The Research On The Impact Of Population Structure On Residents’ Demand For Financial Asset Allocation

Since the one-child policy kicked in across the country in the 1970 s,great transformation with both uniqueness and universality has taken place in China’s demographic structure.In the last few years,there have been ever-growing problems in China’s demographic structure,including the declining birthrate and aging population.Besides,there have been constant improvements in population quality,continuous reduction in family size as well as a rapid increase in urban population ratio.Under this circumstance,residents’ financial asset allocation will make a profound impact on the social economy as well as the financial market.Through both theoretical analysis and empirical analysis,this dissertation formulates the impact of demographic structure on residents’ demands for financial asset allocation.Firstly,this dissertation divides residents’ demands for financial asset allocation into three parts,that is,residents’ demands for insurance,saving and securities investment respectively,so as to effectively conduct the further study;secondly,in accordance with theoretical foundation and past experience,this dissertation explores the effect mechanism of the natural,social and regional structure of population on residents’ demands for financial asset allocation,and makes research hypotheses based on the analysis;lastly,in accordance with the panel data of31 provincial administrative regions from 2007 to 2020,this dissertation demonstrates the relevant hypotheses by the empirical analysis of the two-way fixed effects.In accordance with research results,there exists intricate and distinct heterogeneity in the impact of demographic structure on residents’ demands for financial asset allocation.First,in terms of natural population structure,there is an acceleration of old-age dependency ratio(ODR)on residents’ demands for insurance and saving,and inhibition on residents’ demand for securities investment;the child-age dependency ratio(CDR)accelerates residents’ insurance demand and inhibits residents’ demands for saving and securities investment;there is an accelerative effect of sex ratio on residents’ demands for insurance,saving and securities investment.Second,in regard to social population structure,educational attainment accelerates residents’ demands for insurance,saving and securities investment;family size has an inhibitory effect on residents’ demands for insurance and securities investment,and an accelerative effect on residents’ saving demand.Third,as for the regional population structure,the level of urbanization accelerates residents’ demands for insurance and securities investment,and inhibits residents’ saving demand.The most important novelty of this dissertation is that it generalizes the impact of demographic structure on residents’ demands for financial asset allocation from the macroeconomic perspective,systematically probes into the relationship between demographic structure and residents’ demands for insurance,saving as well as securities investment,and proposes a brand-new research perspective for the research area of demographic structure and residents’ financial asset allocation.It not only conduces to comprehensively understand the features of residents’ financial asset selection and correctly guide residents’ investment behavior,but also provides a reference for the perfection of the insurance system,the innovation of financial products as well as the in-depth reform of capital market.