Analysis On Crowding-out Effects Of China Urban Housing Investment On The Participation Of Insurance

Since reform and opening up, along with the rapid economic development of our country, people’s income level is increased sharply. The purpose of the family income is no longer limited to the consumption and saving, the public gradually began to participate in the activities of financial investment, securities and insurance and other emerging financial markets gradually active. At the same time, along with the financial industry process to speed up the reform and open policy, the insurance market constantly enrich the product type and function increasingly multi-facetted trend, many products meet the needs of investors, the proportion of the insurance coverage of family is becoming more and more high. However, as the physical assets of the real estate still occupies the proportion of total household assets is quite large, this paper argues that the reason in general can be summarized as follows:first of all, the housing with double attribution on consumer goods and investment goods. Secondly, the history of the real estate market development experience to make people believe that the property to maintain or increase its value function; Finally, the farming culture of the Chinese traditional society think that real estate is a core element of the family. In conclusion, we believe that the real estate investment in the current Chinese family exists the possibility of super match.This article from the perspective of family micro financial asset allocation that the objective realities of China’s rising house prices overall, real estate assets in the family of the super match and real estate intermediary market developing, double attribute as consumer goods and investment real estate can bring home the value of function at the same time, because the continuous increase of real estate liquidity, make its can also play the family risk safeguard function, thereby extrusion family demand for insurance products, which is for the majority of families, housing distribution is rational behavior.The structure of the article is as follows:An introduction to. From the perspective of Chinese household financial assets, introduced the research purpose and research significance of this article, according to the property at the same time and the evolution of household assets choice behavior under the housing constraint theory, on the basis of literature, points out that the traditional financial portfolio theory and family real differences, so as to find out the issues worthy of further research, namely residents family housing investment effects on insurance market participation.The first chapter, the Chinese residents family housing investment and insurance to participate in the theoretical analysis. This chapter mainly discusses the defining the relevant concepts, research object and interpretation; From the basic theory of Chinese household financial asset allocation, households in China housing market, family property and financial asset allocation characteristics, in-depth analysis of the present situation and problems of insurance to buy.The second chapter, the empirical model design. This chapter mainly use from Chinese family financial investigation and research center,2013 national survey data, combined with the literature and questionnaire survey to select appropriate variable, build reflect the home insurance participation has the guarantee function of health insurance and pension insurance as the dependent variable, and demography, sociology and economics point of view, and will be part of the head of the household characteristics, family economic variables, such as regional variables into the model of regression.The third chapter, sample analysis results. This paper USES the Probit model, the first nationwide family samples are included in the regression model, detailed analysis of various factors and family insurance to participate in the existence of significant effect, at the same time contact the original data, descriptive statistics and social practice, the empirical results are in-depth analysis and understanding, and then according to the geographical scope, the eastern, central and western areas respectively samples of regression, analysis the influence of different areas of insurance participating in the indicators.The fourth chapter, conclusion and suggestion. According to the need to solve the problem, according to the empirical research from two aspects of government departments and family suggested measures are put forward.Finally came to the conclusion as follows:one is the household residential investment has a negative and significant influence on the insurance participation, shows that residential investment has crowding out to the families involved in the insurance market. The second is the head of the household is engaged in the industry risk of family to participate in the insurance market has a negative and significant effect. The probability of industry risk, the greater the family to participate in the insurance market is smaller.