澳洲termpaper范文：中国家庭金融行为研究

毫无疑问，中国即将进入个人理财时代。因为中国20多年的快速GDP增长创造了一批“富有和合理”的部门。近年来，中国掀起了前所未有的个人投资和财富管理水平。供热在我国投融资中并非偶然，其形式有着深刻的背景：从宏观经济角度看宏观经济和微观经济，中国国民经济仍保持了几年的稳定增长势头，发展呼唤投资；他制定和实施了一系列改革开放的经济政策，为人民的投资开辟了广阔的空间。在金融市场上，已经开发了更多的个人投资金融工具，以供投资者展示自己的才能。从微观环境看，由于国民经济快速增长20年，国家富民政策、富民富民政策，有条件地考虑了余下的资金投入，研究将集中在中国的家庭理财习惯上。

 

Abstract 摘要

There is no doubt that China is about to enter the era of personal finance. Because China's rapid GDP growth for more than 20 years has created a group of "rich and reasonable" sectors. In recent years, China has raised an unprecedented level of personal investment and wealth management. The heat generation is not an accident in investment and financing in our country, its form has profound background: macro and micro economy from a macroeconomic point of view, China's national economy still maintained for several years of steady growth momentum, development calls for investment; The formulation and implementation of a series of reform and opening economic policies in the country have opened up a wide space for the investment of the people. In the financial market, more personal investment financial instruments have been developed for investors to show their talents. Look from the microcosmic environment, due to the rapid growth of national economy for 20 years and the country's policy of enriching people, people's rich, pockets, conditional consider how his remaining money to invest.The research would be focus on the household financial habit in China.

 

Table of contents 

Abstract 2

1.0 Introduction 4

1.1 General economic background of China 4

1.1.1Macroeconomic in China 4

1.1.2 Microeconomic in China 4

1.2 The items of the annual income and expenses 4

1.3 The habit of managing money 4

1.4 The objective of the research 4

2.0 Literature Review 4

2.1 Social learning theory 4

2.1.1 Personal factors, 4

2.1.2 Past behaviors 4

2.1.3 Environmental factors 4

3.0 Methodology 5

3.1 Data and sample 5

3.2 probit and tobit model 5

3.3 Dependent Variable 5

3.4 Independent Variables 5

4.0 Results 5

4.1 Descriptive statistics 5

4.2 regression results 5

5.0 Discussion 6

6.0 Conclusion 6

Reference list 6

Appendix A 6

 

1.0 Introduction 简介

 

1.1 General economic background of China

1.1.1Macroeconomic in China

At present, China's macro economy still faces downward pressure, such as enterprise profit growth, excess capacity remains to be digested, export demand is weak, and the bank's non-performing loan ratio is on the rise, and so on. But overall, positive factors supporting economic growth remain.

In recent years, the employment situation of our country is not optimistic; especially the employment situation of college students is becoming more and more serious. Personnel in our country, the employment absorption is service industry, and services for the last few years to accommodate the employment more and more, service industry as the third industry in our country national economy plays an extremely important role (Tang, 2017). China's services have accelerated development, created many jobs and solved many employment personnel, which also benefited from the steady and rapid development of our economy. There is a big relationship between economic development and employment, economic growth has certain enhancement effect to employment absorption capacity, is expected in 2015 the new employment to more than 10 million people, the overall employment pressure is not big, but the employment situation of college students and migrant workers employment situation is quite serious, countries in the process of economic development in the future should be more attention to the problem of employment of college students, and to solve the problem of employment of college students.

From the perspective of price, the prices of industrial consumer goods in China are basically stable, and the price of international commodities is in a stable operation, and the inflationary pressure is not great. From the perspective of service price, the population structure has changed, and the wage of the laborer has gradually risen, which has caused the price of some living services to rise. From the point of food prices, most of the food production, food prices are relatively stable, but relatively speaking, vegetables, meat prices will rise, it may have a connection with labor wage increases. In addition, from the point of resource products, resource products in constant reform in recent years, the prices of resource products, appear the situation of high prices, the country's energy conservation and emissions reduction, promote energy-saving emission reduction policies have a connection. In addition, throughout the country's real estate industry, housing prices have also changed a certain amount, the housing price has achieved a small increase(KELLYet.,al, 2017),.

Looking at the development trend of macro economy, China's economy still maintains rapid growth, its development potential is still very big. In terms of market demand, the potential of market demand is huge. As the disposable income of our residents increases continuously, the potential demand of the market will gradually change to the realistic demand of payment capacity, which will produce a lasting impetus to economic development. In terms of the contribution of technological progress to economic development, the contribution of technological progress to economic growth will gradually increase. And now pay more and more attention to technology development and support of enterprise technology research and invention and use of energy-saving products, this will optimize the structure of the enterprise, promote the development of economy and the efficiency of enterprises improved. In terms of labor force, China's labor resources are abundant and the quality is constantly improving. With the development of China's industrialization and urbanization, the labor force will continue to transfer to the second and third industries, and the quality of the labor force is constantly improving. From the point of economic system reform, after several years of reform, the socialist market economy system preliminarily established, needs unceasingly to reform the economic structure, coordinating the relationship between the public sector of the economy and the non-public sector of the economy, so as to further promote the reform of economic system in our country, make its release the vitality of the new development. Besides, in the aspect of economic development, China should also set up two domestic and foreign markets, two resources; effectively promote the rapid development and smooth operation of the national economy. Run in 2016, China's international balance of payments will still face many uncertain and unstable factors, is likely to continue to render the current-account balance is balanced basically, cross-border capital flows two-way volatility "of the landscape(TokarAsaad, 2015). From a more certain point of view, one is that our country's regular projects, especially the trade in goods, will continue to run a surplus. Secondly, the service trade deficit is still large, important projects continue to be a balance of China's current account balance of payments, this is mainly due to the domestic residents travel abroad, study abroad, such as consumer enthusiasm remains high, consumption concept also gradually shift. Third, the renminbi will continue to maintain a positive spread against major international currencies such as the dollar, euro and yen. Four is China's economic growth will remain at high levels in the world's major economies, a series of structural adjustment and reform measures are introduced and implemented, would boost market confidence, stable economic growth, long-term capital inflows.#p#分页标题#e#

 

1.1.2 Microeconomic in China

The face of China's economy today is not booming, especially in microeconomics. The Chinese market economy, which seems to be a blessing, is in fact a crisis. I have always believed that the prospect of microeconomics in China can directly influence the trend of people's life in today's society. With the deepening of socialization, the basic salary of people is also rising sharply, but it is far from keeping up with the rising prices. Domestic CPI continued growth also to give people a lot of pressure and burden, consumer awareness significantly below for a period of time before the economy good situation, the one-sided to push our country microeconomic to one end of the tension. Again, now social competition pressure big, almost every self-employed, private companies, private companies, cooperation, small and medium enterprises are facing the same situation, enterprises have difficulty in recruitment, the price war is hard to play out, making ends meet fiscal deficit, money flow(Seridoet.,al, 2015). Therefore, I know that many small and medium-sized enterprises are hard to resist in this depressed microeconomic background. This is the most common phenomenon in China's micro economy today. Because people now expect is growing again, no longer satisfied with their current life, therefore, some of the working class is hard work, but with the high price of consumption, in the end, is likely to be stretched household spending. And the development of China's micro economy is greatly influenced by the macro economy. When domestic policy is stagnant, the government needs to introduce some macroeconomic regulation. The relationship between macroeconomics and microeconomics is mutual and harmonious. The rise in oil prices, for example, has resulted in higher transportation costs for agricultural products, which have led to higher prices for agricultural products. For example, some changes to the down payment in the housing market directly impact the purchase desire of some of our consumers, thus affecting the customer's demand and satisfaction. As another example, the recent central bank lowered the deposit reserve ratio twice in succession, the microeconomic is good news for China, because after cut gold reserve rate, funds to increase social mobility, to strengthen the many small and medium-sized enterprise financing. The macroeconomic impact is huge for microeconomics, and I believe that at least it can lead to a turbulent pattern in the microeconomic world. As people often say, "macro smiles, micro". The current system of income distribution system reform in China has brought great burden and pressure to many small and medium-sized enterprises (CARLSONet.,al, 2015). Due to the high salary paid to employees, the price of their products cannot be improved, and finally under the pressure of various funds, they will face very serious enterprise internal and external pressure! Therefore, China's microeconomic development situation is already at stake. Each of us can influence the development of micro economy, and it is very profound to alleviate the crisis of the domestic micro-economy, because it is the one that affects the whole body. I would like to say that the development of micro-economy has reached a point of urgency.

 

1.2 The items of the annual income and expenses

Consumption has been the weakest link in the three drivers of investment, exports and consumption that are driving China's economic growth. With continuous higher proportion of domestic investment unsustainable and global economic recovery is weak lead to external market downturn of the background of international and domestic "double bind", consumption, especially the importance of residents' consumption to maintain sustained economic growth is particularly prominent. In order to solve the problem of consumption growth, we should first understand the development trend and constraints of Chinese consumption, so as to design more reasonable policy measures(POSTMUS, HETLING,  & L. HOGE, 2015).

