Study On The Effect Endowment Insurance Placed On The Family Financial Asset Allocation In China

Under the background of the continuous development of national economy,the concept of family finance has been known to all.Residents are becoming more interested in how to allocate household finance.But it is limited by many factors.Therefore,it becomes an urgent problem for us to solve.As an important guarantee,endowment insurance can improve the allocation of household financial assets to some extent.Therefore,this paper will focus on the impact of endowment insurance on the allocation of household financial assets.On the basis of reviewing related literature,the concept of endowment insurance and family financial assets,and then expounds the relevant theories of endowment insurance of family financial asset allocation,in the case of summarizing predecessors' experience and theoretical analysis,for old-age insurance to the influence of family financial asset allocation,normative analysis and empirical analysis.Normative analysis first introduces the generation and development of China's endowment insurance,and then analyzes the current situation of China's household financial asset allocation.Finally,the normative analysis concludes with the functional mechanism of endowment insurance affecting the allocation of family financial assets.The empirical analysis is based on the survey data of CHFS2013.After sorting out the data,descriptive statistical analysis is conducted to have a general understanding of the characteristics of variables.Then,Probit model and Tobit model were used to conduct an empirical analysis on the impact of endowment insurance on the allocation of family financial assets,and explain how endowment insurance affects the allocation of family financial assets from the perspectives of the participation of family financial assets and the proportion of participation.In the process of empirical analysis,demographic and family characteristic variables were added to ensure the accuracy of model setting.In order to ensure the authenticity and reliability of empirical results,the endogeneity test was carried out.On the basis of referring to previous literatures,the provincial insurance participation rate was used as the instrumental variable.Finally,after the robustness test and the control of medical insurance and other guarantees,the empirical results prove that the model is still robust.The empirical conclusion is as follows:Endowment insurance can promote the allocation of family financial assets.The effects of other control variables on household financial asset allocation are also obtained.Finally,according to the results of normative analysis and empirical analysis,put forward countermeasures and Suggestions.In the face of the differentiation of urban and rural areas according to local conditions to improve the old-age insurance security;In the face of the differentiation of wealth level targeted to improve the wealth level of residents.