Abstract摘要
毫无疑问，中国即将进入个人金融时代。因为中国20多年来的快速GDP增长创造了一批“富裕合理”的部门。近年来，中国个人投资和财富管理水平达到了前所未有的水平。我国热发电不是投融资的意外，其形式具有深刻的背景：从宏观经济的角度看，我国国民经济仍保持了数年的稳定增长势头，发展需要投资；制定和实施了一系列的R。对外开放和国家对外开放的经济政策，为人民的投资开辟了广阔的空间。在金融市场上，越来越多的个人投资金融工具被开发出来，供投资者展示自己的才能。从微观环境看，由于国民经济20年来的快速增长和国家的富民政策，人们的富裕、口袋，有条件地考虑如何投资剩余资金。本研究将重点放在中国的家庭金融习惯上。
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 目录
摘要2
1.0引言4
1.1中国总体经济背景4
1.1.1中国宏观经济4
1.1.2中国微观经济4
1.2年度收支项目4
1.3理财习惯4
1.4研究目标4
2.0文献综述4
2.1社会学习理论4
2.1.1个人因素，4
2.1.2过去的行为4
2.1.3环境因素4
3.0方法5
3.1数据和样本5
3.2 Probit和Tobit型号5
3.3因变量5
3.4自变量5
4.0结果5
4.1描述性统计5
4.2回归结果5
5.0讨论6
6.0结论6
参考清单6
附录A 6
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介绍
1.1 General economic background of China中国总体经济背景
1.1.1Macroeconomic in China中国宏观经济
目前，我国宏观经济仍面临企业利润增长、产能过剩有待消化、出口需求疲软、银行不良贷款率上升等下行压力。但总体而言，支持经济增长的积极因素依然存在。
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.
近年来，我国就业形势不容乐观，尤其是大学生就业形势日益严峻。人才在我国，就业吸收是服务业，服务业近几年来适应就业的越来越多，服务业作为我国国民经济的第三产业发挥着极其重要的作用（唐，2017）。中国的服务业加快发展，创造了许多就业岗位，解决了许多就业问题，也得益于我国经济的平稳快速发展。经济发展与就业有很大关系，经济增长对就业吸收能力有一定的增强作用，预计2015年新增就业1000多万人，总体就业压力不大，但大学生就业形势和农民工就业情况形势十分严峻，各国在今后的经济发展过程中应更加重视大学生就业问题，解决大学生就业问题。
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.
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6.0 Conclusion
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 inpidual 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 persify 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.
(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.
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