From the level of consumer spending, with the deepening of reform and opening up, market-oriented reform has been continuously promoted, market activity has been greatly improved, and the role of the market in economic development has been emerging. Consumer spending rose from 945.09 billion yuan in 1990 to 190, 423.8 billion yuan in 2012, a nearly 20-fold increase in 20 years. At the same time, the consumption level of residents has also risen sharply, from 833 yuan in 1990 to 14098 yuan in 2012, which is nearly 17 times higher. In the past two decades, China's economy has grown rapidly and maintained a high growth rate of nearly 10% annually. The efficiency of economic growth has brought significantly enhance residents' consumption, especially in the 21st century, beginning in 2003 consumer spending growth accelerating, which on the one hand reflects the economic development of reform and opening-up has brought significantly enhance people of disposable income, but also reflects the abundance of social commodities and activity(Jobst, 2014). China's economy is slowing down but still strong, and it is foreseeable that consumer spending and consumption will continue to grow along with economic growth. 2. The impact of consumption on GDP. Consumer as the ultimate goal of production is the source of most persistent and stable economic growth, only reality finally applied to the production of consumption is the production of, or the so-called production can be wasted. As one of the three drivers of economic growth, consumption has played an important role in China's nearly three decades of rapid economic growth. However, the contribution rate of Chinese consumption to economic growth is relatively low compared with 80% ~ 90% in developed countries and 65% in other emerging market countries. On the one hand, the contribution of consumption to GDP is lower, from 47.8 percent in 1990 to 55 percent in 2012, although it has increased but has been slower. On the other hand, the increase in consumption of GDP growth from 1.8 per cent in 1990 to 4.2 per cent in 2012 is still in place. From 1990 to 2011, the contribution of consumption to economic growth has not changed much, indicating that the importance of consumption to economic growth has been neglected (Zhuet.,al, 2012).

 

1.3 The habit of managing money

In addition, many investors were induced and stimulated by others' enrichment; Expectations of inflation, and the need to maintain a higher level of appreciation, have inspired this personal investment management craze (TANG, BAKER, & PETER, 2015). This personal investment finance is a good thing, not a bad thing. For a long time there have been some people who have a malformed mentality and are envious of their money, but most of them have a superficial disdain for money, eager to become rich and afraid to show it. For a long time, making money, getting rich and getting rich became a word that the Chinese were ashamed of. Some people are not ashamed of poverty, but are proud of poverty. Some people also want to get rich, but dare not to admit it, the good practice. So now the personal finance and investment hot reflect with the deepening of the reform and opening up, the economic concept of liberation and update, reflect our Chinese common people great progress of the socialist market economy concept. When the first time that China has faced more and more people, in addition to increasing wealth after meet the basic life, when people accustomed to decades of "planned economy", to buy a house, began to her own children's education expenses, medical expenses, to arrange the time of life; When people are facing more and more financial products and more and more complicated tax and regulations; When people face the rapid change of society, the rapid development of the economy to produce to the uncertainty of the whole life cycle, only by thrifty, only by personal mastery of professional knowledge and skills has far cannot implement from the Angle of the individual life cycle for personal or family financial comprehensive planning requirements(Dolanet.,al, 2012). According to a survey released by the national center for economic climate monitoring, about 70 percent of residents in the country want guidance on financial planning. And an international survey shows that most people lose between 20% and 100% of their lives when they don't get a professional explanation and direction. Therefore, the search for experts to provide personal finance has aroused great public interest(BassaScheresberg, 2013).

With the rapid development of economy, the national income and achieve rapid growth and people's living standard as the growth of the income, how to maintain a reasonable financial management with stable life is a lot of people are considering problems. What is the best personal financial management style? It is money management, so the personal finance products are endless in the market now, so what kind of financial management is suitable for the personal finance person? Domestic financial market is divided into offline and online two modes, the traditional offline financial markets have no effective response to the rapid expansion of domestic personal finance group, all kinds of disadvantages and vulnerabilities emerge in endlessly, whereas online Internet banking is leading financial trends, Internet products unique to the core concept of customer first for the Internet financial product more and more adapt to the financial habits of people, people preferred when choosing financial products is Internet products, rather than line products. In fact, for any individual financial planner, choosing to invest in financial products is the most concern for safety and benefit. In recent years the country has established a series of network financial management system, the development of network finance more and more standardized, the safety problem can fully guaranteed, and on the financial revenue, the network finance management methods with the traditional off-line, major general financial option varies according to financial products. For personal finance people, there are many factors that influence the financial experience, such as income, financial period, operation and so on(ANGULO-RUIZ, & PERGELOVA,2015).. In every aspect, the financial management has achieved a good balance, giving personal finance people a less difficult choice of wealth management products. First it is a matter of income, a credit card 9% annualized yield seemingly credit card treasure income is not high, but the credit card to the user with the save as take, by day settlement interest, no extra fees, such factors as the safe and stable, and 9% annualized returns a combination for the personal finance people, credit card bao will be the best choice of the network financial management. It is flexible, complete, stable and also has good financial revenue, making it easy and convenient. This is the new generation of Internet wealth management products, so that financial management can be integrated (Allgood, &Walstad, 2013).#p#分页标题#e#

 

2.0 Literature Review 文献综述

 

2.1 The content of the financial planning 

In the traditional Chinese concept, wealth management is the pursuit of a financial state with more revenue than the expenditure. As a result, many people believe that wealth increases as long as they can reduce spending and increase savings are equivalent to wealth management. Though savings is a financial means, accumulate wealth is also a necessary condition for the financial security and financial freedom, but both from the market supply level and from personal demand level, can say that this understanding is narrow. In particular, personal finance involves both personal assets and personal debt, which is closely related to all aspects of the individual's needs in his life. Therefore, finance is a broad concept. Personal financial planning is according to the individual in the complex social environment and the various requirements, the personal assets and liabilities financial according to certain indexes such as the rational allocation and planning, in order to realize the individual with the process of financial resources develop its maximum utility(Nye,  &Hillyard, 2013). Financial planning refers to individuals or professionals and institutions according to the life cycle theory, on the basis of personal financial and non-financial status, using the method of standardized, scientific and follow certain and specific procedures of practical and operational one or a series of coordinated planning, finally realizes the personal life of the activities of financial security and financial freedom.

In recent years, with the increase of the personal wealth of Chinese residents, various financial institutions have launched various kinds of financial products, and "wealth management" has gradually entered the public eye and became the favorite of the public discussion. However, due to the late start of China's wealth management market, the public has only an unclear understanding of wealth management. From a personal financial planning and its contents, personal financial planning steps, personal financial planning effect expounded in three aspects, are hoping to help the general public to learn more about personal finance planning, better realize the value of the property. Personal finance planning; Life cycle theory; financial security; 

In the traditional Chinese concept of personal finance and personal finance planning, wealth management is the pursuit of a financial state with more revenue than expenditure(SprowForté, 2013). As a result, many people believe that wealth increases as long as they can reduce spending and increase savings are equivalent to wealth management. Though savings is a financial means, accumulate wealth is also a necessary condition for the financial security and financial freedom, but both from the market supply level and from personal demand level, can say that this understanding is narrow. In particular, personal finance involves both personal assets and personal debt, which is closely related to all aspects of the individual's needs in his life. Therefore, finance is a broad concept. Personal financial planning is according to the individual in the complex social environment and the various requirements, the personal assets and liabilities financial according to certain indexes such as the rational allocation and planning, in order to realize the individual with the process of financial resources develop its maximum utility. According to the definition of national vocational qualification training materials, financial planning refers to individuals or professionals and institutions according to the life cycle theory, on the basis of personal financial and non-financial status, using the method of standardized, scientific and follow certain and specific procedures of practical and operational one or a series of coordinated planning, finally realizes the personal life of the activities of financial security and financial freedom.

Personal financial planning content Based on life cycle theory, every person in the different stages of life, a proportion of financial resources in different aspects are different, but on the whole, everyone is roughly the same in the activities of social life. Therefore, we can classify the contents of personal finance planning according to the different aspects of people's financial resources used in the week of life: cash planning. In social activities, each individual daily needed to complete the deal with others in order to get their goods, because there are many uncertain factors in the society at the same time, the urgent need to use cash will inevitably happen. The above two situations determine the individual's demand for cash. Therefore, cash planning is an important part of personal financial planning and an important guarantee of personal assets in terms of liquidity ( Way, 2014). 

 

2.1.1 Consumer spending planning

According to the consumption level and consumption structure of the individual in life, rational planning of consumption expenditure, it is necessary to consider the possible significant consumption expenditure and the reasonable and appropriate use of the liabilities to give full play to the utility of assets and liabilities. 

 

2.1.2 Risk protection and insurance planning

Since there are so many uncertain risks in society, unexpected accidents can bring about the impact of normal activities and even threats to personal financial security. Insurance has the principle of compensatory loss, which can reduce the loss caused by accident to the individual. Therefore, it is necessary to plan the insurance according to the different characteristics of individual activities and the possibility of the situation.

