| Literature studies have shown that parents have an impact on children ’s decision-making,but in recent years,scholars have begun to pay attention to whether children ’s gender can affect parents ’ asset allocation choices,whether it will reverse family investment behavior,and when the three-child policy is implemented,children and family asset selection issues become the focus.In addition,Chinese families do not follow the classical hypothesis of decentralized investment when choosing financial assets.In this context,this paper explores the impact of children’ s gender on family financial asset selection from the perspective of families.For this article,the data which comes from China Household Finance Survey(CHFS)are used for research.For the sake of guaranteeing the validity of the consequence,considering the dynamic trend of causality,the panel data of CHFS in 2013,2015,2017 and 2019 are used to construct Probit model and Logit model for analysis.The propensity score matching method was used for endogeneity analysis,and the robustness of the conclusion was verified by ordinary least squares method and Heckman method.In the meantime,thinking about that the sex of children has different effects on asset selection of different families,the heterogeneity test is carried out from different regions,different household income levels and different age heads of households.The study finds that whether there is a descendant or not in the family will have a negative significant indigenous impact on the choice of family risky financial assets.Compared with families without children,families with descendants will weaken the amount of investment in risky financial assets such as stocks.It is further found that gender differences in children have significant differences in the choice of family financial assets.The participation of male children in family risk financial markets and the probability of participation in the stock market will be significantly reduced,and the proportion of risk assets such as stocks will also be significantly reduced.On the contrary,boys ’ families do have an indigenous positive impact on savings assets and savings rates.By analyzing the reasons behind this phenomenon,this paper proposes and verifies the possible influencing channels.First,in order to improve the competitiveness of male offspring in the marriage market,parents will carry out the famous “ competitive savings,” and buy houses for their children under the effect of “child pity effect” thereby inhibiting the investment in risk assets.Second,the gender of children will change the risk preference of family asset selection,and the performance of different risk preferences in financial markets is not the same.Thirdly,under the crowding-out effect,children as family pension will crowd out the risk relief effect of pension insurance on families,which will lead to differences in asset selection.From what has been discussed above,considering the impact of children ’s gender on asset selection,the conclusions of this study are of great significance to gradually promote the reform of social security system,guide the rational allocation of family assets and promote the steady development of financial markets.This paper suggests that the government should coordinate the common development of fertility policies and financial markets,and strengthen publicity to help guide the formation of gender equality concepts and a fair intergenerational transfer model,which helps to form a more equitable and reasonable social culture and promote socialist core values;financial institutions design a more localized,personalized and regional family wealth inheritance system for high net worth customers,and strengthen their ability to resist financial risks for low-and middle-income customers;for families,they should establish a correct investment concept,improve financial literacy,and consider the balance between risk allocation and future expectations. |
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