| In recent years,more and more domestic and foreign researchers pay attention to family finance.Family asset allocation and investment choice determine the degree of financial market development in a country,and family finance has gradually become a hot topic in the field of financial research.However,from the perspective of family financial participation in the world,it is generally low,leading to the "mystery of limited participation".Even in the United States,the most developed financial industry,the degree of family assets participating in the stock market is only about 50%,and the degree of family financial participation in other countries is far below that level.China’s household financial participation is less than 8%(China household wealth survey report(2016)).Most of the household financial assets are allocated in the form of cash and bank deposits.The participation rate of the stock market with the largest investment risk is only 7.35%,and the participation rate of the fund and bond market with a slightly lower risk is only 4.52%,which results in a large number of idle financial assets and losses When part of the opportunity gains.By comparing the mainland of China with Hong Kong,Taiwan,Macao and other regions in China,we find that there is a certain relationship between the regional fertility rate and the financial participation of local families.Based on this,we can speculate whether the family size and composition have a certain relationship with the family investment decision and asset allocation,so as to explore the impact of the same cultural background on the investment decision and asset allocation of China’s family financial market Internal factors.This paper mainly studies the influence of the number and structure of children on family investment behavior from the perspective of family birth decision-making,selects the family investment risk preference as the entry point,and analyzes the internal reasons of the influence of the number of children on family risk financial assets investment and commercial insurance investment.If the internal structure of the family affects the family’s participation in the financial insurance investment market,it will extend the influence of the "two-child policy" on family investment behavior and the entire financial insurance market.Since 1979,China has implemented a strict "one-child policy" throughout the country,which provides a natural experimental platform for us to carry out the research on fertility decision-making,family investment risk preference and the corresponding risk asset investment.This paper takes it as a policy shock event,and uses the frontier micro measurement method to more accurately identify its internal logical connection and mechanism.Under the condition that the research technology can be solved,the publication of the authoritative representative data of the national household finance micro survey in recent years has solved the problem of data availability.Therefore,this paper studies the effect of "two child policy" on household investment risk preference and asset allocation,which has a solid technical support and data support.The research context of this paper is clear and in-depth.Firstly,this paper demonstrates the internal logic between birth decision and family investment risk preference,and then,under its mechanism,studies the real impact of birth decision on family risk financial asset investment and commercial insurance investment.The specific structure of this paper is as follows:the first chapter is the introduction,which mainly introduces the background and research significance of this paper,and expounds the research content,research methods and possible innovation points;the second chapter is the literature review,which mainly combs and comments on the research contents related to family investment risk preference and risk asset allocation;the third chapter is the status analysis,which introduces China’s fertility rate The fourth chapter is the research on the influence of birth decision on family investment risk preference;the fifth chapter is the research on the influence of birth decision on family risk financial asset investment;the sixth chapter is the research on the influence of birth decision on family commercial insurance investment;the last chapter is the conclusion and policy recommendations of this paper.Among them,the fourth,fifth and sixth chapters are the core research parts.The specific design and conclusions are as follows:First,the impact of birth decisions on family investment risk preferences.Using the 2013 China Household Financial Survey data,the orderly Probit model was used to study the impact of the number of children on family investment risk appetite.After endogenous treatment through instrumental variables,it was found that the increase in children would increase the family’s aversion to venture capital.At the same time,in order to estimate the degree of influence of the "two-child policy" on family investment risk attitude,we further limit the number of children in the sample family to 1-2,repeating the benchmark regression process.Finally,from the perspective of family structure,this chapter studies the number of daughters in the family,the number of sons,and the gender weight of the children to analyze the heterogeneous impact of the gender differences on family investment risk preferences.Second,the impact of birth decisions on family risk financial asset investment.Using the 2013 China Household Financial Survey data,the Probit model and the Tobit model were used to study the relationship between the number of children and the holding and allocation of family risk assets.Through the endogenous treatment of instrumental variables,the number of children was held and allocated to family risk assets.Significant inhibition.Then,from the family risk appetite and the disposable income of family-owned risk assets,the internal mechanism of the influence of the number of children on family risk investment is analyzed.From the perspective of family holding stocks,bonds,funds,financial derivatives,and bank wealth management products,we study the effect of the number of children on the heterogeneity of various types of risky financial assets.From the perspective of family structure,the number of daughters,the number of sons and the gender proportion of children are studied to analyze the heterogeneous impact of the gender differences on family risk financial assets holding and allocation.At the same time,in order to estimate the degree of influence of the "two-child policy" on family investment risk attitude,we further limit the number of children in the sample family to 1-2,repeating the benchmark regression process..Third,the impact of birth decisions on family business insurance investment.Using the 2013 China Household Financial Survey data,the Probit model was used to study the relationship between the number of children and the family’s purchase of commercial insurance.After endogenous treatment through instrumental variables,it was found that the number of children had a significant inhibitory effect on household purchase of commercial insurance.Then,from the three aspects of family investment risk preference mechanism,household disposable income mechanism and family pension security mechanism,the internal mechanism of the influence of the number of children on family business insurance is analyzed.From the perspective of family purchase of commercial life insurance,health insurance,property insurance,pension insurance and other insurance,the heterogeneity effect of the number of children on the purchase of various types of commercial insurance in the family is studied.From the perspective of family structure,the number of daughters,the number of sons and the gender proportion of children are studied to analyze the heterogeneous impact of the gender differences on family risk financial assets holding and allocation.At the same time,in order to estimate the degree of influence of the "two-child policy" on family investment risk attitude,we further limit the number of children in the sample family to 1-2,repeating the benchmark regression process.The research in this paper will help to analyze the impact of the "two-child policy"on the risk investment behavior within the family,and indicate the changes in the internal investment caused by the adjustment of the population policy,which may lead to a certain degree of the entire financial and insurance investment market.Impact,government policy makers need to see the effect of joint policy policies triggered by population policies,implement and improve relevant coordinated financial policies and related allocation measures,reduce the impact of "two-child policy" on family finance,and improve internal prevention and control of households.Risk ability,while responding to family risk appetite,financial assets and commercial insurance investment decline preparation,strengthen the promotion of family financial investment risk and improve the overall financial literacy of the family,has reached the impact of mitigating policy shocks. |