 

2.1.3 Investment planning

The ultimate goal of personal finance planning is to realize the financial freedom which is mainly derived from active investment rather than passive work. Therefore, investment planning is the key to the appreciation of personal property. Investment planning is mainly about the liquidity and yield of investment vehicles, while taking into account the personal risk tolerance and investment preference. 

 

2.1.4 Tax planning

Paying taxes is an inevitable social activity. Everyone wants to have the lightest tax. Therefore, prior to the occurrence of tax payment, the tax plan may be used in accordance with the relevant provisions of the tax provisions to reduce the tax burden. 

 

2.1.5 Education planning

Education planning is usually a personal financial planning for the children of education. Education is an important part of personal life. Therefore, it is necessary to make a prediction of education expenditure and choose the right education planning tool to prepare children education. 

 

2.1.6 Retirement planning

In the period of retirement, the personal body function, the ability to work less, the fixed income of the job greatly decreased, if still want to maintain the quality of life before retiring, must result in the situation that cannot make ends meet. The pension plan is to combine the current standard of living, take into account the impact of inflation and the expected retirement living standard, and select the tools to plan ahead, and guarantee the part of life after retirement. 

 

2.1.7 Property distribution and inheritance planning

For personal property reasonable allocation between family members, determine personal property and joint property, so that when the changes occurred in the civil legal relationship to ensure the safety of your property, at the same time guarantee the beneficiary's relevant interests. From the perspective of people's activities in the life cycle, personal finance planning involves eight aspects. 

According to the frequency and occurrence stage, the above eight aspects can be divided into: regular financial planning, including cash planning, consumer spending, planning, investment planning, risk protection and insurance planning, tax planning; Non-recurrent planning (staged planning) : education planning, retirement pension planning, property allocation and inheritance planning(Griffith, & Lee, 2016).

Personal finance planning is a long-term, comprehensive plan. In general, good financial planning can maximize the utility of personal financial resources to meet the different needs of each stage of life. Specifically, personal finance planning has the following functions: (1) there are stock investment, liquidity, and yield and risk coordination. Personal finance planning needs to take into account the demand for asset liquidity in planning process. Meanwhile, in order to realize the value of the asset, it is necessary to invest in the liquidity of some assets. Personal financial planning is beneficial to conform to the actual situation to the financial resource allocation in a reasonable range, keeping the necessary liquidity to meet the demand of daily life and guard against emergency need prevention requirements, but also will have the financial resources of creating time value, select the appropriate tool into the circulation channels so that the property value, achieve financial security and financial freedom. (2) take advantage of the liabilities and use the eggs wisely. Unlike traditional financial concepts, personal financial planning also involves debt planning. On the one hand, the increase in debt will increase the cost of personal assets and increase the pressure of personal repayment. But on the other hand, debt can also spread personal current spending for period, to prevent individual asset one-time excessive outflow caused by the lack of liquidity, at the same time, this part can be assets to invest in a return to compensate liability costs. In personal financial planning, therefore, should learn to make full use of the liabilities and the liabilities of costs and liabilities replaced this portion of the assets is expected to spending could bring the yield on the comprehensive consideration to individuals. For some large expenditure, you can choose to take advantage of liabilities (such as credit), use the difference in the time value of money, and bring in economic benefits to yourself to achieve the effect of "chicken eggs". (3) Lack of difficulty and improve the ability of risk tolerance. The occurrence of risks is often accompanied by the loss of economic benefits. If there is a greater risk of serious consequences, it is very likely to threaten the normal life of the individual. At this time, the insurance plan in the personal finance plan plays its good utility. Because the insurance has to FuXing and compensatory, thus to participate in the insurance of the individual, in the event of accidents, the injury to person or property damage, which is in a difficult situation, the settling behavior of insurance company can reduce the actual loss, so as to promote the individual's ability to resist risk. (4) Always have some support to ensure a good year. After busy work, the public hopes to have a peaceful and beautiful life in retirement. In retirement pension finance products brings to the holders of the economy into just to make up for a personal reduce wages and salaries income after retirement, can help the holder will own life maintain level before retirement, even to a higher level. Retirement and pension planning help individuals to rely on their old age and achieve a better life in their later years. (5) Financial security and beneficiary's interests. In civil legal relationship changes (such as marriage changes), often accompanied by property distribution, property distribution planning can help individuals to determine the personal property, to ensure that the property is not occupied by others. In addition, when people die, property inheritance planning is conducive to protect the interests of the relevant beneficiaries and at the same time, to a certain extent, also avoids the production of domestic internal contradictions; maintain the family harmony and family. In short, from a financial perspective, personal finance planning is beneficial to the maximum utility of each unit of wealth held by individuals(BRITT, CUMBIE, & BELL, 2013).. From the perspective of the whole life cycle, personal finance planning is conducive to the realization of different needs in different phases. Therefore, personal financial planning has great effect on personal life and development.#p#分页标题#e#

1. The core strategy of financial planning

The risk tolerance of young families is relatively high, and the core strategy of financial planning is the attacking type. The risk tolerance of middle-aged family is moderate, and the core strategy of financial planning is to be both defensive and defensive. The risk tolerance of elderly family is relatively low, and the core strategy of financial planning is defensive. A lot of people are desperate to find out "what is the answer", which is a bad habit that people have developed under the education, which means that there is only one standard answer for financial planning. In fact, the cultivation of financial management must depend on oneself, and different people have different ideas, can't have trouble, let other people help to do and so on the idea, otherwise is to incur loss. Should set up the correct understanding, the investment need to calculate their assets, time is long will find that the existing problems in financial management methods, such as their own personal insurance is shiraho, money is in the low profit improper use, and so on. As a result, at least 90 per cent of those who fear that life will not be guaranteed in old age can escape from such concerns.  

 

2. Make a plan for investing in financial planning. 

First, understand the direction of investment.Existing investment channels include bank savings accounts and similar accounts, buying collectibles, buying houses, buying bonds or stocks. Savings accounts, money market funds, Treasury bills, certificates of deposit, these are short-term investments that can be paid in interest, in a safe way, and can be repaid in a short period of time without losing money. Regular savings accounts for three months, six months or a year are also a good investment for the average family. Savings is also beneficial for country; a country with a high savings rate can focus on financial investment in roads, telephone network, all plant, equipment, and can make the company to produce quality and cheap, marketing overseas products innovation of science and technology. Japan, for example, was almost destroyed in World War II, but it came back and gradually became a world economic power. Japanese cars, Japanese televisions are generally entered into each family, and Japanese manufacturing is a symbol of high technology and high quality. The main reason for Japan's ability to rebuild its industries and cities is its high savings rate. Now Japan is still a case-dough power, therefore, in this time of the tsunami, earthquake and nuclear radiation catastrophe still can be in an orderly way the development of a high savings rate is an important reason. And the United States, it is generally the more than 50% of the funds for bonds, funds, stocks and other investments, even pension reserve fund for investment, so most of the American assets are used up, as a result, when the financial crisis comes, in order to the development of the global economy, all over the world to help us through this crisis(Estelami, 2014). Invest in the collection. Collectibles can have antiques, COINS, stamps, or limited collections. The longer these items are, the more valuable they are. Inflation erodes the purchasing power of cash, thus driving up the price of items and people are willing to pay a higher price to buy them. However, the longer the collection of these collectibles, the longer the value of their holdings, the more depreciation they will have, so the collection will also need to be maintained. Collection is a very special enterprise, the success of the collector not only for collection of research, the market value of the collection is also very good, there are a lot of things to learn, in the field of the part can be learned in the book, and the other part must learn from practice. Real estate investment, buying a house is the most profitable business, and you can wait for it to rise as you live, so you don't have to panic when the market falls, and you have to leave as soon as the market falls. House not only use value, as long as you live, the house will rise, you don't need to pay any taxes, when you sell the house, the basic tax payments are often paid by the buyer, and the government will also be some relevant preferential policies. Bonds and equity investments, the last generation was most familiar with treasuries, lending money to the government through national debt, and years later, the government repaid the principal and paid interest(Xiao, Chen, & Sun, 2015). The benefits of investing in bonds is that even if you miss the share price rise in profit opportunities, but also avoid the fell you bring losses, it has a certain guarantee, the investment is relatively safe. But the bond also has certain risks, the government won't collapse, but the government will also timely printing new money, although such bond holders won't be at risk of not to cash, but will face the risk of currency devaluation. Stock is the best investment in addition to the house, high investment, high return, of course, is also the biggest risk, may lose everything, but in the long run, the value of the stock is rising over time, the need for stock investment is experience and wisdom.

