Research On The Impact Of Social Pension Insurance On Family Financial Investment

At present,the wealth level of Chinese households is constantly increasing.Campbell proposed the concept of family finance at the annual meeting of American Finance in 2006,and put it in line with traditional financial research perspectives such as corporate finance and asset pricing^[1].Family finance has become a hot topic for scholars to study.The classic theory of asset allocation believes that family investment should be based on their own risk appetite to measure risks and benefits,make reasonable investment decisions,and households should allocate some risky financial assets?Werlang and Dow,1992?^[2].In a developed financial market,households should have a decentralized portfolio of financial assets.According to the current situation in China,this has not yet been achieved this level.So this is a question worth exploring.On December 10,2016,the"China Pension Development Report"was issued.This is the country's first pension finance blue book.The report shows that in 2015 China's population aged over 65 accounted for 10.47%of the total population,and the pension problem became a problem.The country and each family face this important issue.Therefore,this paper explores the issue of pension as a background risk factor.At present,China's old-age security system coexists in multiple ways.There is a large difference in the level of endowment insurance between urban and rural areas.This paper explores the impact of the status of family pension security to household financial investment,according to the current status of China's family pension security,and distinguish between urban and rural areas to explore this issue.And based on the research conclusions,it makes suggestions for financial investment of a specific family case.In today's China's economic background of family with a single investment option,inadequate investment,a high savings rate,and social background of growing number of older people,exploring the family's pension security is of great significance to the family's financial asset allocation.In terms of theory,the traditional asset allocation model can be broadened to enrich the research field of asset allocation.In practice,it is helpful to provide advice on family pension issues and financial asset allocation according to the current situation,and at the same time it can provide reference for the improvement of China's old-age security system and the further development of the financial market.The research data in this article is the data of China Health And Retirement Longitudinal Study?CHARLS?2015 follow-up survey,using the Probit model and Tobit model to explore the impact of the family's participation in social pension insurance and the level of protection on the breadth and depth of participation in the family's risky financial market.The breadth of participation in the risk financial market is expressed in terms of participation rate.The depth of participation is represented by the proportion of risky financial assets to financial assets.And on the basis of the overall analysis,we will further distinguish between urban and rural areas,as a robustness test,to explore this issue.Finally,through the classic case analysis,it provides suggestions for the allocation of household financial assets.And use the research results of this paper to make recommendations for the improvement of the government's pension security system and the rapid development of the financial market.The study of this paper finds that the higher the degree of family pension security,the higher the proportion of family financial investment participation,and the greater the proportion of investment in risky financial markets,this effect is more pronounced in urban areas.Due to the proportion of risky financial markets in rural families is very low,financial investment for rural households requires more professional guidance.This requires raising rural family income and raising the overall level of education.