Families With Children And Household Financial Assets Allocation In Urban:Empirical Research

Family Financial increasingly draw people’s attention, family involvement in the financial markets, select the configuration and its influencing factors is the core of the problem of domestic financial research. We believe that the family asset allocation is not only an economic phenomenon which effected by various economic factors also rooted in a particular culture of peoples and nations soil, social and cultural phenomenon that is social, cultural traditions and other non-economic factors influence. This cultural phenomenon is mainly characterized by family structure of the population, social characteristics, financial awareness, social class household asset allocation behavior exhibited heterogeneity. In China,we put this thinking deeply in mind-- "no matter how tough can not suffer the children", The process of cultivating children having altruistic, the most typical representative of Chinese households for child support, education, married purchase, venture investment and other investment must become a family.Therefore, this article based on the original intention of the family investors consider the children as a critical factor, and then decide to deeply explore the effect conclusion of the number of families with dependent children how to affect household asset allocation behavior and trying to analyze factors behind the Chinese household financial behavior more accurately.In this paper, using the Chinese household financial microscopic investigation(CHFS) data in 2011 to build econometric model, and choose the effective Probit and Tobit econometric model for the first step to study the family demographic level-families with dependent children number to use empirical analysis method to study the effects of urban households asset allocation behavior.The findings showed that:First of all, the number of urban households with dependent children to a certain extent on factors not only affect the decisions of households to participate in the stock market and risk asset markets, and would they hold a significant proportion of inhibition;Secondly, at the same time compared to the number of factors minor children, adult children to the number of factors involved in the stock market and the proportion of risky assets held by its decisions have significant negative effects;Thirdly, household participation in equity markets and risk assets investment in the proportion of their participation with the "life-cycle" effect, in terms of age was "bell-shaped" distribution characteristics; Fourth, consistent with most research findings, real estate investment will equity and risk assets have a "crowding out" or "substitution effect." In the full implementation of the "two-child" policy under the background that China should be based on objective conditions of the population perspective gradually promote financial product innovation, mainly from increasing household income and wealth levels, steadily push forward reform of social security system, improve the level of education and financial awareness among residents,regulate the development of capital markets and other aspects of the stock market cracked households ideas "limited participation" dilemma, in order to meet the public’s changing financial needs, multi-channel to increase property income, in order to promote the prosperity and development of China’s capital market make relevant policy recommendations and provides new guidance ideas.