The Impact Of Social Security On Family Risky Financial Asset Allocation

In the past 40 years of reform and opening up,China's economy has made considerable progress.The family sector has gradually accumulated a certain amount of wealth.With the change of the concept of family financial management and the development of financial markets,family financial management decisions have an increasing impact on the overall economic development.At present,there are some practical problems such as the single financial structure,the low proportion of family-risk financial assets in the household financial participation in our country,which is seriously inconsistent with the conclusion that every household holds risky assets in classical investment theory.What are the factors that affect household asset allocation? The impact has become a hot issue.This article takes social security as a starting point,and uses the data of China Family Financial Survey collected by China Family Financial Surveys and Research Center,Southwest University of Finance and Economics in 2015 to select the Probit model and Tobit model to analyze the influence factors of family risk financial assets holding status.The findings are as follows: First,the possibility of holding household risky financial assets is affected by the family social security participation status.The more households participating in the social insurance category,the more likely they are to hold risky financial assets.Second,family social security status also has a significant impact on proportion of household risk financial assets held.Households that participate in more types of social security have a higher proportion of risky financial assets held.Third,among the types of social insurance that affect households holding risky financial assets,pension insurance and medical insurance have the greatest impact;the substitution effect is much greater than the income effect.Fourth,in the robustness test,social security has a significant impact on participation of family risk assets after adjustment of sample and attention variables.