The Influence Of Household Structure On Financial Risk Asset Allocation

The family is the main participant in social activities,but the participation rate of the family in the financial market is slightly lower.Therefore,the family's investment decision-making behavior has always been concerned.With the integration of social culture and the evolution of national policies,the concept of family in China is undergoing some changes.And the household structure in our country has also undergone multi-stage changes.In the process of urbanization,our country's households have the characteristics of small-scale and diversified types at this stage.Family mobility increases,household income increases,and households have new features in the choice and combination of financial assets.Family structure has an important influence on the behavior of family investment financial assets in different life cycles.Combined with the background of the aging and full-fledged second-child policy,there may be more situations in the family with elderly people and multiple children,which will have an important impact on family investment decision-making behavior.Therefore,it is of great significance to study the investment behavior of different family structures.This paper is based on the 2014 China Family Panel Studies(CFPS)data to study the influence of household structure on the allocation of financial risk assets.This article analyzes the family structure from the perspective of quantity and internal relations.,and the family structure is divided into two major categories:the population structure and the residential relationship structure.Then use the Logit model to build a risk asset participation model to analyze the correlation between family structure and risk asset participation.And the use of Tobit model to build a risk asset ratio model to study the influence of family structure on the proportion of risk assets in the total household assets.The empirical results show that:1.The larger the household population can take the lower the probability of participating in risk assets and the smaller proportion of the financial risk assets in the household total assets.And household savings will weaken this negative impact.If a household saves more,it means that the stronger the ability to take risks,the negative effect of family size will not be so significant;2.The more children in the family,the lower the probability of participating in risk assets and and the smaller proportion of the financial risk assets in the household total assets,and educational spending will increase this negative impact.The number of children in the family will squeeze family investment in risk assets by increasing education spending;3.There is no difference in the decision to hold risky assets between two generations of households with the same type of residence and single generations of households,but the three generations of households with the same family are less inclined to invest in risky assets and have a smaller proportion of risky assets.Family retirement or pension will weaken this negative impact.If a family's retirement or pension is more,the increase in residential algebra will make the family's investment in risky assets less.Finally,based on the empirical results and in combination with the development status of China's financial market and different family participation,this paper puts forward policy recommendations for improving the social security system,income distribution system,education reform,and optimizing financial products and services to provide financial support for families and create good The investment environment is conducive to improving the family's wealth and utility,and it also provides a new perspective of reform and development for the financial market.