An Empirical Analysis Of Family Risk Assets Selection And Commercial Insurance Purchase Behavior

On March 13,2018,China Banking Regulatory Commission and China Insurance Regulatory Commission formally merged into China Banking and Insurance Regulatory Commission in accordance with the provisions of the institutional reform plan of the State Council.While strengthening comprehensive supervision,optimizing the allocation of regulatory resources,and preventing systemically important financial risks,it further triggered social thinking on the characteristics of the coordinated development of modern finance and the role of insurance in the financial market.On the one hand,although compared with developed countries,the household financial asset allocation in China is still characterized by savings-based and low risk of financial assets,with the continuous development of China's financial market and the rapid increase of household disposable income,the proportion of financial assets in household property is increasing,and its financial asset selection behavior is becoming increasingly complex.On the other hand,with the increase of social risk awareness,residents pay more attention to the risk protection of themselves and their families.With the tide of population aging,China has become one of the fastest growing life insurance markets in the world.Limited to the impact of the late start,the insurance density and depth in China are only 2,632 yuan per person and 4.4% by 2017.There is still a big gap between China and developed countries,but from the perspective of industry development space,insurance has huge growth potential.From the macro point of view,insurance industry,as an important part of the financial industry,shoulders the important responsibility of promoting social capital flow with banks and securities.Although the development of capital market is not perfect,there is no strong correlation between insurance capital and capital market in China,according to the existing international experience,the development of insurance industry in a country or a region and capital market.On the one hand,the insurance industry provides financial support for the development and improvement of capital market,on the other hand,the development of capital market also provides a platform for the development of insurance industry.The two complement each other and interact with each other.From the micro point of view,when making economic decisions,families often regard insurance as an important factor affecting the allocation of family assets.This is not only because modern insurance has the functions of saving and investment,but also because of the unique risk transfer function of insurance products,which has become an important tool for families to prevent risks.Insurance is not only a part of household financial assets,but also different from other financial assets that increase household risk,which can effectively hedge household risk.According to the existing theoretical basis and empirical results,we can conclude that there are two roles in the choice of family risky assets and the purchase of commercial insurance.First,insurance has a certain risk effect on family risky assets.That is,the more insurance assets,the greater the family's risk bearing capacity,the greater the possibility of choosing risky assets accordingly.Second,insurance products,especially the person.Insurance products have great cash value,and as an important part of family portfolio,they also have wealth effect on risky assets.Family buying insurance products will inevitably reduce the holding of risky assets.At present,most of the existing literatures are unidirectional studies on the promotion of commercial insurance purchase on risky assets,but in the actual family economic decision-making,the two kinds of assets still exist mutual crowding-out effect,and the two effects are simultaneous effects,which requires us to put the choice of risky assets and insurance purchase in the same decision-making framework,and regard both as endogenous variables at the same time.Conduct research.Following the above points,this paper is divided into five parts: the first part introduces the research background,research ideas and text framework of the text,the second part introduces the main theory and related literature of family asset allocation,the third part analyses the present situation and problems of family asset allocation in China,focusing on the development of insurance and other risky assets,and the fourth part makes use of China.Based on the data of CHFS in 2013,from the standpoint of family simultaneous decision-making,this paper uses simultaneous equation group model to study the synergistic effect of family insurance purchasing behavior and risk asset selection,and divides insurance types on the basis of controlling family demographic characteristics,family income status,family risk attitude,health status,physical assets,credit constraints and other variables.The fifth part,based on the empirical results,puts forward corresponding conclusions,and puts forward corresponding policy recommendations from the national macro level,financial institutions level and family micro level.