The Impact Of Migrant Work On The Diversity Of Financial Assets Of Rural Households

Compared with cities,China’s rural society is relatively closed and remote,the financial market in rural areas is difficult to further develop;On the subjective side,the financial investment willingness of farmers is not strong enough,and the financial investment atmosphere in rural areas is not strong.The financial assets held by rural residents are more concentrated in savings assets with lower returns and risks,which is difficult to promote the substantial growth of their family property income.Migrant work is a common choice in rural society.It enables farmers to obtain more financial information and resources,and increase their investment in other financial assets under the influence of urban social interaction and strong investment atmosphere.Migrant work also contributes to increasing household income,enabling rural households to have the material conditions for financial investment.Under the dual influence of the current urban consumption concept and the enhancement of social security,rural households will reduce their savings and use their idle funds for financial investment.Studying the impact of migrant work on the diversity of rural household financial assets and probing its mechanism can not only enrich the relevant research on rural household investment,but also promote the interdisciplinary research of demography and finance.It can also provide proposal for government to make policies and measures,financial institutions to design featured products and rural families to allocate a variety of financial assets to increase property income.On this basis,paper uses first-hand data from field investigations under the National Social Science Foundation.Through statistical analysis,the basic characteristics of population,regional financial information popularization and farmers’ attention,basic economic characteristics and financial assets of rural households in five provinces(cities)in western China are summarized.Through theoretical analysis,the theoretical logic of the impact of migrant work on the diversity of rural families’ financial assets and the intermediary mechanism of family income and financial information attention are sorted out.This paper verifies the impact of migrant work on the diversity of rural families’ financial assets and the mediating mechanism of family income and financial information.The endogeneity problem is solved by instrumental variable method.Then,a subsample regression based on family social network and wealth level is conducted to explore the heterogeneity of the impact of migrant work on the diversity of financial assets.Finally,the basic conclusion is tested by propensity score matching method.Meanwhile,replace variables to test whether the baseline regression results are stable.The Conclusions are as follows:(1)Migrant work can increase the diversity of financial assets held by peasant households.(2)Migrant work can increase the diversity of financial assets of rural households by increasing family income and attention to financial information.(3)The impact of migrant work on the diversity of financial assets of rural families with small and medium social networks and higher wealth level is more significant.Based on the results of statistical analysis and empirical analysis,it is suggested that the government should improve the corresponding guarantee mechanism for migrant workers and strengthen the publicity and supervision of financial information.It is suggested that financial institutions promote business in rural areas,strengthen advisory services,and design financial products featuring migrant workers.It is suggested that farmers should enhance the initiative of obtaining financial information,establish diversified investment consciousness and optimize the structure of family assets.