 

3. Invest financial risk and avoid it

People should be aware that financial planning is important and time is money. No one is born a master, the ability comes from learning and practical experience and accumulation, not wanting to get rich overnight, cannot put eggs in the same basket. Risk management is a decision-making process that is used by an organization or individual to mitigate the negative impact of risk. Risk management plan is refers to economic units through the risk identification, measurement and evaluation, selection and optimization based on the combination of various risk management techniques, to control the risk effectively and properly handle the risk caused by the consequences of loss of, as far as possible little cost to get the largest security and economic interests. People need to be on their own investment risk management, financial innovation emerge in endlessly, nowadays the various insurance products, complicated, therefore, should be more for their own economic conditions and has a deep understanding of security requirements, to develop appropriate solutions, so as to avoid risk(Astorino, 2015).

 

2.2Social learning theory 

2.2.1 Personal factors

Consumer buying behavior is influenced by its own factors first, these factors include: 

(1) It is the consumer economy, consumers' income, savings and assets, borrowing capacity, etc. The economic situation of consumers will strongly influence consumers' consumption level and consumption scope, and determine consumers' demand level and purchasing power. The consumer economy is better, it may produce higher level of demand, buy higher-level goods, enjoy more advanced consumption. On the contrary, the consumer economy is in poor condition and usually only has priority to meet the basic needs of living and living. 

(2) It is the occupation and status of consumers. 

Consumers of different occupations often differ in their needs and tastes. A consumer who is engaged in the teaching profession will generally purchase more cultural commodities such as books and magazines. For fashion models, beautiful clothes and elegant cosmetics are more needed. The status of consumers also affects their purchases of goods. High - level consumers will be able to purchase more advanced goods that display their status and status. 

(3) The age and gender of consumers. Consumers' demand for products varies with age, and at different stages of the life cycle, there is a need for a variety of products. Baby food, toys, etc. In the old age, more needs to be used for health care and longevity products. Consumers of different genders also have different purchasing behaviors. Tobacco and alcohol products are purchased more for male consumers, while female consumers prefer to buy fashion, jewelry and cosmetics. 

(4) It is the personality and self-concept of consumers. Personality refers to a person's unique psychological qualities, usually characterized by strong or weak, enthusiastic or withdrawn, outgoing or introverted, creative or conservative. Consumers of different personalities have different buying behaviors. Strong consumers are bold and confident in their purchases, and cowardly consumers tend to be timid in choosing products(Xiao et.,al, 2011).

 

2.2.2 Past behaviors

Consumers' purchasing behavior will also be influenced by the main psychological factors such as motivation, perception, learning, attitude and belief. (1) Motivation and need 1, motivation is the driving force to promote individual activities. Motivation is the direct cause of behavior, prompting individuals to take some kind of action and define the direction of behavior. 2. Motivation is born of necessity. Consumers' purchasing behavior is the behavior of consumers to solve his problem. Different people have different needs, and people's physical and spiritual needs are also extensive and diverse. Each person's specific situation is different, the order that solves the need problem set priorities is different naturally, also has a "need level". The need to be satisfied will stimulate a strong incentive to purchase, and once satisfied, it will lose the incentive to act, that is, there will be no incentive to act. (2) When the conscious consumer is motivated, he is ready to act. However, how many are affected by his perception of the situation. 1. Perception is the process of individual selection, organization and interpretation of input in order to create a meaningful picture of the individual world. Perception depends not only on the characteristics of the stimulus, but also on the relationship between the stimulus and the surrounding environment and the situation of the individual. 2. The characteristics of perception -- selectivity (1) selective attention -- the stimulus that people feel, only a few attract attention and form perception, most of which are selectively ignored. Generally speaking, the following situations are likely to attract attention and form perception: a • related to the recent needs; B • information awaiting; C • more than normal, unexpected changes. (2) selective misinterpretation -- people often like to interpret what they are aware of, in terms of their own experiences, preferences, emotions, situations, etc. This explanation may be in line with the ideas and intentions of the company, and may vary widely. (3) selective memory -- people tend to forget most of the information, but always remember things that are consistent with their attitudes and beliefs. Whether the enterprise's information can be retained in the customer's memory, it has a great influence on its purchasing decision(Alemis, & Yap, 2013).#p#分页标题#e#

 

2.2.3 Environmental factors

Consumer behavior is also affected by social factors, including consumer's family, reference group and social class. 

(1) The family 

Family is the most basic group that consumers belong to. A person learns from his parents the behavior of much daily consumption. Even after growing up, parents still have a clear influence on their teaching. , buying roles of husband and wife, family life cycle of consumer behavior under the influence of family life cycle, each life cycle stage has different purchase or behavior patterns, the seller can sometimes life cycle phase to define the target market, and in view of the different life cycle stage of the development of marketing strategies(Davis, 2016).. 

(2) The consumption behavior of the reference group is influenced by many reference groups. 

The direct impact group is called the membership group, including family, friends, neighbors, colleagues and other sub-groups such as religious organizations, professional organizations and trade unions. Worship groups are another reference group. Some products and brands are heavily influenced by reference groups, and some products and brands are less influenced by reference groups. For products and brands that are heavily influenced by reference groups, consumers must try to reach out to the relevant opinion leaders and try to pass on relevant information to them. (3) social stratum refers to the division of social members into several social classes according to certain social standards, such as income, degree of education, occupation, social status and fame, etc. The same social class tend to have a common values, lifestyles, ways of thinking and life goals, and affects their purchasing behavior, the marketing at home and sociologists Warner (w. l. Warner) from the perspective of commodity marketing, the American society is divided into six classes. Since every society has different classes, its needs have corresponding levels. Even people with the same income levels, different classes, lifestyle habits, ways of thinking, purchasing motivation and consumption behavior are also significantly different (see table 1). Therefore, enterprises and marketers can segment the market according to the social class and select their own target market(Niculescu-ARONet.,al, 2010).

 

3.0 Methodology 方法论

 

3.1 Data and sample

In the sample, an average of 20 percent of people have risky financial assets, with an average investment ratio of 2.75 percent and an average investment of 26,610.45 yuan, compared with 21.58 percent of non-risk financial assets. In all households, averages of 83% of all households have housing, and the average investment in the total assets is 74.86%, compared with 75% in 2005 and 70.96% in 2005, respectively.

Once again, this data shows that property investment occupies most of the family's wealth; The rate of ownership of two sets and three sets of home ownership reached a high of 15%, with the average investment accounting for 7.14% of total assets and more than 2.75% of risky financial assets. The proportion of private enterprise ownership reached 1%, and the investment proportion reached 0.81%. Total assets of 739423.7 yuan on average, it compared with the data aldo 354259 yuan in 2005, more than doubled in six years, on the one hand, from the improvement of people's living standards, as well as family assets and property which is a major rising in recent years. The average income reached 15100.48 yuan; also well above the 2005 figure of 4588.24 yuan.

 

3.2 probit and tobit model

3.3Dependent Variable and Independent Variables

Total household assets (Asset), the square of the total household assets (Asset2) : the wealth of total household assets is affecting financial assets investment and risk involved in one of the most important factors, here, including real estate, private investment without risk of financial assets, risk of financial assets. Through the data analysis in the foreword, the higher the total assets, the greater the family's participation in the risk financial market,is the less obvious trend of the investment proportion. But taking into account the family with a large amount of assets, there is a lot of surplus capital and a certain capacity for risk, which will increase the proportion of investment in risky financial assets. Therefore, the two most important coefficients should be positive.

The square of Age (Age), Age (Age2) : above analysis that the influence of Age presents the displacement peak shape, be in namely young "increased first, and after the peak in middle Age, and old Age gradually decline, so different people in different Age risk financial investment structure. But financial investment risk is influenced by many other factors, which are in different age stages, the affected by external factors, will lead to their different risk financial assets investment.

Income, Income squared (Income2) : it is generally believed that when households are exposed to Income, the risk of human capital reduces their risk of financial asset investment. But the combination of China's social reality to analyze, research the wage income is including monetary, bonuses, but it is still difficult to fully reflect the actual income of the family, it involves a lot of recessive welfare as well as some gray income. Therefore, it is inevitable that the survey data will be in error with the real income of the family, and it does not make a qualitative analysis on the impact of this index, only as a reference.

Household heads are subject to Education (Education) : this variable is a virtual variable, 1 for primary school and below, 2 for junior high school, 3 for secondary school and high school, 4 for college and undergraduate, and 5 for undergraduate or above. It is believed that the higher the household's exposure to education, the better the family's participation in the risk financial market.

Family householder occupation (Job) : this variable as virtual variables, according to occupational risk appetite and stability of the classification, 1 on behalf of the head of the state organs, organizations between the enterprises and institutions, 2 on behalf of the professional and technical personnel, on behalf of handle affairs personnel and concerned personnel 3 and 4 on behalf of the business and service personnel, 5 on behalf of the production, transportation, equipment operators, 6 on behalf of agriculture, forestry and fishing production personnel, 7 representative freelance, 8 students, on behalf of the other nine (including migrant workers and retirees, etc.).

