Research On The Influence Of Family Population Structure On The Choice Of Risky Financial Assets

Since the reform and opening up,China's economy has maintained a trend of rapid growth,the income of urban and rural residents has steadily increased,the living standard has significantly improved significantly,and the financial market has become increasingly prosperous.Under the background of the aging population and the new birth policy,China's family population structure has undergone major changes due to the decrease of the proportion of children,the increase of the proportion of the elderly and the shrinking of the family size.Family finance,as a financial research field,is parallel with asset pricing and corporate finance.From the perspective of family population structure,this paper takes the proportion of children's population,the proportion of the elderly population and the family size as the substitution variables to measure the family population structure,and explores its influence on the participation probability and allocation ratio of risky financial assets.Based on the population of family structure on the influence of the risk of financial assets choice as the research subject,the comb summary of literature review and the modern portfolio theory,life cycle theory,the precautionary savings theory and the theory of liquidity preference theory,put forward three core theoretical hypothesis,and uses the 2017 China family financial survey data(CHFS)(hereinafter referred to as the "CHFS2017")to investigate the family population structure,namely to children population proportion,the elderly population is three explanatory variables and family size influence on our country family risk of financial assets choice,Secondly,it explores whether there is individual heterogeneity in the influence of household population structure on the selection of risky financial assets.Finally,it uses a variety of methods to conduct robustness test.After empirical test,this paper draws the following conclusions:first,the family scale expands,the financial burden of the family increases,the risk sharing of the family forms,the income sharing mechanism weakens,and the uncertainty risk increases.In order to avoid the risk,the family will reduce the choice of risky financial assets.Second,the proportion of children's population increases.In order to provide better living and learning conditions for their children,families pay more attention to the accumulation of funds in future consumption and investment decisions,and families will reduce the choice of risky financial assets.Third,as the population proportion of the elderly increases,families are faced with greater pension risks and uncertainties,so they will buy a series of pension insurance,increase savings and other measures,and indirectly reduce the choice of family risky financial assets.According to the research conclusion of this paper,in order to promote the healthy and stable development of family finance in China,the following three Suggestions are put forward:First,to improve the social security system,reduce the pressure of family support;Second,to innovate financial products and provide targeted financial services;Third,enhance financial knowledge learning,improve their own concept of financial management.