Study On The Impact Of Age Structure Of Family Population On Family Financial Assets Allocation

As a hot topic of finance discussion in recent years,"fa mily finance" has accumulated a large number of literatures in relevant researches at home and abroad.Among them,the research on household financial asset allocation has become one of the key research directions of household finance.Family members are t he core of a family,and the age structure of family population is bound to have an impact on the allocation of family financial assets to some extent.Under the influence of the family planning policy,China's population aging problem has become increasin gly prominent,and the family population age structure is also facing complex changes.The age structure of family population is closely related to many economic variables.Different age structure of family population leads to different allocation strategi es of financial assets.This paper starts from the micro perspective of the family,analyzes the impact of the age structure of the family population on the financial asset allocation,and puts forward relevant policy Suggestions based on China's national conditions,in order to promote the optimization of the family financial asset allocation and the development of the financial market.This paper quantitatively analyzes the heterogeneity of family financial asset allocation under different age structures by taking the influence of family population age structure on family financial asset allocation as the research object.Firstly,according to the development status of China's capital market and the reality of household financial asset allocation,this paper proposes the research topic.Secondly,based on the asset portfolio theory,life cycle theory,behavioral finance theory and rational expectation theory,this paper explains the mechanism that the age structure of family population affects the allocatio n of family financial assets from the perspective of multiple account investment portfolio and life cycle,and divides the influencing mechanism into direct and indirect channels.Thirdly,based on the research object of this paper,the Bioprobit model and VGAM model are adopted to carry out empirical research by combining direct and indirect mechanisms.Therefore,the forms and estimation methods of the two models are briefly introduced in the third part.Fourth,the Bioprobit model and VGAM model are esti mated with CFPS data as samples.Based on the estimation results of Bioprobit model,the age of investors is further divided into 6 age groups,and the average probability of whether households invest in financial market and allocate high-risk financial assets is calculated in different sections.The statistical results show that with the increase of investment decision age,the two types of probability also increase,reaching a peak between 50 and 60 years old(excluding 60 years old),and will decrease wi th the increase of age.Based on the estimation of VGAM model,the marginal effects of average age and various population proportions are given,and the non-linear effects of the age structure of family population on the allocation of family financial asse ts are depicted.The empirical results show that there is an inverted u-shaped relationship between the average age of the family population and the family's investment in national bonds,stocks and funds,and the structural change point is about 55 years old.The estimation results of VGAM model intuitively show the heterogeneity of the impact of average age on household financial asset allocation.Whether to invest in national debt is more sensitive to the change of average age,while whether to invest in stocks,funds and financial derivatives is relatively weak.The proportion of children in the family and the proportion of the elderly in the family have a negative impact on the allocation of government bonds,stocks,funds,financial derivatives and other financial assets.With the increase of the proportion of children in the family and the proportion of the elderly in the family,the negative impact will continue to deepen.The proportion of the household labor force has a positive impact on the allocation of national debt,stocks,funds,financial derivatives and other financial assets,but with the increase of the proportion of the household labor force,the positive impact continues to weaken.Finally,according to the results of qualitative and quantitative analysis,combined with the status quo of China's household financial asset allocation,policy Suggestions are given from four aspects: financial education,capital market supervision,financial inclusion and diversified financial product design.