Research on the Influencing Factors of Household Financial Asset Selection: Empirical Evidence from China Financial Survey (CHFS) Data

摘要

This paper describes the development of family finance in China and the "mystery of limited participation" of family financial risk assets, and analyzes the characteristics of family asset selection with Chinese financial survey data and the factors influencing residents' participation in the financial market by Probit model. This research finds that the holding rate of non-financial assets of Chinese residents is much higher than that of financial assets, and the real estate is the non-financial asset with the highest holding rate of residents. The asset allocation is unbalanced, and both the real estate holdings and social insurance have an impact on residents' participation in the stock market.