Research On The Influence Of Family Structure On The Distribution Of Risky Financial Assets

With the accumulation of family wealth and the rapid development of the capital market,property income has become an important part of family income.Families are no longer limited to the allocation of stable financial assets,and the types of investment financial assets are increasingly diversified.As an important feature of family,family structure has shown a new pattern with the deepening of reform and opening up.The phenomenon that family size miniaturization,population aging,the declining birth rate and childless is becoming more prominent.The main content of this study is how these changes in family structure affect residents’ lifestyles and financial asset allocation.As an ordinary but special organization,family is the main consumer of financial products and the main participant of financial market.It is of great practical significance to study the impact of family structure changes on the allocation of family risk financial assets,which has also been one of the hot topics of scholars in other countries.This paper intends to provide effective suggestions for optimizing the allocation of family financial assets,increasing family property income and wealth,and promoting the steady development of financial markets by exploring the investment restriction factors in the family structure.This paper follows the logical thinking of theoretical research to empirical research to policy research.Based on the current situation of family size miniaturization,population aging,the declining birth rate and childless,the impact of changes in family structure on the allocation of risky financial assets is studied,under the background of the increasing proportion of family property income and risky financial assets.Firstly,based on the existing research,the family structure can be divided into the family external structure and the family internal structure.The family external structure includes the family size structure and the family internal structure includes the family total dependency ratio structure as well as the family patient ratio structure.According to the relevant classical theory,this paper analyzes the mechanism of family structure on the allocation of risky financial assets,and judges the influence effect of family structure in different dimensions from the perspective of economic capital and social capital,and then puts forward the research hypothesis.This paper analyzes the overall situation of the development of China’s family financial assets by using the survey data of China Family Finance Research Center of Southwestern University of Finance and Economics in 2013,and then analyzes the current situation of family financial asset allocation from three dimensions of family structure,and explores the family financial asset allocation and family structure.Finally,through the Probit model and the Tobit model,the influence of the family structure on the participation rate and participation depth of the family risk financial market is confirmed.The study found that:(1)The larger the family size,the lower the participation rate and participation depth of the family in the risky financial market;(2)the greater the family dependency ratio,the higher the family’s activity in the risky financial market,which proves that the “support effect” in the dependency ratio structure is greater than the “burden effect”.(3)The greater the ratio of family to patients,the less likely the family to participate in the allocation of risky financial assets,due to the increase in additional expenses such as medical expenses and the increased motivation of families;(4)Compared with rural families,urban families have a higher participation rate in risky financial markets;middle-eastern families have more allocations in risky financial assets than western families.Based on the above research conclusions,combined with the current situation of China’s risky financial market and family participation in risky financial asset investment,this paper proposes the following relevant suggestions for different subjects.Government departments and financial institutions:(1)Focus on the impact of changes in family structure on the development of financial markets and improve family risk response capabilities;(2)improve the social security system and reduce the pressure on family support;(3)optimize financial products and services,and promote the dissemination of financial risk as well as financial education;(4)Standardize the financial market order and promote the construction of information systems.Residents and families: Actively accept more education,enhance their financial knowledge and financial management awareness,and improve their investment ability.