The Influence Of Endowment Insurance And The Aging Of Family Population Structure On The Allocation Of Family Financial Assets

In the past 40 years of reform and opening up,with the development of China’s economy,the accumulation of family wealth,the transformation of family financial management concept and the development of financial market,family financial behavior has an increasing impact on the overall economic development,which has also attracted extensive attention from scholars.Among them,the influencing factors of household asset allocation have become a hot issue.Previous research have pointed out that both social security and aging of family population structure are important factors affecting family asset allocation.However,the level of family social security will undoubtedly affect the role of aging factors in family asset allocation,and the aging of family structure is bound to be closely related to the impact of social security on family asset allocation.However,few literatures have considered the combined influence of these two factors on household asset allocation decisions.For that reason,Taking the social security and the aging structure of family population as the entry point,this paper uses the CHFS data in 2015.This paper mainly selects Probit model and Tobit model to make an empirical analysis on the influencing factors of the holding status of family ri sk financial assets,and uses instrumental variable method and propensity score matching to deal with the endogenous problems caused by the endowment insurance.The research finds that:firstly,having endowment insurance can affect the family asset allocation,and endowment insurance has a significant promoting effect on the family allocation of risk assets.Second,the aging degree of the family population will also affect the asset allocation of the family,and the aging of the family population structure will significantly reduce the allocation of risk assets.Third,the influence of aging of household population structure on household risk asset allocation will change depending on whether the family has endowment insurance.In other words,if the family have endowment insurance,the negative effect of aging of family population on family risk asset allocation will be weakened.Fourth,the promotion effect of endowment insurance on household risk asset allocation will change due to the aging degree of the family.In other words,in the elderly family,the pension insurance will play a greater role in promoting the allocation of family risk assets.Fifth,the influence of endowment insurance on family asset allocation is obviously different between urban and rural areas,and the impact of endowment insurance on family asset allocation in rural areas is not obvious,which indicates that the new rural endowment insurance has relatively small guarantee strength and cannot improve the asset structure of rural families.Sixth,the impact of endowment insurance on family risk investment is significantly different among families with different incomes.Endowment insurance has a greater promoting effect on high-income families’ allocation of risky assets,mainly because the income effect of endowment insurance is smaller in high-income families.According to the empirical conclusion,it is suggested to improve the relevant pension insurance system,increase the coverage and guarantee of pension insurance,and promote the pension insurance to play a greater role in improving the financial asset allocation of Chinese families.In addition,the endowment insurance sy stem should focus on the rural families,improve the rural residents’ awareness of insurance participation through active publicity,and improve the security efforts of the new rural insurance,so as to truly reduce the pension risks faced by rural families,to improve the family’s risk asset allocation.Finally,according to the conclusion of this paper,it is suggested that the insurance system can be moderately differentiated,give certain preferential policies to elderly families and low and middle-income families,reduce the income effect of endowment insurance,improve the security efforts of endowment insurance,and help the elderly and low and middle-income families better participate in the financial market.