Research On The Influence Of Children’s Gender On Household Risky Financial Asset Investment

Children are an important part of the family structure,different gender of children will cause families to invest in different risky financial assets.Recently,from the perspective of the family’s internal structure,some scholars began to explore the mystery of the "limited participation" in the stock market.In the traditional concept,the man’s family bears the main responsibility for buying a wedding house,and due to gender preference,the problem of high sex ratio at birth is prominent.The problem has increased the demand for housing as a status seeker.Therefore,combined with the phenomenon of high sex ratio at birth,high housing prices and "limited participation" in the stock market,the thesis uses housing as a mechanism,explores the relationship between the gender of children and the investment of household risky financial assets.The thesis uses 2017 China Household Survey(CHFS)data,chooses the number of houses as an intermediate mechanism,uses Probit and IV Probit,Tobit and IV Tobit models,to analyze the impact of children’s gender on household risky financial asset investment.At the same time,the corresponding robustness test and heterogeneity analysis are carried out.We find: For families with only daughters,families with sons will reduce the investment probability and proportion of risky financial assets.Further,the thesis conducts a robustness test from endogeneity,data,number of children,age of children,number of sons,and the setting range of explained variables.Through mechanism analysis,the reason is because families with sons will hold multiple houses.With a certain level of wealth,families with sons are more likely to squeeze out investment in risky financial assets.Through heterogeneity analysis,among urban families,large and medium-sized cities,middle-aged and elderly groups and areas with low sex ratio groups,families with sons are more likely to invest less on risky financial assets.We suggest that financial institutions should innovate financial products,provide differentiated products and services for different families.The government should coordinate develop the birth policy,population migration and the real estate market.The relevant department should strengthen publicity and guidance,improve the social pension,form a more reasonable concept of gender equality and intergenerational transfer mode.Those will help families to form a more reasonable social culture and guide families to make more reasonable asset allocation.