Study Of The Influence Of Family Structure On Financial Asset Allocation Of Household

Chinese family structure is now facing complex changes.The aging of the population,new birth policies,the decrease of marriage rate and the rise of divorce rate have made great changes in the family structure of China.Different family structure has different impact on the allocation of financial assets,especially the selection of risky assets.Under the background,this paper studies the influence factors of family asset allocation,especially the impact of family structure.This paper focuses on the empirical analysis,analyses the China family structure changing trend and reason,uses Tobit model to the relevant variables for regression analysis,in addition to the traditional analysis of variables,the residents' financial ability is introduced in the demographic variables in the variables of the indicators of risk asset allocation the analysis.After that,in the micro level,the number of residents in accordance with intergenerational family structure,the China subdivision,matched by the propensity value method(PSM),quantitative analysis of the influence of the change of family structure in different China complex situation of asset allocation,the marginal impact of differences in number of intergenerational micro analysis.The results of this paper are as followed: Firstly,the number of the middle-age and young people in the family will lead to decreased in financial assets,families tend to invest in risk-free assets and fixed assets,increase the number of elderly people will have a positive effect on the investment,but the result is not significant.Secondly,the relationship between the risk of asset allocation with age,education,income,total assets are not linear,in addition,the financial ability of newly introduced dummy variables,namely whether investors have the basic knowledge of finance,has a significant impact on the risk of asset allocation family.Finally,the financial asset allocation differences caused by differences in the number of intergenerational family is diverse,the impact of the elderly dependency ratio and the youth dependency ratio on the allocation of financial assets in the family is different.the number of a number of intergenerational differences affect asset allocation often depends on another generation in general.In almost all family structures,stock investment and financial products investment stood the largest proportion.The policy suggestions are as followed : First,to establish and perfect the protection system of elderly and young people,improving the old-age security system;Second,according to the different needs of people,develop suitable financial products;Third,improve policy supervision,as well as the capital market propaganda and service;Last but not least,educate investors of financial knowledge,effectively improve the ability of investors will help.