The Influence Of Population Structure On Household Portfoliochoice And Consuming Behavior

As the growth rate of national economic development gradually slows down,expanding domestic demand and improving the development of financial system have become the focus of many researchers.As one of the main body of economic society,family's asset choice and consumption level directly affect the economy and development of the whole country.Household investment and consumption are influenced by the household itself and external environment,such as household population structure,income and wealth level,investment risk preference,economic environment,etc.From the perspective of family population structure,China's family characteristics have gradually developed from "four generations living under one roof",high labor force and young people to small-scale,low fertility and aging.This change will affect the family's asset choice behavior and consumption ability by changing the family's investment risk attitude and income security function.This article uses the Chinese family financial investigation(CHFS)from micro-level research the Chinese family structure(the elderly dependency ratio,children's dependency ratio,working population proportion,family size)for household assets investment choice and the influence of consumer behavior,in order to study the dynamic trend of causal relationship,to ensure the validity of the estimated results,this article uses CHFS2011 year,2013,2015 and 2017 in four years' panel data,build the panel model to carry on the empirical analysis and making use of the intermediary effect to explore how population structure affect the investment and consumption of the family.It is found that the family dependency ratio has a positive impact on non-financial assets,especially the family savings ratio,endowment ratio and medical insurance ratio.The impact on financial assets is negative,especially the risky financial assets,and the inhibition degree of urban households is greater than that of rural households.The ratio of children's dependency to family non-financial assets has a significant negative impact,which has a significant positive impact on family financial assets and even risky financial assets,and at the same time significantly promotes family participation in stock and commercial insurance.Household size has a significant positive impact on the proportion of non-financial assets,but has a significant negative correlation with the proportion of financial assets and the proportion of risky financial assets,significantly inhibiting the participation of households in stocks,funds and commercial insurance.The ratio of household labor population to household non-financial assets shows a significant positive correlation,and has a significant negative impact on the ratio of financial assets,while it has no significant impact on the ratio of risky financial assets,but has a significant inhibitory effect on household participation in the financial market.In terms of consumption behavior,the number of children in the family and the proportion of dependency significantly positively promoted the proportion of subsistence consumption and developmental consumption in the family consumption structure,and the proportion of subsistence consumption and developmental consumption in the family aged dependency ratio had a significantly positive impact on the latter to a greater extent.In addition,household income and housing assets have a significant wealth effect on household consumption.The research of this paper is helpful to deeply understand the preference of household asset investment in different environments,and provides effective reference for the government to optimize the structure of financial market,promote the participation of household financial market and increase the property income of residents.It also helps the government to understand the consumption preferences of families with different characteristics under the background of the aging of families and population,promote the upgrading of industrial structure,effectively improve the consumption rate of residents,expand domestic demand,and thus promote the further steady and healthy growth of the economy.