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Residents assets under Uncertainty Analysis of choice behavior

Author: YangFengTao
Tutor: LiuMing
School: Shaanxi Normal University
Course: National Economics
Keywords: Uncertainty Residents assets Portfolio behavior
CLC: F124
Type: Master's thesis
Year: 2008
Downloads: 274
Quote: 5
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Abstract

Reform and opening up 30 years, with China's rapid economic growth and the planned transition to a market economy, China's economy and society has undergone tremendous change in the income level has been greatly improved, and accumulated a huge amount of personal wealth, the main including two kinds of physical assets and financial assets. However, due to economic factors, market factors and institutional factors that led to the choice of assets of residents of uncertainty, reflecting the uncertainty in income, investment uncertainty and uncertainty in the capital markets and other aspects. Residents of uncertainty increasingly prominent case, the risk appetite and asset selection problem has become the past two decades one of the key areas of financial research, financial products for their research and development, management of financial institutions, macroeconomic and other aspects of monetary policy has an important theoretical value and practical significance. Firstly, on the basis of the existing theoretical analysis of the impact of our residents asset selection factors, combined with the actual situation analysis of China's residents structured asset selection behavior changes in trends, and try to find reasons for this trend. Secondly, this paper respectively on income and household financial assets, interest rates and financial asset selected for the empirical analysis, the income level that affect China's total financial assets of residents of the most important reason, the nominal interest rate of financial assets of residents selected major consideration. Again, the paper 12 cities residents of a financial asset choice questionnaire, the main purpose is to find people's savings motives and residents to invest in risk appetite, as well as micro-level factors, and use of behavioral finance related theories analysis. Finally, the article on China's urban and rural areas, between regions residents asset selection behavior differences were analyzed, and conducted international comparisons. Based on the above analysis, this paper proposes optimized eventually selected assets of residents reasonable proposals to improve the country's savings - consumer relations, optimizing the capital structure of our social assets, improve our financial macro-control policies. This paper is divided into seven chapters: The first chapter introduces the research background paper, significance, papers implementing technical solutions and technology roadmap, as well as innovative and inadequacies. Chapter II, Literature Review. First, the traditional classic consumption - saving theory and asset selection theory of the sort, and secondly on the research status are described and, finally, the theory of asset selection of residents support and research ideas. This will combine China's national conditions, followed the path of the theoretical study of asset selection, asset selection for our residents as well as residents of the influencing factors asset selection behavior problems in-depth analysis, so this part of the thesis constitutes a theoretical basis. Chapter III, respectively, affect our residents physical and financial assets choice behavior factors were analyzed. Pointed out that the interest rate risk and uncertainty, liquidity constraints, time preference and the degree of perfection of the capital market is an important household financial asset selection factors; income levels, inflation expectations, institutional constraints of physical assets is our residents selected important factors . In fact, due to the different areas of political, economic, cultural and other aspects there are obvious differences, thereby affecting the behavior of asset selection factors are different. Chapter IV, statistical data on a calendar year basis, focusing on the portfolio behavior of residents characteristics and changes in the structural trends are analyzed. In this paper, Zhang Xueyi (1999) in the \mutual funds analysis; physical assets mainly in the residential market as an example analysis of China's housing market prices steadily higher causes. Finally SPSS12.0 and Eviews3.1 respectively income and total household financial assets, interest rates and financial asset selected for the empirical analysis. Chapter V, the current residents of the main purpose of the physical assets of consumption rather than investment, so the use of the questionnaire in this chapter from the microscopic point of view of financial assets of individual investors choice behavior was analyzed. Survey found that individual investors in the asset of choice is generally risk averse, but in the choice of a financial asset portfolio category did not exist when the obvious characteristics of risk aversion, which individual investors with assets of more developed countries have a significant selection differences. In this paper, behavioral finance theory while the Chinese Shanghai and Shenzhen stock markets irrational booms and busts were analyzed. Chapter VI, respectively, from this rural, regional and international perspective of three residents of portfolio behavior of a comparative analysis. Found that urban and rural areas, between regions vary greatly residents asset selection, also found that with the United States, Japan and other developed capitalist countries are still far from the assets of choice, and yet to be further improved. Chapter VII, based on the above analysis, the proposed policy recommendations in four areas: to deepen economic reform, is expected to reduce the uncertainty of the residents; accelerate financial system innovation, and promote diversification of household financial assets; accelerate rural financial system reform, improve the rural financial markets; curb real estate investment demand, and promote the healthy and stable development of the real estate market.

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