Family risk preference (Riskl Risk2 Risk3, Risk4) : four variables are virtual, Riskl choose risk appetite for assets, 1 for high-risk, high return 2 for slightly high risk slightly high risk slightly higher returns, 3 for the average risk, average returns, 4 to lower risks, slightly lower returns, 5 is unwilling to take any risk. Risk2 is very good for China's future economic situation in China, which is very good, 2 is better, 3 is almost constant, 4 is worse, and 5 is very poor. Risk3 is the family happiness, 1-5 respectively represents, very happy, happy, general, unhappy, very unhappy. Risk4 is willing to get more money to give up the money now, 1 to be willing to get 1000 yuan tomorrow, 2 to be willing 1 year to get 1000 yuan. Esinvest2 and Finvest are both binary virtual control variables, respectively representing whether to invest in multiple properties and whether they hold risk-free financial assets 1 is Yes; 0 is No.

 

4.0 Results 结果

 

4.1 Descriptive statistics

According to recent reports, financial planning, children education, medical insurance, and retirement funds will be the focus of the country and the focus of family finance. According to the survey, about 90 percent of respondents had experience in investment banking, in which only a few families have invested most of their assets in financial investment. And those surveyed were still wealthy. Therefore, the four important difficulties that solve most family financial management are the focus of the state to support family finance. Of course, you can't help blindly, to understand the different funding conditions under different life cycles, and to adjust the response of different families.  

The time value of money is the time value of capital. The increasing amount of assets over time based on existing funds is the time value. This actually is easy to understand, for example, people in the bank money, on the basis of money, in the longer bank of interest, the more it is in the traditional sense of time value. In family finance, although each family has a different fund base, the purpose of family finance is the same, which is to maximize the value of the asset in the limited time. There are fixed asset returns over the same time period, which are the income from daily work income(Anderssonet.,al, 2013). Usually people use percentages to show that the increase is more than the upper part. The flow of capital, the cycle, and the resulting appreciation of the currency, either long or short, takes time. It's just that in the process of the cycle, the more times the shorter growth multiples, the more total assets that you accumulate. Therefore, to maximize the present value of the assets, we should seize every short opportunity. This can achieve the desired results and results in the life cycle. The value of money in different periods is different, so this factor must be taken into account in the process of family financial management, otherwise it will lead to the confusion of fund management and the deviation of future fund statistics. This is also a very basic principle of investment finance.#p#分页标题#e#

With the increasing of family income, family finance has become a hot issue. The family investment financial demand is big, mainly manifested as the bank deposits move, and put it into the stock market, bonds, insurance, securities, and other financial products. In recent years, because of the accumulation of assets and the growing economic knowledge of people, more and more people are trying to make financial products(Knudsenet.,al, 2015),. Of course, how smart financial institutions can't detect this trend. More and more Banks and financial institutions begin to implement some conform to most of the family of products, most of them is a lower risk of financial products, which captures the most afraid of risk that financial family psychology. But low risk means low returns. So most wealth management products do not really help the family, but it is the same as saving money in the bank. These wealth management products have simply not increased the amount of financing that Banks and financial institutions can raise. So to really maximize the asset, you need to know the flow of assets. Understand the inside of the financial industry to avoid high risk and get high returns. In order to maximize the present value of assets in a certain time period, this is the ideal of family finance. At the same time that wealth is growing, there are more risks to be considered when doing wealth management planning, which brings great opportunities for financial planners. 2015 China into class, wealth class "white paper", according to a survey of public assets of wealthy with 56.3% of respondents to choose their own independent or family care, 43.7% of respondents choose trust financial institutions to do(Jorgensen, & Savla,2010). Similarly, in other financial sectors, such as the securities market, the number of shareholders and base people has increased. The term stock is no stranger to most people, but not everyone knows about stocks. That includes some shareholders. After all, there is a lot of ruin in the stock market. Although the stock market turmoil is like natural disasters, people cannot predict, but the financial industry must have its own rules to follow, just to see the rules of control have not. So, finally, I want to conclude that family finance should not be blind. There are techniques and rules for these economic things. The risk is not as scary as it is supposed to be. As long as you can grasp the mystery and make it reasonable and legal to make your family money, the beautiful life you are longing for will be waiting for you not far away(O'Neill et.,al,2015),.

There is a great deal of uncertainty, which is the risk of investment. This is one of the rules of investing, as long as investment is accompanied by risk. Therefore, it is very important to know the risks correctly before investing.

1. market risk. Investors face the biggest risk is the risk of the market itself, including the risk of financial product supply and demand change, product cycle risk, market environment change risk, the risk of excessive speculation, the market risk of irregularities and technical analysis. Investors should have consciousness of market risk, the necessary risk avoidance and prevention. In today's financial products on the market, due to restricted by laws, regulations and financial policy, RMB financial products are mostly stable return on investment of central bank bills, debt-financed, central bank bills and Treasury bonds, despite the national credit, but it's not the market risk, supply, price index, interest rate and exchange rate changes are likely to lead to risk（Hinget.,al, 2012）. 

2. interest rate risk. Interest rate risk refers to the risk that the fluctuation of interest rate leads to the fluctuation of price and yield of wealth management products, which is mainly manifested in bond investment. Bond is a legal contract, most of the bonds coupon or fixed in-terest rate is fixed, when market interest rates rise, bondholders to sell bonds at a lower price, will be money to other higher-yielding financial assets, leading to less demand for bonds, bond prices fall; On the other hand, if market interest rates fall, bond interest rates are relatively high, the money has gone to the bond market, it will cause bond prices to rise, bond prices and market interest rates move in the opposite direction is, the relationship in other financial markets, such as the stock market is also common.

3. inflation risk. 

In inflation, the purchasing power of money is going down, and most wealth management products are a monetary asset. In the case of bonds, the interest and principal paid by the issuer to the bondholders are generally agreed fixed amounts, which will not be increased by inflation. Due to inflation, bond holders from the bonds of currency is more and more low, the actual purchasing power may even lower than the purchasing power of the original investment amount, at this point, the inflation indirectly reduces the bond holders. The same is true of other wealth management products, although nominal gains have been improved, but in the case of inflation, real purchasing power is not likely to rise（Ironmonger, 2012).. 

4. technical risks. 

Nowadays, with the development of information technology, almost all kinds of financial products have been computerized. When computer, communication technology, trading network technology security system such as the abnormal situation or information network support, may lead to financial products daily purchase or redemption of can't do, according to the normal time limit for registration system paralysis, accounting system can't according to normal time shows investors need data, such as securities investment funds, when the above problems, the investors will face the net value of fund, fund investment orders can't timely transmission risk(Dingxiang, Zhengmei, & Iingli,2014).

Risk is caused by uncertainty or change, which deviates from the expected target, which leads to the possibility of loss of benefit. Risk is inescapable, investment management should be paid only for the reward, and ignore the risk. In fact, more important how to manage risk, management risk, the purpose of it is not to completely eliminate risk, but is that: the fact that the existence of the risk, and further analysis of the risk, and reduce risk(Wright, 2016).. In the analysis of the characteristics of various financial products and the risks they may face, they can control the risk of wealth management products from the following aspects:

(1) correct cognitive risk in practice,Investors can grasp the risks in several ways. The existence of risk is not all bad, and there are two sides to everything, and so is risk. For an enterprise, there are risks that can enhance the adaptability of the enterprise, cultivate the spirit of pioneering spirit, and train the competition ability. Some risks can also be turned into opportunities to bring benefits to enterprises. For investment, not only brings loss risk, it may bring great profits, in 2009 China's stock market launch of the business sector, it is corresponding to the concept of motherboard, is outside the main board for small and medium-sized high-growth enterprises, high-tech enterprises and the financing way to facilitate the development of the emerging company, and provide effective exit route for venture capital of a new market. Risk transfer is a popular method for people to invest in financial security. Once the risk is found, it is quickly put into the market to make it cheap

