| Since the reform and opening up,the household income of the residents in our country has been increasing,and the level of family wealth has been improved,but the asset allocation structure of the rural households is still relatively single,the household assets are still dominated by the housing assets,and the family has less choice of financial products.Rural households are affected by many factors when allocating assets,in addition to family income,traditional culture and other factors,the family population,especially the number of children also affects the allocation structure of household assets.Therefore,based on data from a national China Household Finance Survey(CHFS)project conducted by the China Family Finance Survey and Research Center of Southwest University of Finance and Economics in 2015,this paper combines the relevant literature to construct Ordered Logit and Fractional Response two models to study and analyze the relationship between the number of children and the allocation of rural household assets.First,using the Fractional Response model to analyze the impact of the number of children,the number of minor children and the number of adult children,the number of boys on the proportion of financial assets,housing assets in the total assets of rural families and the impact of the proportion of safe financial assets in financial assets,then using the Ordered Logit model to analyze the impact of the number of children on the participation of rural families in the risk market,on the basis of which the number of children on the proportion of safe financial assets in financial assets is further analyzed.Then we test the robustness of the estimated results of the model.Finally this paper analyzes the relationship between the number of children and the allocation of assets in families with different regions,different income and different age levels.The study finds that the number of childrenl significantly promotes the ownership of financial assets by rural families,but the number of children reduces the participation of rural families in the risk market,and promote families to hold safe financial assets.The number of children restrains the proportion of housing assets in rural households,the impact of minor children on the proportion of household housing assets is greater than that of adult children,and boys also promotes the investment of rural families in housing assets.The results of heterogeneity analysis find that from a geographical point of view,the number of children in all regions promotes families to hold safe financial assets and inhibits families to hold housing assets.Among them,the impact of the number of family children on the security financial assets in the eastern region is significant in the central and western regions,but the inhibitory effect on the housing assets is not obvious in the central and western regions.From the income point of view,the number of children has a promoting effect on the holding of safe financial assets in different income families,but the impact on low income families is not significant At the same time,the number of children inhibits the holding of housing assets by households with middle and high income and below,and on the contrary,it promotes the holding of housing assets by high income households.From the age point of view,the number of children restrains the family's investment in housing assets,and promotes the holding of safe financial assets,and the impact on middle-aged families is more significant than that of young families and elderly families.In addition,this paper analyzes the reasons according to the research results,and puts forward relevant policy suggestions from four aspects:regulating capital market development,paying attention to the regional balanced development,breaking through the bottleneck of assets and paying attention to the change of family structure,so as to promote residents' participation in financial market,and improve the asset allocation structure of rural households. |
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