An Empirical Study On The Impact Of Social Security System On Household Asset Allocation

With the gradual accumulation of family wealth in China,it has become a hot research issue on how to better optimize the allocation of family assets so that ordinary families can enjoy the dividends of economic development.Family assets are an important part of social assets.Scientific and reasonable asset allocation will play a significant role in social and economic development.The report of the 19 th National Congress stressed that we should strengthen the construction of the social security system and further improve the diversified social security system.Social security is not only an indispensable part of family life,but also an important protective barrier,which is influential in the allocation of family assets.Using the data of 2015 and 2017 in the database of China Household Finance Survey and Research Center（CHFS）,this paper constructs the social security system index by entropy weight method.The median of the index is 238 and the average value is 2305.There are great differences among different families.Using panel fixed effect model,panel probit model and panel Tobit model,this paper studies the impact of security system index on household total assets and asset structure.The empirical results show that: first,the security system index can significantly promote the total household assets;Second,the security system index has a restraining effect on productive asset investment,which is more prominent in rural areas than that in cities and towns;Third,the security system index can boost financial asset investment,and the promotion effect on cities and towns is better than that in rural areas.The improvement of social security can effectively optimize the asset structure of families and increase the participation rate of family investment market.It puts forward suggestions on how to optimize the social security system and increase financial products,so as to optimize the allocation of household assets and realize multi-level and all-round investment,therefore to promote the high-quality development of China’s economy.