| Since the implementation of the family planning policy in the 1970s,although the population growth has been fully and effectively controlled,from the macro level,with the decrease of the birth rate,the aging trend is gradually emerging.Since 2001,China has entered an aging society.The proportion of the population aged 65 and above in the total population exceeds 7%ofthe standard set by the United Nations "population aging and its socio-economic consequences"in 1956.By the end of 2019,the proportion has reached’ 12.6%.From the micro level,according to China family development report 2015,China’s family population structure is facing the characteristics of "small family size","aging population" and "fewer children".The drastic change of China’s family population structure and its impact on China’s economic and social development have become the focus of attention of academic circles and policy makers(Wang and Fan,2018).At present,the main population risk faced by China is no longer the rapid growth of population,but the serious trend of fewer children and rapid aging(Guo,2012).In the face of the new trend of population structure change in China,family planning policy began to gradually relax.Since 2000,provinces gradually liberalized the "two child policy".In 2013,the Third Plenary Session of the 18th CPC Central Committee decided to implement the "two child policy alone".On January 1,2016,on this basis,the "two child policy" was fully liberalized,The "one child" policy,which has been implemented for more than 30 years,has been officially ended.It can be predicted that with the gradual relaxation of the family planning policy,China’s birth rate will be further stimulated,and the problems of population aging and fewer children will be gradually alleviated.At the same time,the population structure in the family will also change accordingly.Considering that the family,as the basic unit of social life,bears the responsibility of supporting the elderly and raising minor children(Fan and Wang,2015).Therefore,under the dual background of the increasingly severe aging population and the implementation ofthe "comprehensive two child" policy,the change in the number of children will affect the economic and investment decisions of parents and families.Based on this,this paper mainly discusses the relationship between the number of children,commercial insurance and family risk financial assets.The main research contents are as follows:Firstly,it describes the research background of this paper,on this basis,it puts forward the research problems of this paper,and expounds the research significance,research content,innovation and shortcomings of this paper.In addition,the basic theories related to this paper are analyzed and reviewed.Secondly,the influence of the number of children on the decision-making behavior of parents’ commercial insurance.Based on the data of China Family Finance Survey(chfs)2013,this paper takes the respondents and their spouses as the research objects,and investigates the influence of the number of independent children on parents’commercial insurance decision-making from the micro level.The main findings of this paper are as follows:with the increase of the number of children,the probability and degree of parents’ participation in commercial insurance will be significantly reduced.From the perspective of different types of insurance,the number of children and the structure of children(the number of sons and daughters)will significantly affect the possibility and degree of parents’ participation in commercial life insurance and commercial health insurance.At the same time,this chapter also verifies the channels that the number of children affects the parents’ commercial insurance decision-making,and finds that the number of children will affect the parents’ commercial insurance decision-making by influencing the family intergenerational economic support to the parents,that is,the number of children as "informal" insurance will crowd out the parents’ demand for commercial insurance through the intergenerational economic transfer to the family,The number of children is seen as an alternative to commercial insurance.Thirdly,the impact of the number of children to be supported on the demand of family commercial life insurance is investigated.Using the survey data of chfs 2017,the commercial life insurance is divided into investment type commercial insurance and protection type commercial insurance according to whether it is dividend.The results show that:the number of dependent children will significantly reduce the family’s demand for commercial life insurance;Families with two or less dependent children have a higher demand for commercial life insurance;Compared with families with only daughters,families with sons tend to buy commercial life insurance and commercial insurance with security.Finally,this chapter verifies the existence of maintenance cost from the composition of family income and consumption,and then explains the reason why the number of children to be supported will crowd out the purchase of family commercial life insurance.Fourthly,the influence of the number of children to be raised on the choice of family risk assets.Using chfs 2017 survey data,this paper examines the impact of the number of children to be raised on the allocation of family risk financial assets.The main findings are as follows:whether in the whole sample or in the sub sample,the number of children has a significant negative impact on the possibility and proportion of family venture capital participation.From the perspective of children’s gender composition,the number of children is more important than the structure of children.In order to explore the mechanism of the influence of the number of children on the choice of family risk assets,this paper analyzes the total income of the family and the children’s education expenditure,and finds that the increase of the number of children will crowd out the family’s investment in risk assets by reducing the total income of the family and increasing the children’s education expenditure.Fifthly,the relationship between commercial insurance and family risk asset allocation is studied.Using the micro survey database of China’s household finance in 2017,this paper uses probit and tobit models to analyze the impact of commercial insurance and annual premium of commercial insurance on household risk asset allocation.The basic conclusion is:the household owned commercial insurance and the annual premium of household insurance will significantly improve the allocation of risk assets and stock assets.The heterogeneity analysis shows that:commercial insurance plays a better role in preventing risks in urban households,and heads of households with higher education level have higher possibility and proportion of risk assets and stock assets allocation.This chapter also examines the relationship between commercial insurance and social insurance,and finds that the interaction between them is negative in the allocation of risk assets and stock assets,indicating that there is a substitution relationship,but it is not statistically significant.This chapter also makes a mechanism analysis,and finds that household commercial insurance and annual premium payment of commercial insurance will affect household asset allocation by reducing household Preventive Savings,so as to improve household investment in risk assets and stock assets.Sixthly,summarize the research conclusions of this paper,and put forward targeted policy recommendations. |
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