Research On The Influence Of The Family Structure On The Choice Of Assets

With the improvement of domestic income level and the strengthening of residents' awareness of financial management,the choice of family assets and the limited participation in the market have aroused the widespread concern of the scholars.Family asset selection is influenced by factors such as demographic characteristics,background risk,social culture,economic environment and other factors.Since the implementation of family planning policy in China,the family demographic structure has gradually presented the characteristics of aging,low fertility and small scale.The change of family demographic structure affects family not only the protection function,but also the family's asset selection behavior.This paper uses the data from China Household Finance Survey(CHFS)to study the impact on asset selection(participation probability and participation)from the perspective of family population structure(elderly dependency ratio,child support ratio,intergenerational number,family size),and analyzes the influence of channel and action mechanism behind it.Probit and Tobit's empirical results show that family demographic structure has a certain impact on household asset selection.The improvement of the elderly dependency ratio and the child dependency ratio can inhibit the participation probability and participation of the risk assets,but the inhibition effect of the child dependency ratio is less significant than that of the elderly dependency ratio.Intergenerational quantity is positively related to the participation probability and participation degree of risky assets,while family size is negatively correlated with the participation probability and participation degree of risky assets.Further studies have found that family old age dependency ratio and child dependency ratio can affect family asset selection through risk attitude and Preventive Savings,while the number of intergenerational and family size can affect family asset selection through wealth accumulation and income distribution.The study of this paper will help to understand the property investment behavior of families in different environments and provide reference for the government to formulate effective policies.It also helps to optimize the level of family assets allocation and improve the ability of family to deal with risk.