Potential attracts other investors, speeds up the process, and reduces risk losses at the expense of small and even small losses. In real investment, we mainly transfer risk to the risk-takers, and transfer the risk to other places(HERD, HOLDEN, & SU, 2012). The transfer of this risk subject can avoid the widespread crisis caused by risk and reduce the risk loss. We can't recover the risks that have taken place, but we can avoid the risk that is going to happen, and reduce the losses as much as possible. Consciously avoid or shift to reduce the risk of risk taking. In an enterprise, when a new product development plan encounters a greater risk, it can change the original plan or adopt a multiprogramming approach to bypass the possible insurmountable risks. But, in the actual investment, we should be as the case may be, not all risk avoidance, generally high risk means high income, within the scope of my ability, we should dare to take risks, in this way, it doesn't lose the good chance. (2) the analysis of the basic knowledge of the stock market is both a science and an art, requiring investors to have the ability to make decisions and a considerable professional knowledge. Although securities investment has become more popular nowadays, it is not equal to any one person can be in it, to enter the market, the basic knowledge of this aspect is indispensable. It is impossible for everyone to become a financial planner, but at least the basic common sense should be mastered. In practice, every year there are customers due to dissatisfaction with entrusted financial and banking or securities company involved in a dispute, the bank or securities company does indeed quite a responsibility, but also largely due to the lack of should have basic knowledge of the customer. So, no matter what type of wealth management products you invest in, it is necessary to learn some basic knowledge before investing(Barcelloset.,al, 2016). Only with certain professional knowledge, investors can better control their risks. When investing, many people don't make their own investment plan, so the reason is not clear, more and more puzzled, their trading activity happens in a flash, or a specious, impulse or whim, or a straight lift curve, or follow others blindly, hundreds of thousands of millions of money in advance to a few seconds, oneself do not have a clue, there is no reason, no plan, to buy after the market will likely change without any preparation. Such investment behavior itself before had planted the seeds of failure, risk, of course, also with its left and right sides, as long as investors a bit inadvertent, could face a huge risk, then regret it too late, only to swallow ( VIEIRA, 2012).. It is an effective way to control risks before implementing the operation and making a thorough plan of operation. (iii) investing in the range of risks that are under risk is overzealous in the market, and too pessimistic in a depressed market. In the usual mindset, investors' concerns about unexpected losses are much stronger than the unexpected gains. Therefore, people focus on reducing losses when they study risks, mainly considering risks from the negative side, and often view risk as the possibility of adverse events. In fact, this kind of mentality is inevitable. After all, China has only three decades of reform and opening up, and the rule of law in the capital market is not sound. People's financial ideas and skills are still immature. It is normal to take a detour. But the key is to eat a pit, to be wise, the same kind of mistakes can not be repeated. As is known to all, China's stock market since 2007 to dramatic changes, with The Times, stock investors had is the "heart", in the face of up-and-downs in the securities markets, if investors cannot reasonably regulate mood and control point of view, I'm afraid I already had a heart attack(Mendes, 2013).. Only a steady state of mind can ensure the normal performance of the operation level, so as to keep the habit of thinking calmly, reduce the probability of mistakes, and effectively prevent the bedding. In addition to want to keep a good state of mind, the choice of the ways of investment is also very important, investment to do know fairly well, avoid by all means through debt, loans, investment, in the form of the mortgaged property and debt increased the risk of investors, make more good luck, bad luck when more than compensate. It is most appropriate to invest with the idle money that you have. Investors only use their own capital, so he has no financial risk, only business risk. Under the bad market situation, as long as investors are held, the losses haven't really happen, even if the market at the worst, make investors all losses, also will not affect the normal life of the investors. This is also one of the effective ways to control risk. (4) in the fields of laws and regulations allow to invest in practice, we should dialectically treat all kinds of financial product reviews, news and stock speculation themes, should pay attention to improve their quality, erected their own independent judgment ability, at the time of receiving market information must have their own independent thinking, can't conformity and follow blindly(Hoffman, 2015).. In addition, national laws and regulations should not be ignored, do not set profit targets that violate market rules, and do not use illegal means to pursue excessive profits. In the end, it will only lose more money. For stocks, investors should take control of their positions, set stop-loss points, understand timing, and be patient enough to wait for the best investment opportunities. Position control determines how much you lose when you are really at risk. Structure to pay attention to your positions, not to stake too much, try to avoid full hold shares, especially not by adopting the way of overdraft, lending to fry or embezzlement increase positions, and use less as far as possible margin way to increase the stock, the risks are hidden, once happened, it is difficult to control. In addition, in practice, investors should also learn to use stop-loss method and set stop loss points. (5) reasonable collocation wealth management products in the face of many financial products, investors should be how to choose, is the allocation of investment, or focus on investment, of course, different investors have different choice. Aggressive people are willing to accept high risk for high profits; Moderate people are willing to take part of the risk in order to gain more than average profits; Conservative people tend to give up the average income that might be higher than average for the sake of securing immediate income. Ultra-conservative people are hardly willing to take any risk, preferring to put their money in the bank for a small profit. We all know that "don't put your eggs in the same basket," and make a reasonable portfolio that minimizes risk and makes it official. There are no stocks that are not falling, and there is no stock market. In addition to investing in technical analysis, it also adheres to the concept of long-term investment. For ordinary investors, rather than knowing how to copy short term, it is better to draw on the experience of others and make long-term investments. But long-term investments must be invested in companies that perform well or have huge potential for development, or investors are at risk of going bust. Investors who invest in short-term investments have the same period of time. Assets not only have not appreciated, but they may not even be able to maintain their value(Kuzniaket.,al, 2015).#p#分页标题#e#

 

4.2 regression results

4.2.1 Probit involvement model regression analysis

　 Coef. P>|z| Std-Err.

Espercen -0.7372 0 0.0764

Enterpercen -2.0278 0 0.373

Esinvest2 0.2974 0 0.0688

Asset(*e-06) 0.812 0 0.0452

Asset2(*e-12) -0.0768 0 0.631

Age -0.0204 0.089 0,0120

Age2 0.00018 0.124 0.0001

Income -0.000000435 0.753 0.00000138

Incoine2 0.000000000000332 0 0.00000000000334

Job -0.0111 0 0.0162

Education -0.0304 0 0.0294

Riskl -0.0208 　 0.22

Risk2 -0.3112 0.25 0.027

Risk3 0.011 　 0.0322

Risk4 -0.0039 0.917 0.0372

cons -0.8859 　 0.0561

LR chi2(13)=537.61

Prob> chi2=0.0000

PseudoR2 =0.1453

Figure 1：the regression results

First, the participation of real estate investment and the proportion of investment (Espercen) has a significant impact on risk financial investment participation, and the P value is 0.000, which is quite significant. The ratio of real estate investment is negative, indicating that the increase of the proportion of real estate investment will crowd out certain risky financial asset investment, which has negative effect on it.

Second, private sector investment proportion (Enterpercen) for family risk of financial assets has significant negative effects, namely family their business or investment in enterprises will reduce the possibility of its in the financial risk of the market.

Third, with more than one home, the second or third suite of investment participation (Esinvest2) has a positive impact on family participation in risky financial markets. This is because, more than 2 sets and have the ability to investment real estate family, tend to have more assets, wealth, and risk to bear ability is stronger, is also much greater wealth desire, thus easier to participate in the risk in the financial markets. However, Espercen2 has no significant impact on family participation in the risk financial market.

Fourth, total household assets (Asset) and the square of the total assets (Asset2) has a significant influence on financial investment risk participation, and there is nonlinear relationship, present the family financial investment risk with the total assets of falling after rising first, namely when wealth increase gradually from low level, families choose to participate in risk financial market gradually, but as wealth to continue rising, family risk financial market participation rate will decline, this is because the wealthy families had more instead of investment channels, such as the rights and interests of investment enterprises, it will have crowding out on family to participate in the risk in the financial markets. This is just as Campbell (2001) found that the proportion of wealthy households with relatively low wealth and middle wealth is much higher. That's because wealthy families are more likely to invest in risky assets (Cairo, 2002). This also verifies the study of Heaton and Lucas (2000), which finds that in some very wealthy households, private enterprise assets take the place of listed equity investments.

Fifth, other variable Age (Age), Age (Age2) square, the square of Income (Income), Income (Income2) professional (Job), level of Education (Education), area (Province), Risk preferences (Risk) was not found to have significant impact, this may be limited by cross section data and further analysis also need further study in the future.

 

4.2.2 Tobit distribution model regression analysis

　 NO house family one house family 　 many houses family 　

Dependent variables coefficient (P>|t|) coefficient (P>|t|) coefficient (P>|t|)

Espercen 0 0 -0.519 0 0 0

Enterpercen -1.3538 0 -0.633 0 -0.2145 0.116

Espercen2 0 0 0 0 -0.1016 0.001

Asset(*e-07) -1.66 0.183 1.45 0 4.91 e-01 0

Asset2(*e-14) 7.93E-01 0.776 -1.91 0 -3.89 e-01 0

Fpercen -1.5541 0 -0.8784 0 -0.0668 #p#分页标题#e#0.358

Age -0.037 0.001 -0.0007 0.752 0.0085 0.02

Age2 0.0004 0.004 0.000013 0.567 -0.000076 0.038

Income 1.14E-06 0.502 -1.08E-07 0.67 9.82E-08 0.881

Income2 -5.82E-13 0.912 1.61E-13 0.746 -1.51E-12 0.691

Job 0.0114 0.46 -0.0056 0.035 0.0017 0.676

Education 0.03 0.351 -0.0089 0.098 -0.0038 0.617

Riskl -0.0282 0.217 -0.0015 0.714 -0.0071 0.234

Risk2 -0.0197 0.559 -0.0013 0.816 -0.0036 0.642

Risk3 0.0309 0.341 -0.0011 0.847 0.0024 0.768

Risk4 -0.007 0.915 0.0117 0.272 0.009 0.543

cons 1.7359 0 0.2813 0 -0.2627 0.015

Figure 2: the result output

 

The total investment of the property (Espercen) was eliminated. The two or more property investment (Espercen2), household total assets (Asset) and family total Asset squared (Asset2) have a significant impact on household risk financial investment. Age (age) and age squared (age2) have little influence due to the small coefficient. Two or more (Espercen2) of real estate investment accounted for family financial investment risk is crowding out, for these multiple homes family, a second and more real estate investment in the stock, fund, out of the family financial management products, such as financial investment risk. Regression result shows the distribution model, the dependent variable for family risk financial asset investment to total assets ratio (Rfjjercen), in order to study the different family, in the housing ownership housing influence on financial investment risk, this sample can be divided into three groups, respectively is no property, who owns a property, has many homes. Through the model test, we can concluded that no real estate family sample group: private sector investment proportion (Enterpercen), the risk of financial assets (Fpercen), Age (Age), Age of square (Age2) for family risk investment has a significant impact on financial assets. Among them, the private enterprise investment effect is negative, the family enterprise investment assets proportion increase will be out of risky investment, and financial assets in the same way without risk of financial asset investment proportion also have the same effect. In addition, the square there is a linear relationship between the dependent variable and age, the family financial investment risk, along with the age growth rise after falling 'first, it accords with the life cycle theory, namely no real estate family did not accumulate too many assets when they are young, for they are young and middle-aged period, children education and so on need large overhead, so the risk of financial assets investment is reduced, and then piled up a certain assets because of the age, will increase the risk of financial assets investment.

