The Influence Of Chinese Household Structure On Household Asset Allocation

With the rapid development of economy,family,as a micro unit in the economy,has attracted more and more attention from scholars on its asset allocation.The merits and demerits of the micro-household asset allocation structure have an important influence on whether the national economy can continue to develop well.In this paper,the impact of family structure on household asset allocation in China was studied by using the 2015 data of China household finance survey(CHFS)of southwest university of finance and economics.This paper discusses the influence of different family structure on the allocation choice and proportion of industrial and commercial assets,real estate assets and risk financial assets of Chinese families respectively.Firstly,this paper analyzes the current family structure and asset allocation of Chinese families.Family age structure,family gender structure,family labor structure and family education structure were used to define the family structure,and variables containing family member information were constructed from these four perspectives.Probit model and Tobit model were used respectively to study the disposition tendency and proportion of the family on various assets.In terms of variable selection,the main variables in the existing studies were retained,and new variables that could have a more comprehensive measurement of family structure were added.It is found that the current family population structure in China is characterized by small scale,aging and fewer children.In terms of labor structure,China's labor population shows a rising trend,and presents the characteristics of urbanization and the third industrialization.In terms of education structure,with the implementation of the national obligation education policy,China's population has been significantly improved by education,and the popularity of higher education has been greatly improved.In terms of family assets,the asset with the highest degree of family participation and allocation proportion in China is real estate assets.The proportion of investment in industrial and commercial projects between urban families and rural families in China is not high,only about 16%.In terms of the allocation of financial assets,compared with the CHFS survey data in 2013,the amount of household investment in risky assets in China has an obvious rising trend.In addition,residents show diversification in the allocation of risky financial assets and constantly optimize the structure.In terms of empirical analysis,this paper draws the following conclusions: The first is that the choice of household asset allocation is closely related to the "life cycle" of the family.The disposition tendency of the family in industrial and commercial assets and real estate assets presents a positive "U" type distribution with the increase of the age of the head of the household,while the performance of the risky financial assets is an inverted "U" type distribution.Families with high child dependency ratio and elderly dependency ratio will significantly reduce the tendency to participate in and the depth of allocation of industrial and commercial assets.In terms of the allocation of risky financial assets,there is a significant positive impact on the participation and the depth of allocation of elderly family compared with the dependency ratio.Male heads of households and households with a high proportion of male population are more likely to participate in real estate assets,but male heads of households do not have a significantly higher proportion of allocation than female heads of households.In the allocation of industrial and commercial assets,the role of male householders is not significant.In the risk financial market,men have a relatively high degree of risk aversion,so families with male heads of households and a high proportion of male households are less inclined to participate in the risk financial market and have less depth.When the head of the household has a stable job and the members of the family have stable jobs,the tendency of the family to buy real estate and the proportion of investment will increase.Households with stable jobs are less likely to invest in industrial and commercial assets.The job stability of the head of the household and family members also has a significant impact on the performance of the family in the risk financial market.Households with stable jobs and longer stable working life will have greater motivation and strength to invest in risky financial assets.Families with higher education degree will have more optimized asset allocation structure.Families with higher education degree will have more awareness of asset allocation and higher acceptance of risks.Households with stable jobs are less likely to invest in industrial and commercial assets.The job stability of the head of the household and family members also has a significant impact on the performance of the family in the risk financial market.Households with stable jobs and longer stable working life will have greater motivation and strength to invest in risky financial assets.Families with higher education degree will have more optimized asset allocation structure.Families with higher education degree will have more awareness of asset allocation and higher acceptance of risks.