Heterogeneity of Human Capital and Allocation of Risky Financial Assets for Migrant Workers
Education and health are important components of human capital and they play an important role in the risky financial asset allocation of migrant workers.Based on the data from the China Household Finance Survey,the present paper examines the impact of education and health human capital on the risky financial asset allocation behav-ior of migrant workers through the Probit and Tobit models and analyzes the mediating effect of their intrinsic transmis-sion mechanisms.It is found that the enhancement of educational and health human capital promotes migrant workers'participation in risky financial markets and increases their investment in risky financial assets,and the conclusion re-mains robust after overcoming the endogeneity problem.Heterogeneity analysis shows that there is regional heterogene-ity in the enhancement effects of education human capital and health human capital,and that migrant workers in re-gions with poorer economic conditions and lower education levels have a greater potential to participate in risky finan-cial markets.In terms of gender,education human capital has a greater impact in the risky financial asset allocation of male migrant workers,while health human capital has a more pronounced impact on the risky financial asset allocation of female migrant workers.Mechanism tests show that education human capital increases the proportion of risky assets allocated to migrant workers by increasing their risk appetite and financial literacy,the higher the health human capi-tal,the stronger the risk appetite of migrant workers and the more inclined they are to invest in risky financial assets,and the property income of migrant workers can be increased as a result.Accordingly,the government should acceler-ate the upgrading of education and health human capital in rural areas,optimize the financial environment,provide fi-nancial services to meet the actual needs of rural migrant workers,and improve their level of financial literacy.Migrant workers themselves should take the initiative to learn financial knowledge,expand their understanding of financial in-formation channels,and improve their ability to resist risks,so as to continuously optimize the structure of risky finan-cial asset allocation.
Heterogeneity of Human CapitalEducational Human CapitalHealth Human CapitalAllocation of Risky Financial AssetsMigrant Workers
NETL
NSTL
万方数据
