Second-child Policy And Asset Selection In Urban Household

The wealth of assets in the household sector is the main source of consumption,and its level has an important impact on the daily lives of residents.After entering the new normal,the level of asset wealth of urban households in China has gradually increased,but compared with foreign countries,there are significant differences in the choice of assets among Chinese households.From a theoretical perspective,population structure is an important factor that affects family asset selection.From a practical perspective,the evolution of China's fertility policy over the years has also continuously changed the behavior of family asset selection.For a long time,China has always adhered to the population control policy of family planning,but due to the decline of the demographic dividend,the problems caused by the aging of the population have also begun to appear.In order to solve the problem of the shortage of new labor force in our country,the government adjusted the fertility policy and gave the family the right to have two children.Therefore,it is worth considering whether changes in the size and number of the population will also change households' choices of financial assets,housing assets,and industrial and commercial assets? In this context,this article aims to focus on the impact of the "Second-child" policy on urban household asset choices.This paper uses micro-level survey data to study the impact of the Second-child policy on urban household asset selection and its transmission mechanism,and proposes policy recommendations for urban households to participate in investment.The research contents of each chapter include: Chapter 1 is Introduction.It mainly introduces the background and significance of the topic selection,the main content,ideas and methods of the research,the innovations and deficiencies of the research.The second chapter is the theoretical basis and literature review.The first section reviews the theoretical basis.On the one hand,the theory of child-bearing decisionmaking includes children's cost and utility theory,children's quantity and quality choice theory,fertility-determined supply-demand theory,and intergenerational wealth flow theory.On the other hand,the theory of asset selection mainly includes the theory of asset selection under complete rationality and the theory of asset selection under limited rationality.The second section reviews the relevant literature.We summarize and review the literature on fertility versus financial assets,fertility versus housing assets,and fertility versus industrial and commercial assets.The third chapter is the basic facts about birth and asset selection of the second child in urban families in China.The first section analyzes the basic facts about the birth of two children in urban families in China.First of all,this section systematically sorts out the evolutionary history of births in China.Secondly,this section counts the changes in the birth rate of children in China and the child-bearing age of urban and township women before and after the "Second-child" policy.The second section analyzes the basic facts of China's urban household asset selection.This section mainly counts the selection of risk-free financial assets,risky financial assets,housing assets,and industrial and commercial assets of urban households before and after the "Second-child" policy.Chapter 4,the impact of the Second-child policy on the choice of financial assets of urban households.First,this section constructs a theoretical model that includes the number of children and the choice of financial assets,and sorts out the possible impact mechanisms.Second,this section examines the impact of two-child births on financial asset choices and considers endogenous issues through the "Second-child" policy.Third,the impact of two-child births on the proportion of risky financial assets held was examined.The "Second-child" policy was also used to solve endogenous problems,and heterogeneity and robustness tests were performed.Finally,the influence mechanism is discussed.Chapter 5,the impact of the Second-child policy on the choice of housing assets in urban households.First,this section constructs a theoretical model of the number of children and the choice of housing assets,and summarizes the impact mechanism.Secondly,we empirically tested the impact of two-child births on urban households' decision-making and purchase expenditures,adopted the "Second-child" policy to take into account the endogenous problem,and conducted a heterogeneous and robust discussion of the empirical results.Finally,the empirical results are used to investigate the impact mechanism.Chapter 6,the impact of the Second-child policy on industrial and commercial asset choices in urban households.First,we analyze the impact channels of second child birth on urban family entrepreneurship.Secondly,this section empirically estimates the impact of two-child births on urban family entrepreneurship decisions,and performs an endogenous analysis with the "Second-child" policy,while conducting a heterogeneous and robust analysis of empirical results.Finally,the mechanism of the Second-child policy affecting urban family entrepreneurship is explored.Chapter VII,research conclusions,policy recommendations and follow-up research prospects.Through empirical analysis,this article draws the following conclusions.First,the Second-child policy will significantly increase the choice of financial assets for urban households by increasing social capital channels.(1)Although the birth of two children has a significant positive impact on the financial market participation of urban households,it is found that the implementation of the "Second-child" policy does not significantly increase the probability of families participating in the financial market after considering endogenousness.