Research On The Influence Of Family Population Structure On The Allocation Of Family Financial Assets In China

With the rapid development of China's economy,the value of family wealth has been steadily increased,and the investment demand has increased.The construction of financial market is gradually improving,and more and more financial products are available for residents to choose.With the advancement of family planning policy reform in China,the population structure of our country has changed dramatically,and the change of family structure has affected the way of life,industrial structure and economic growth of our residents.After sorting out and summarizing the relevant literature,the paper first defines the relevant concepts(family population structure,family financial assets),and then points out the basic theories based on which to study the impact of family population structure on family financial asset allocation: background risk theory,modern investment group rationality theory and life cycle hypothesis theory,and then carries out family population structure on family financial asset allocation in turn Normative analysis and empirical analysis of the impact.The normative analysis is carried out from the macro and micro perspectives.The official data and CHFS(2017)data are used to make a statistical analysis of the current situation of China's population structure and household financial assets.Finally,how the household population structure affects the allocation of household financial assets is discussed from the perspective of mechanism.Empirical analysis: after the data of CHFS(2017)are sorted out,descriptive statistical analysis is made to have a preliminary understanding of the variables.Then,Probit model is used to study the impact of family population structure on the holding rate of family risk financial assets and stock assets,Tobit model is used to study the impact of family population structure on the proportion of family risk financial assets and stock assets,and the impact differences between urban and rural areas and between regions are analyzed.In order to ensure the authenticity and reliability of the empirical results,the robustness test is carried out.The model is proved to be stable by replacing the child dependency ratio with the number of children and the elderly dependency ratio.Empirical conclusion: with the increase of the age of the head of household,the risk financial assets held by the family first increase and then decrease,which is inverted "U";the family size and the holding rate and proportion of risk financial assets,the holding rate and proportion of stock assets change in the opposite direction;the elderly dependency ratio has no significant positive effect on the holding rate and proportion of risk financial assets,but has no significant effect on the holding rate and proportion of stock assets.At the same time,the influence degree of children's dependency ratio is greater than that of the elderly.There are significant differences between urban and rural areas and regions.Finally,according to the conclusion of the analysis,the paper puts forward countermeasures and suggestions: to improve the level of family income;to improve the social endowment insurance system;to broaden the channels of family investment and financial management;to establish the correct investment concept;to increase the support to the rural and western areas.