Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Investment

Research on the Infulence Factors and Decision Analysis of Household Financial Asset Allocation

Author ZhangShuo
Tutor QuShiYou
School Harbin Institute of Technology
Course Technology Economics and Management
Keywords household financial asset asset allocation regression analysis
CLC F832.48
Type Master's thesis
Year 2012
Downloads 119
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With the continuous increasing level of household income and the gradualdiversification of financial instruments, the space of household financial asset allocationbecomes gradually larger. Increasing the proportion of household financial assets in theentire economic system makes the status of the household financial assets in thenational economy becoming more important. At the same time, household finance hasalso become a frontier research field that as important as corporate finance and assetpricing. In microcosmic view, the study of household financial asset allocation will helpimprove the family benefits and guide the family to have a rational asset allocationdecision-making. In macroscopic view, according to research on the household financialasset allocation, we can know the family’s investment preferences. It has some practicalsignificance that financial institutions innovate in relevant financial tools and the stateformulates relevant financial policy. It can be seen in-depth study of household financialasset allocation has important theoretical and practical significance.Household financial asset allocation is a complicated process. Based on the theoryof financial portfolio selection, consumption-saving theory and the theory of moneydemand, this thesis analyze from three levels. Firstly, because the influence factors ofhousehold financial asset allocation are complicated. The thesis divided these influencefactors into family internal and external factors to analyze. We analyze the life cycleeffect, the influence of education and the wealth effect in the family internal factors andresearch social interaction and social trust in the external factors. Secondly, on the basisof analyzing influence factors, the thesis built the general framework of the householdfinancial asset allocation decision-making in order to solve the problem that householdfinancial asset allocation decision lack of rational consideration. The decision ofhousehold financial asset allocation is divided into basic stage, implementation stage,and rebalancing stage to analyze. Finally, taking into account the decision basic stageand rebalancing stage need to consider their own family features and according to theabove analysis of the five factors, the thesis carried on empirical analysis.227data hasbeen collected through sending many questionnaires. According to the correlationanalysis, the relationship between five factors and the household financial assetallocation has been primarily validated. On this basis, the multiple regression analysishas been built to analyze the influence factor of household financial asset allocationthrough the asset allocation model. The result of regression shows that the householdfinancial asset allocation has the remarkable life cycle effects, and the influence islargest. It also has the wealth effect and the wealth effect is mainly reflected through themonthly income. The degree of social interaction can increase the depth of allocation of the securities financial asset.

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