A family room sample group: real estate investment proportion (Espercen), the private sector investment proportion (Enterpercen), total household assets (Asset), total household assets square (Asset2), no risk of financial Asset investment accounted (Fpercen), occupation (Job) is more significant effect on risk of family financial Asset investment. Can be observed that real estate investment proportion, the private enterprise | lee, no risk of financial assets | ^ 7 shows crowding-out effects than all of the dependent variable, will reduce the risk of financial asset investment accounted; While total assets and dependent variables have nonlinear relationship, the reason is the same as the above model interpretation, but the coefficient of total assets is very small and the influence degree is not large. Professional coefficient is negative, illustrates the career stability is reduced, the risk of financial assets investment proportion reduced, the stability of the professional means stable source of income, thus promotes family investment risk of financial assets.

There are a number of property families: since they own two or more properties, in order to avoid multiple collinear, this group returns the total investment in the property (Espercen). The two or more property investment (Espercen2), household total assets (Asset) and family total Asset squared (Asset2) have a significant impact on household risk financial investment. Age (age) and age squared (age2) have little influence due to the small coefficient. Two or more (Espercen2) of real estate investment accounted for family financial investment risk is crowding out, for these multiple homes family, a second and more real estate investment in the stock, fund, out of the family financial management products, such as financial investment risk.

 

5.0 Discussion 讨论

 

Based on the statistics analysis, the result could be analyzed. Firstly, the average 20% of households have risky financial assets, with an average investment ratio of 2.75% and an average investment of 26,610.45 yuan, while the proportion of non-risk financial assets is more than 21.58%. This paper shows that China's family financial investment structure is still dominated by non-risk financial assets such as cash and deposits, and the proportion of risk financial participation and investment still needs to be improved(Shin, &Montalto, 2015). 

Secondly, on average, 83% family home ownership, and the average investment accounted for the proportion of total assets reached 74.86%, and also data in 2005 were 75% and 70.96% respectively, the data again, real estate investment occupies most wealth family; The rate of ownership of two sets and three sets of home ownership reached a high of 15%, with the average investment accounting for 7.14% of total assets and more than 2.75% of risky financial assets. It shows that in all types of household assets, both participation and investment ratio have an absolute advantage. 

Thirdly, family average total assets of 739423.7 yuan, which compared with the data also 354259 yuan in 2005, more than doubled in six years, on the one hand, from the improvement of people's living standards, and also family assets and property which is a major rising in recent years. #p#分页标题#e#

Fourthly, the family property to participate in the investment risk of financial assets has a promoting effect, especially the families of the two or more real estate, participation for financial investment risk is relatively high, because more property means have more wealth, wealth increase will promote family looking for more investment opportunities. 

Fifthly, the proportion of households holding real estate to venture capital investment has a crowding out effect. Since the purchase of real estate requires a large amount of capital, it is bound to compress the funds used to invest in venture capital. In particular, investment in multiple properties is crowding out the investment quota of risky financial assets, which means that households choose to invest in real estate rather than risk financial assets to increase their wealth. 

Sixthly, the private enterprise investment risk for families on the financial investment participation and investment ratio are crowding out, however, the overall investment of private enterprise family after all minority, mainly in the total assets of more than 5 million families of is quite high. Therefore, this influential factor is not universal to all families. 

Seventhly, total assets of the effects of financial investment risk for families relationship is nonlinear, present the "inverted U shape", namely the present family financial investment risk with the total assets of falling after rising first, when the wealth from the low level gradually increases, the families choose to participate in risk financial market gradually, but as wealth to continue rising, family risk financial market participation rate will decline, this is because the wealthy families had more instead of investment channels, such as the rights and interests of investment enterprises, it will have crowding out on family to participate in the risk in the financial markets. 

Eighthly, other factors in addition to age, occupation has a significant influence in the individual sample group, in this chapter, the regression test is not significant, mainly considering the, model is using a single phase of the cross section data, rather than the commonly used panel data; In addition, it is also related to China's current immature financial market and special stage of development and social class.

As people understanding of finance and investment, a lot of people will look from the savings to various kinds of financial products, the family financial product variety is rich, have life wealth to investment money, some people take advantage of the opportunities for income. Some people have misunderstandings about their investment management, and instead of making their assets appreciate, they lose money. Others have kept their principal, but it has cost a lot of energy. From the above problems can be found that although people interested in family financial management, but for its recognition is not high, don't understand what is a thing, then its existence some don't know the place an analysis and research. Understanding the problem: the concept of financial management has not been formed, even with a little bit of financial thinking, there is a lack of specialized financial methods and management tools. From the "theory" of money management, at present, Chinese family finance is generally generally stuck in the manual paper running water charge, without financial planning and financial budget. From the wealth of wealth, it can be called investment(Lai, 2014). The majority of the family's financial channels are popular means of purchasing funds, stocks and gold. The results are not ideal or loss. Therefore, to realize scientific and accurate family financing, first of all, it is necessary to improve the concept of personal finance and financial knowledge. In today's society increasingly the surge of interest in personal finance, but the resulting is a fraud, to deceive the customer awareness is weak, there is the risk of product of points not clear the goods misled by the sales staff, and ultimately bring huge economic losses; Financial management should be more, if be dominated by external factors are bound to have enormous risk, in our personal finance must know that the sky will not fall when free pies, must have the awareness, when choosing high yield investment channels, not considering the high-risk high-yield that accompany often lead to family get into trouble. For financial market in China is chaos, lack of industry benchmarking and specification system, many Banks will have their own product, calculate based business outside of the new business, but as the development of new business, after all is not mature. Countries to also have no effective regulation, some illegal members to take this opportunity to false financial product opportunity for profiteering, this itself is very weak again brought new market impact, in China's wealth management products focus on risk small value of product, not for each different customers needs. Without a perfect financial management tools, product sales are confined to the surface, not according to the need of customers itself, and precise marketing of the products on its channels, relying on, such as banking, insurance, securities, because of financial service workers professional level, it is difficult to give objective practical advice from the customer point of view, even some of there will be false, the phenomenon of cheating(GROSSMAN, & IMAI, 2013). Because there is a lack of institutions that provide financial services, customers can't find the right way to manage their money or go to the bank without losing trust in the bank.

Legally, investors are unable to properly defend their legitimate rights and interests, even if the service agencies violate the rules due to lack of necessary financial knowledge and energy. In addition, the financial market of our country is still at the developing and in the process of gradually perfect, imperfect relevant laws and regulations also let family financial investors no redress, KengPian by those illegal financial product, without access to relevant departments for special management, moreover by false sales, infringement of the right to know of consumers, make consumers unconsciously inherit the property loss. On the distribution of personal finance products in China is unreasonable, the Chinese prefer to put money in the bank, the second is the risk of stock market, while on the other good products is a little money, but Americans, by contrast, they don't like to put the money in the bank but in all kinds of investment, the capital move to capital operation so as to bring greater economic benefits(Brayet.,al, 2015).

1, strengthen personal finance education 

Now many students don't have much money management concept, for them, it is good to look for parents want money no, they don't know how the money should be used to exert the effect of money itself. And I think it's also important that the current students don't have the concept of wealth management because they don't know how hard it is to make money. And at present our country's education system has not yet been put in how to improve the financial management concept as a curriculum education students to financial management, special education students and improve students' ability to finance school theory knowledge alone is not enough, must want to joint efforts from all sectors of society, can be really effective to improve the financial ability of the students, let students themselves clear understanding of money is hard-won, let the students don't get into the bad habit of nowadays. The uses of media to enhance the individual financial management methods are to enhance the public's personal financial ability. Personal finance to improve the market economy and social welfare has important role, therefore,  relevant government departments can through a variety of media to publicize the importance of financial management and popularize basic finance knowledge. Establish finance site, for example, promote all sorts of financing and related financial knowledge, can let all financial institutions held regularly targeted, personalized financial education activities, such as knowledge competition make people can in order to achieve a healthy financial effect(ANDERSON,  & CARD, 2015).. 

