| Still half of the financial assets held by Chinese family is bank deposits till 2014.A lot of families have little stock share or fund unit which is different form some developed countries such as US and Japan.Empirical researches also show that many families do not hold diversified portfolios which cannot be explained by classical portfolio theory.Therefore,people turn to pay attention to background risk including health status.In China,the fraction of people who is over 65 years old is more than 10%from 2014.This fraction is still increasing now.We know that middle aged and elderly people usually controls most of the wealth and facing greater health risk than young people.Thus this paper focuses on the impact of health status on the decision about risk asset allocation and the regulating effect of age.In view of the particularity of the one-child family in China,we divide the whole sample into two groups.This paper uses the data from China Health and Retirement Longitudinal Study(CHARLS)in 2015.We construct four indicators including subjective indicators and objective indicators so that we can get a relatively comprehensive information of individual's health status.Our empirical researches shows the self-assessment of health status and chronic diseases factors does not have a significant impact on the risk asset allocation decision;disability and ability limitations factors have a significant negative impact on the probability and amount of risk asset allocation but the impaction will become weaker as age increasing in the whole sample.The way for different health indices affecting risk asset allocation decision is different.According to grouping study,we find that in the one-child family,disability and ability limitations factors do not have significant impact on risk asset allocation decision anymore.Income and house value play different roles in the one-child family and non-one-child family.Thus,the health factors have different impacts in this two kinds of families. |
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