| In the 32 years from 1978 to 2011,China’s economy grew at an average annual rate of nearly double digits.However,due to major changes in the conditions and environment for economic development,the economic growth has slowed down significantly in recent years.At present,under the situation of sharp decline of investment demand and weak export,the macro-control policy is inclined to stimulate consumption demand.Policies to expand domestic demand were put forward,which has become an important strategic basis.Expanding domestic demand plays a vital role in promoting sustainable economic growth.As the basic constituent unit of social activities,families play very important role in economic activities.The consumption and investment behaviors not only affect the welfare level of families,but also directly affect the expansion of domestic demand and the growth of the national economy.Therefore,it is increasingly important to study household consumption and financial asset investment behavior.Household consumption and financial asset investment behavior are influenced by the family and the external environment in many ways.Scholars have studied this issue from different perspectives,such as demographic characteristics,income and attitudes towards venture capital.In contrast,the research from the perspective of endowment insurance can be further enriched.Endowment insurance can provide retirement security for people,affect the family’s savings behavior and the background risks.Theoretically,endowment insurance has an important impact on family consumption and financial asset investment behavior.At the same time,the aging of the population in China is gradually aggravating,the elderly after retirement income drops sharply,the population aging is not conducive to consumption and investment behavior.Therefore,as an important system to ensure the life of the elderly,the endowment insurance will exert more and more important influence on the consumption and investment behavior of Chinese households.Based on this,from the perspective of endowment insurance,this paper attempts to explore Chinese residents’ household consumption and financial asset investment behavior from the micro level.Firstly,the relationship between basic endowment insurance and household consumption level and consumption structure is tested through empirical analysis.The regression results of OLS and instrumental variable method both show that the endowment insurance system has a positive impact on household consumption level.Compared with other families,the household consumption expenditure increasesmore after the low-income and elderly families participate in the basic endowment insurance.Compared with urban resident insurance,participation in urban employee endowment insurance has a greater promoting effect on household consumption level.The regression results also show that the endowment insurance system has a positive impact on the family consumption structure.Compared with other families,the family consumption structure of middle and high-income and middle-aged families has been significantly improved after participating in the basic endowment insurance.Compared with urban resident insurance,participation in urban employee endowment insurance has a greater effect on the improvement of family consumption structure.Secondly,based on the micro household survey data,this paper uses the propensity score matching(PSM)method to empirically analyze the relationship between endowment insurance and family financial asset selection,and finds that endowment insurance can significantly promote family financial asset investment.Compared with uninsured households,insured households are more likely to participate in risky financial markets and invest more of their wealth in risky financial assets.Among them,old-age insurance system for urban workers with a high level of security has a greater promoting effect on household risky financial asset investment behavior.There is significant urban-rural heterogeneity and income heterogeneity in the selection of family financial assets by endowment insurance,and the promotion effect of endowment insurance on the investment of family risky financial assets is greater in urban families and high-income families.Finally,the relationship between endowment insurance and household financial asset allocation efficiency is analyzed by Probit,Tobit,Ord-probit,propensity score matching method(PSM),Ⅳ-probit,Ⅳ-Tobit and other methods.In this chapter,the types of risky financial assets,the diversity index of venture capital and the Sharpe ratio of financial asset portfolio are selected as indicators to measure the effectiveness of household financial portfolio.It is found that endowment insurance has a significant promoting effect on the effectiveness of household financial portfolio.Specifically,families participating in endowment insurance have more types of risky financial assets,higher risk investment diversity index,and higher Sharpe ratio of financial asset portfolio.Compared with the pension insurance for urban and rural residents,participation in the pension insurance for government offices and public institutions and urban workers can significantly promote the effectiveness of household financial portfolio.Moreover,endowment insurance has a greater promoting effect on the financial asset portfolio efficiency of urban families,families with high asset level and families with high education level.Possible innovations of this paper are as follows:1.The research content is more comprehensive and the selected indicators are more abundant.More in the literature focused on the study the influence of the endowment insurance for family consumption level,from the perspective of residents’ consumption structure in the endowment insurance literature is less.In this paper,a variety of indicators are integrated to measure the household consumption structure,including subsistence consumption,development consumption and enjoying consumption,the ratio of subsistence consumption to total household consumption,the ratio of development consumption and enjoying consumption to total household consumption and Engel’s coefficient.This paper analyzes the influence of basic endowment insurance on family consumption from two aspects of total consumption and consumption structure.In addition,existing studies focus on the analysis of the impact of a specific endowment insurance system on family consumption.This paper conducts an overall assessment of the relationship between the participation of the endowment insurance system and family consumption from the general situation,and further compares the effects of different endowment insurance systems.2.Innovation of research methods.The research about the endowment insurance in our country and the family financial assets choice behavior is not much,only a few are based on the research of Probit and Tobit model.Because the family participation in the decision-making of endowment insurance is not strictly exogenous,it is susceptible to the influence of various factors such as family economic status and personal characteristics,and thus produces the problem of self-selection bias,resulting in the deviation of the estimated results.In terms of research methods,this paper adopts propensity score matching(PSM)method to control sample selection bias,which can accurately estimate the impact of endowment insurance on family financial asset selection.3.Innovation of research perspective.Through review relevant literatures,it is found that few literatures analyze the effectiveness of household financial portfolio from the perspective of endowment insurance.This paper attempts to analyze the effectiveness of household financial portfolio from this new perspective.In terms of index construction,based on the existing research,this paper constructs a multidimensional index to measure the effectiveness of household financial portfolio.Specifically,it includes the types of risky financial assets,the index of investment diversity and the sharpe ratio of financial portfolio. |
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