The Impact Of Social Insurance On The Household Risk Financial Asset Allocation Of Chinese Residents

In recent years,with the growth of domestic household wealth and the development of monetary markets,the way to allocate family asset has become an significant research issue in finance.It is helpful to guide Chinese residents to establish the optimal way for household asset allocation.Meanwhile,it can promote the development of financial markets and improve the operating level of the entire national economy.This paper is studying the impact of social insurance on the household risk financial asset allocation of Chinese residents by using Chinese Household Financial Statistics(CHFS).Social endowment insurance and social health insurance are acting as important parts in our social insurance system;therefore,this paper is studying the impact of social insurance on the household risk financial asset allocation from two angles,which are social endowment insurance and social health insurance,respectively.This paper mainly studies the following problems:The first part is the impact of social insurance on whether the family holds risky financial assets.The second part is the impact of social insurance on the insurance on the proportion of risky financial assets held by households.In the third part,The impact of social insurance on the risk of financial assets held by households at different levels.The fourth part is the impact of social insurance on the choice of various types of risky financial products.The results show:First,social insurance can effectively improve the probability of holding risky financial assets of family.Households with social endowment insurance are 29.2%higher than those without it;households with social unemployment insurance are 25.4%higher than those without it;households with social medical insurance are 24.5%higher than those without it.Second,social insurance can significantly improve the proportion of risky financial assets held by families.Households with social endowment insurance are 72.3%higher than those without it;households with social unemployment insurance are 28.6%higher than those without it;households with social medical insurance are 35.7%higher than those without it Third,family with the social endowment insurance is most likely to raise the probability of holding a high proportion of risky financial assets;family with the social health insurance is most likely to raise the probability of holding a low proportion of risky financial assets.Fourth,families with social insurance are more inclined to choose the higher risk of financial products.Several suggestions are put forward after combing current situation of China and the conclusion of this paper:The social security system should be improved and strengthened;the coverage of social security should be expanded;the social security payment and the long-term effectiveness should be raised;the government should play the guiding role;the financial market system should be perfected;as well as financial products types should be enriched.