Research On The Impact Of Family Assets On The Happiness Of Rural Residents

With the development of economy and society,people have put forward higher requirements for the quality of life,and residents’ happiness has gradually become an important indicator reflecting people’s livelihood.Along with the increase of residents’ income,the total number of household assets is increasing,and the structure of assets has also changed dramatically.As an important factor affecting the family’s economic operation,family assets are included in the scope of investigation that affects residents’ subjective well-being.In addition,city-countryside duality structure has existed in China for a long time,and the happiness of rural residents is relatively low due to the underdeveloped rural economy.Based on the above background,this paper uses income and consumption as the transmission mechanism to explore the impact of family assets on the happiness of rural residents,and tries to provide new ideas for improving the happiness of rural residents.This thesis uses the sample data from 2015 China Health and Retirement Longitudinal Study,and builds the Order Probit model based on combing existing theories to empirically investigate the impact of family assets on residents’ happiness.Secondly,this paper constructs the cross-item of family income,consumption and various assets to investigate the regulating effect of them on the relationship between family assets and residents’ happiness.Finally,based on this,this paper further explores the heterogeneous impact of family assets from different income levels,different age levels and different regions on rural residents’ happiness.The following conclusions are obtained through econometric analysis.(1)In general,the increase of the total assets and each sub-asset of rural households can significantly improve the happiness of residents.Among them,durable goods have the greatest influence on residents’happiness,and the impact coefficient of housing assets is the smallest.The absolute income of the family has no significant impact on the rural residents’ happiness,and the relative income has a significant positive impact on the rural residents’ happiness.Family income and consumption have negative moderating effects on the relationship between family assets and residents’happiness.(2)From the perspective of age,the positive effects of total assets on residents’happiness gradually weaken with the increase of the householder’s age.The housing assets and productive fixed assets of middle-aged families have a significant positive impact on residents’happiness,but not significant in other age groups.The durable goods of household headed by a person over 60 years old have a significant positive impact on rural residents’ happiness.With the increase of the age of the householder,the positive effect of the absolute and relative income of the family on the residents’ happiness gradually weakens or even disappears.(3)From a regional perspective,the total household assets in eastern,central and western regions all have a significant effect on residents’ happiness,among which the central region has the largest impact coefficient,while the western region has the smallest.The financial assets and durable goods assets of households in the central and western regions have significant positive effects on the well-being of rural residents,while the impact in other regions is not significant.Absolute income can improve the happiness of rural residents in the western region,while relative income can not only improve the happiness of rural residents in the western region,but also improve the happiness of residents in other regions.(4)From the perspective of income,The total assets of the family group with income below 50,000 yuan have a significant positive impact on the happiness of rural residents,which is not significant in other income groups.The financial assets of low-income and high-income families have significant positive and negative effects on residents’ happiness,respectively.Housing assets of middle-income families,durable goods assets of low-income families and productive fixed assets of low-middle-income families all have significant positive effects on residents’ happiness.In addition,household consumption expenditure,health level and marital status of the householder have certain explanatory power on residents’ happiness.It shows that we can comprehensively improve the happiness of rural residents in China through rationally allocating family assets,improving social security mechanisms,coordinating regional economic development,and narrowing the income gap.