocation.However,the allocation structure of household financial assets in my country is divided into two levels.The proportion of savings deposits in the allocation of household financial assets remains high,the proportion of loans increases year by year,and the risk of asset allocation increases.Therefore,the structure of household financial assets must be rationally allocated.The existing structure of household financial assets is roughly divided into risky financial assets and risk-free financial assets.Restricted by various factors,each household has different ways of allocating household financial assets according to its own resource endowment.According to the analysis of China Household Finance Survey data 2011-2019,it is found that the proportion of risk-free financial assets(such as savings deposits)in the allocation structure of household financial assets in my country is relatively high,but from the perspective of development trend,the proportion is still declining year by year..At the same time,comparing the proportion of risky financial assets,the proportion of risky financial assets in 2019 reached 19%,an increase of 5% from 14% in 2017,which shows that my country’s household financial asset allocation is gradually shifting to financial products with more investment value.There is still a lot of room for improvement.However,the study also found that the structure of household financial asset allocation in my country is polarized.Savings accounts for a high proportion of household financial assets,while risky financial assets account for a low proportion.The proportion of loans increases year by year,and the risk of asset allocation increases.In the empirical study of influencing factors,focusing on the CHFS-2019 data,four types of observation variables,including risk attitude,financial literacy,subjective well-being,and social interaction,were extracted,and multiple regression models Probit and Tobit models were established.In-depth empirical research,taking into account the differences between urban and rural residents,and then classifying and processing the data,finds that risk attitudes and subjective well-being are related to whether they hold securities financial assets,the proportion of households holding risky financial assets,and the degree of household participation in securities financial assets.At the 1% significance level,financial literacy is significantly related to investment in securities financial markets and wealth management products,the proportion of risky financial assets held by households,the degree of participation in private lending and households.The allocation ratio of wealth management products is significant,at the 5%level of significance and whether there is a loan(informal financial market);the subjective well-being of participating in the securities financial market and holding wealth management products is at the 1% level of significance.In terms of social interaction,both gift money expenditure and communication expenditure are related to household participation in securities financial market,participation in wealth management product market,household participation in securities financial assets,participation in private borrowing,and household wealth management product allocation ratio of 1%.significant level correlation.At the same time,it has a significant impact on both rural and urban areas,but the degree of impact is different.The empirical results pass the endogeneity test and robustness test.According to the problems existing in the allocation structure of household financial assets in my country,some suggestions are put forward to effectively increase the property income of the household,improve the subjective well-being of the household,reasonably adjust the proportion of household financial assets,diversify investment risks,strengthen the education of residents’ financial quality,guide the rational investment of households,establish Optimizing countermeasures such as laws and regulations related to the informal financial market.