Research On The Impact Of Social Endowment Insurance On Family Asset Allocation

Families are an important part of a country's economy.Family-level financial behaviors can not only maximize the family's wealth and optimize the asset structure,but also have an impact on the development of social economy.Therefore,the importance of home finance in the field of economics and finance is increasing day by day.With the emergence,development and improvement of domestic micro-databases such as China Household Financial Survey(CHFS)and China Household Tracking Survey(CFPS),domestic scholars have continuously deepened their research in the field of household finance.The report of the 19th National Congress of the Communist Party of China stated that it is necessary to strengthen the construction of China's social security system,and further build and improve a multi-level social security system.Social pension insurance,as a key link in social security,has an important impact on the family's asset allocation behavior.For China,which is in a period of economic transformation,this impact will be magnified.This thesis uses the micro-database(CHFS)of the China Family Finance Survey and Research Center of Southwestern University of Finance and Economics in 2017,and builds the OLS model,Probit model,and Tobit model to study the impact of participating social pension insurance on household asset volume and household asset structure.The empirical results show that:first,participating in social pension insurance will significantly increase the family's total assets and net assets;second,participating in social pension insurance will have an impact on the asset structure of urban and rural families.Insurance transfers family assets from productive assets to financial assets mainly consisting of real estate and risky assets;in rural areas,participating in social pension insurance enables family assets to be transferred from real estate to productive assets and risk-free financial assets;Third,the proportion of households participating in social pension insurance will gradually increase,which will deepen the impact on the allocation of family assets;Participating in the social pension insurance will effectively change the asset structure of our resident families,so that family assets are converted along two different routes in urban and rural households.While the total amount of family assets is improved,the family asset structure is optimized.Therefore,the development and improvement of the social security system will have a profound impact on China's financial market,improve the level of old-age security,to release the amount of household asset reserves,optimize the asset structure of households,increase the participation rate of household financial markets,and activate the financial market.Provide a source for capital conversion from savings and investment to the marketThis thesis puts forward suggestions from various aspects such as improving the social security system,popularizing financial knowledge,and enriching financial instruments to help Chinese households rationally allocate family assets and achieve diversified investment,thereby further promoting the development of China's financial market.