Abstract: Since the reform and opening-up, China has experienced large-scale population immigration and formed a huge floating population group, which has had a profound impact on economy and society, and also changed the household financial asset allocation structure of residents. Based on the data of China Household Finance Survey (CHFS) in 2017 and 2019, this paper empirically analyzes the impact of immigration on household risky financial asset allocation. It is found that population flow has a significant positive promoting effect on household investment in risky financial assets, and the conclusion is still valid after using instrumental variable method to deal with endogenous problems and a series of robustness tests. Further research shows that population mobility has a greater effect on the allocation of risky financial assets allocation in households headed by people over 50 years old and in urban households. At the same time, population flow promotes the allocation of risky financial assets of households by influencing their social interaction and risk preference. In view of the fact that there are few existing literatures on household risk financial asset allocation from the perspective of population flow, the research conclusions enrich the relevant literatures, and provides a theoretical basis for relevant government departments to optimize the environment of population migration and broaden residents' financing channels.

Key words: immigration, financial asset allocation, CHFS, social interaction, risk preference