2, wealth management services of professional and personalized 

Banks now have the special financial window and financial advisers, let the professional money managers and customer face-to-face communication, detailed understanding of the financial manager the customer after the present living conditions and income situation, gives targeted advice, recommend suitable financial products, let the customer to choose according to their own hospital. And finance division according to different customers with different requirements management, recommend more suitable for its product, to help customers to select and guide to buy financial products, but also for the benefit of customers to seek higher for Banks to seek more economic benefit and social cognition. 

3, set up the new marketing concept 

In personal finance should have the new industrialization of science and technology for certain applications, such as financial management app lets the customer handheld financial management products, such as to make financial management more convenient. And in the process of financial management for customer information for proper storage and sorting, the data is not only the customer valuable wealth, also is our offices precious wealth, through analyzing information regularly, can give the suitable customer accurate marketing for financial products, bring greater economic benefits. There is a bank to its online portal for proper management, to perfect its function, and carries on the effective innovation, below customer service consciously when you need to advertise our online platform services, bring convenience to every customer. And the government also want to make their own efforts, let the Chinese change to the concept of property, make capital flow, for the market to seek more capital, make China's markets work, inject new impetus for social development, can be done in a variety of media promotion(Jiménez,  &Estalella, 2011). #p#分页标题#e#

4, the increase in the finance and wealth management products and innovation 

Today, funds, insurance, securities investment, all kinds of financial product has not only in class discussions, a professor at the university of objects, even ordinary people already know. To sum up, the development of financial products from the multiple perspectives to consider, but not limited to a certain point, China's financial market is not mature market, along with the development of the capital further, China's financial industry is bound to have a huge space for development, products will be more in accordance with customer demand, diversified development, in order to meet the needs of customers further, on the financial product innovation, we can launch a new product for example, in accordance with the need of the daily cash liquidity is bigger, we can choose to fund deposit sex management, for those who want to save a long time without management can recommend and small lump of business, to give customers a higher interests, finally, there is according to the different requirements of customers to give customers on risk more economic benefits. According to the credit status of customers, give a certain amount of credit. Although the new products are increasing in China, many of them are only in the form of many changes, little of substance, and even some form of pursuit completely ignore the people's ability to accept. But this phenomenon is the process of financial system reform and marketization road(Kinsinger,&Lawrence, 2016). 

5, speed up the cultivation of local finance and wealth management services staff

So far, family or personal finance business seems haven't become the focus of the banking business, so many Banks lack of family or personal finance business of relevant rules and regulations and the basic operation method(Craigwell&Kaidou-Jeffrey, 2012). The family or personal financing business talent team construction is the key, the financial planner is more strict, not only have the knowledge of modem theories of economic science background knowledge of traditional financial services products and still need to be familiar with the emerging of financial derivatives and the national policy of the combination of the actual operation. Although there are many people who take financial qualification training and certification exam, can pass the exam of mostly just mastered the relevant knowledge, master the practical ability of personnel is less, so people know little about the actual operation, although in the position of financial management division and reach the level of professional financial management division, thus leads to financial management division to investors finance fails to reach the expected return, lose faith and make customer churn(Jacob, 2015).. It is only as soon as possible to train professional local financial advisers and improve the financial gain to get more customers. In general, China's current wealth management service is still in its primary stage. Investment market is imperfect, the financial institutions of different hardware and software services, financial management personnel lack of strong financial management skills, so in financing business by the organization as a huge cake, everyone wants a piece of, but hard to become the most famous of these, did not achieve their expected effect, the reason is because of the lack of financial professionals, therefore, to speed up the training when the local finance and wealth management services staff is imminent( DESPARD, & CHOWA, 2014)..

 

6.0 Conclusion 结论

 

In summary, the household financial habit could be summarized as follow:

First, our country family financial investment structure is given priority to with no risk of financial assets, partial conservative, Chinese family structure of financial investment, still no risk of financial assets in cash, deposit is given priority to, for risk financial participation and investment ratio remains to be improved. 

Secondly, in terms of demographic characteristics, regression model concludes that age, region, occupation, education degree and risk appetite have no significant influence on venture financial investment. Among them, age only has a u-shaped effect on the investment and participation of individual risk financial assets such as insurance, stocks and funds, and there is no "life cycle effect" in the whole. Education is on other than Dr Degree family, participation has a promoting effect of financial investment risk, and on the whole does not exist in the high-risk investment proportion and participation to improve results. By simply observing, households' expectations of a future economy would boost risky financial investments. The occupational and regional effects are not significant and can not be observed at the same time. 

Third, the influence of wealth on family venture financial investment. Wealth for the household financial risk investment has a significant impact, this impact is an inverted u-shaped, namely first grow along with the wealth and increase the participation of risk of financial investment, when wealth growth to a certain degree, and with the increase of wealth, the family of risk with the decrease of financial investment and participation, this is because, there will be more wealthy family investment channels, they are not all focused on the risk of financial assets investment and make the wealth, but can invest in private companies or commercial housing to obtain benefits. However, from the empirical regression coefficient, the influence of wealth is significant but small. 

Fourthly, the impact of real estate on family venture financial investment is slightly different from that of our previous assumptions. At the beginning, it was widely believed that increased household investment in property would reduce participation and investment in risky financial markets. But by empirical, found that the property has significant effects on financial investment risk, whether all properties or more than two sets and real estate investment and household participation in financial markets and the risk for promoting effect. There is a wealth effect, that is, the family investment property especially the second set and above means the increase of the family wealth, so that the risk-bearing capacity will strengthen the family investment property. In addition, with the overall increase of housing prices, the housing investment family in the second set and above is expected to increase in value in the future, thus having the wealth effect and increasing the participation in venture financial investment. But property of risk investment accounted for family has a negative effect, because of huge investment real estate costs, whether it is a down payment, or late mortgage loan repayment, will use risk financial investment proportion. 

Fifth, the internal interaction of financial assets. Internal financial assets, as the main financial risk assets stock, its participation will be affected by the influence of insurance, funds, bank financial products, one of the three assets participation influence on equity participation is positive, because the risk involved in other financial assets is conducive to family contact, understanding, familiar with financial markets so as to increase the equity participation. The three assets investment ratio of the family to participate in the stock investment effect is negative, because for the risk of financial assets investment will occupy household wealth, removing the family will want to invest in stocks. In the empirical results of share investment, bank wealth management products have a significant positive effect on venture financial investment. This is because the bank financial products sales channels are generally for the bank, the bank is most family contact most of financial institutions, so in general, the bank also became a family contact most financial products, understand the financial markets, financial knowledge, can produce more risk for financial products of social interaction. Therefore, more investment funds and bank financial products can help families understand other risk financial investment channels and thus promote investment in stocks. 

Sixth, the research conclusion is applied in personal finance market. It is found that not all households are fit to invest in risky financial assets. For non-real estate, low wealth households, their resistance to risk is very weak, only suitable for holding illiquid and risk-free financial assets. General levels of household wealth, recommendations for the first investment and low risk of bank financial products, funds, etc., to increase the understanding of financial risk personal finance market first, then gradually increase investment in high-risk financial assets. For intermediate level of family wealth, because of the considerable wealth and risk to bear ability is strong, can diversify the risk of investment, both investment bank financial products, funds, gold, etc., and can invest in stocks, futures, trust and should be further specific configuration of a basket of financial assets. For wealthy families in particular, because of the broader investment channels, private sector investment and commercial real estate investment also become their methods, thus in for this kind of family financial planning should consider this.

The key reasons can be summarized as 

(1)lack of financial knowledge and skills. 

Due to network don't understand, lack of financial knowledge, residents in in addition to the traditional way of saving is hard to accept the new way of financial investment, which makes the Internet banking, mobile banking and other business to carry out the obstacle. Residents have limited understanding of bank CARDS, leading to a lack of extensive use of bank CARDS, credit CARDS and other financial instruments by urban and rural residents. Due to the password and protection, protection of personal information, fees, etc, the lack of common sense, residents through the newspaper, the news media tools such as heard numerous cases of account stolen, make the residents to the credit card deposit and withdrawal, transfer, POS consumption there is resistance, thus restricting the development of the banking business. #p#分页标题#e#

(2)Financial products and businesses are unfamiliar. 

Most of the people not understanding of financial products, about the different ways of principal and interest of the accounting of doubt, and to new financial tools such as online banking, mobile banking have not come into contact with, even when handling the deposits don't know how to choose the type, the different degrees of damage to their own interests. Some residents also lack understanding of the loan business. They know not enough about the operation process, relevant laws and regulations, interest rate, overdue interest rate, etc. Even some residents have a bias against insurance, lack of trust, and therefore have no incentive to insure, thus hindering the development of insurance companies. 

(3)Lack of knowledge of financial law. 

With the development of financial market, residents have more opportunities to contact financial activities in daily life, but financial disputes with them are also increasing. Law become people to safeguard their own rights and interests of the effective weapons, but as a result of residents' level of education, understanding of their rights and obligations is not clear, when their legal rights and interests are harmed, failed to take effective legal avenues to maintain their own rights and interests.