(2)Birth of two children will significantly increase the proportion of risk assets held by urban households.After considering endogenous issues,it is found that the "Second-child" policy will increase the proportion of risk assets held by urban households.(3)The "Secondchild" policy can significantly increase the urban family's gift expenditure by 4.7%,which indicates that social capital is an influential mechanism for the Second-child policy to improve the financial assets of urban families.Second,the Second-child policy will significantly increase the choice of housing assets for urban households,and improving sexual demand and investment demand are the main impact mechanisms.(1)Two-child births in urban households will increase the probability of a family buying a house by 1.9%.After considering endogenous issues,the "Second-child" policy can boost family buying decisions by 6.9%.(2)Two-child births in urban households have significantly increased household purchase expenditures.After considering endogenous issues,the "Second-child" policy also has a positive effect on urban household purchase expenditures.(3)From the perspective of the impact mechanism,this article finds that improving demand and investment demand are the impact channels.Third,the robustness test by removing the sample of childless families and changing the experimental group and control group construction methods found that the "Second-child" policy on the one hand will increase the tendency of low-asset urban households to choose a business,and on the other hand it will reduce the tendency of middle-asset urban households to choose a business.And the reason why middle-asset families reduce their entrepreneurial choices is because of increased investment in economic and emotional responsibility,and parents prefer more stable work.In this regard,this article puts forward the following policy recommendations.First,there are multiple ways to protect the financial investment needs of two-child families.Two-child families have an urgent need for reliable financial investment channels,and we should protect their investment from two perspectives.On the one hand,we must strengthen education and training in financial knowledge to protect the reasonable needs of urban families.On the other hand,we must strengthen the construction of the financial system to protect the investment interests of urban families.Second,there are multiple measures to meet the housing needs of twochild families.Two-child families have a strong incentive to choose housing assets,especially the implementation of the "Second-child" policy has pushed up the family's demand for improved housing and investment housing.The government can protect the housing needs of two-child families from two dimensions.On the one hand,it is necessary to meet the improved housing needs of two-child families.On the other hand,it is necessary to guide two-child families to make rational investments in housing.Third,multi-channel guarantees are used to promote twochild families to start a business.Specific recommendations include two points.On the one hand,it is necessary to strengthen the ability of low-asset families to resist entrepreneurial risks through fiscal and tax policies and financial services.On the other hand,it is necessary to improve the maternity security service system,promote middle-class families to engage in entrepreneurship,and add endogenous motivation for high-quality economic development.The research innovation of this article lies in the following two points: First,the innovation of research content.This article takes the "Second-child" policy as the background and studies the effects of the two-child policy on urban households' financial asset choice,housing asset choice,and industrial and commercial asset choice.This not only adds more evidence to the study of family reproductive behavior,but also finds a good way to effectively implement the "Second-child" policy.Second,innovation in research methods.This article considers the endogenous issue of second child birth with the "Second-child" policy to identify the causal relationship between the second child birth of a family and the choice of urban household assets.Using this strategy can not only evaluate the effect of related policies,but also avoid the estimation bias caused by endogenous problems.The shortcomings of this paper are the following three points: First,the theoretical analysis of this article is still insufficient.On the one hand,although this article constructs a theoretical model of the number of children for the choice of household financial assets and the choice of housing assets,it does not incorporate the choice of households for all assets into a unified framework for theoretical derivation.On the other hand,this article has not yet constructed a theoretical model of the number of children for family entrepreneurship,and only the possible impact mechanism has been derived through literature review.Second,this article has not analyzed the long-term effects of the Second-child policy.As the "Second-child" policy has not been implemented for a long time,the analysis in this article is only the short-term impact of the "Second-child" policy on urban household asset selection.The long-term effects are yet to be examined.Third,the analysis of the impact mechanism in this paper is still insufficient.This article examines the impact of the Second-child policy on urban household financial asset choice,housing asset choice,and industrial and commercial asset choice from different perspectives.However,the reason why the "Second-child" policy has increased the entrepreneurship of low-assets urban families has not been investigated.