Research On The Influence Of Social Security Level On Residents' Financial Assets And Real Estate Investment

In recent years,with the increase of the availability of household or individual survey data,the micro-positive research on the influencing factors of China's household asset investment decision-making behavior has begun to receive widespread attention from domestic academic circles.Household assets exist in two ways,namely non-financial assets(physical assets)and financial assets.In physical assets,real estate accounts for a large proportion and is the most important part of all household assets.The myth of high housing prices in China's housing market continues to be staged.The importance of real estate with both consumption and investment is undoubtedly important for most families.Therefore,the property factor cannot be ignored when the family is performing asset allocation.Relevant research on household asset allocation explores the effects of income,age,education level and health status,but few empirical papers study the impact of social security system on financial asset allocation and real estate investment of Chinese households.This paper attempts to fill this gap and provide new microscopic empirical evidence for this area.Since pension insurance is the main body of social security,this paper will focus on the impact of social pension insurance on household financial asset allocation and real estate investment behavior.Using social security as an independent variable to explore the impact on household asset allocation,and divide household asset allocation into real estate investment and risk financial asset investment,and study the impact of social security level on it,which is the innovation point of this paper.First of all,this paper summarizes the relevant theories of family asset allocation,including life cycle theory,absolute income theory,rational expectation theory and behavioral finance theory,and then analyzes the mechanism of social security affecting family asset allocation through the above theory.Social security mainly affects household asset allocation by affecting family and asset substitution,household liquidity preference and risk preference,and household preventive savings.Then use the micro-data from the China Household Finance Survey(hereinafter referred to as CHFS)database of Southwestern University of Finance and Economics to make a general analysis of the status quo of China's family financial asset allocation and real estate allocation,in which the family holds risky financial assets.The overall situation,different regions,different age groups,different levels of education,different income classes and other aspects describe the financial assets allocation of the family.Combined with the holding of social endowment insurance,it provides realistic support for the empirical analysis of the impact of social security on household asset allocation.In the empirical part,the Probit model and the Tobit model are used to study the breadth and depth of social security participation in family risk financial assets and real estate investment.The regression results show that the family economic level,demographic characteristics and subjective investment risk preference attitude are controlled.After other factors,compared with households without social pension insurance,households with endowment insurance have higher risk investment tendency and higher proportion of holdings and statistically significant;further analysis finds that social security invests in family risk assets The impact of urban residents and rural families is very different.The social security of urban residents can significantly increase the probability and proportion of urban households holding risky assets.Rural residents may not be able to maintain the level of old-age security under the new rural pension insurance system.Effectively increase the probability of holding financial assets and the proportion of holdings of residents.The main factors affecting the probability of holding financial assets and the proportion of holdings of rural residents are economic status and academic level.In terms of real estate investment,the level of social security has a significant positive effect on the proportion of real estate value in residents' assets,but the improvement of social security level does not increase the probability of family ownership of housing,indicating that with the improvement of social security level,Some families are more inclined to invest in financial markets,and households with a higher proportion of risky financial assets have a significant squeeze on household investment in real estate.Finally,the conclusions put forward the following suggestions: promote the integration of urban and rural multiple old-age care system,improve the level of universal pension security;coordinate the coordinated development of social endowment insurance and commercial endowment insurance;enhance the cultural quality of the whole people,promote the development of financial markets;standardize the development of financial markets,deepen financial Market reform.