The study on Uncertainty and Portfolio of Household Financial Assets

摘要

This paper studies the relationship betweenuncertainty and portfolio of household financial assets byempirical analysis. Our study aim is to provide householdswith more theoretical guidance and practice mode aboutportfolio of financial assets. In this paper, we regard Beijinghouseholds as investigative objects. Firstly, based on the Chowtest, we find that uncertainty aroused by China' institutionchange will influence portfolio of household financial assets.Secondly, portfolio of household financial assets is excessivelysensitive to household income shocks based on excessivelysensitive equation. Finally, based on co-integration theory anderror correction model, this paper well analyzes the influenceof income uncertainty to portfolio of household financialassets.