The Impact Of China’s Urban Family Assets Structure On The Labor Supply Of The Elderly

Currently,China has entered an aging society,and the aging trend is not optimistic.Against the background of population aging,labor supply is facing shortage and China’s demographic dividend is disappearing.At the same time,the elderly in China are "old but not old",and many retired elderly people still have abundant physical strength and energy,and have rich working experience and profound technical skills compared with young workers,therefore,we can consider developing the elderly labor resources.In the standard labor supply curve,labor is a function influenced by income,and since having household assets can bring liquidity and is one of the sources of income,the household asset structure affects the labor supply of the elderly by influencing income.As far as the existing literature is concerned,the mechanism of the influence of household asset structure on the labor supply of the elderly is not clear.Therefore,this study focuses on the influence of urban household asset structure on the labor supply of the elderly,and tries to clarify the mechanism of the influence of household asset structure on the labor supply of the elderly,so as to provide the basis and ideas for expanding the labor force and reducing the social burden.In the early stage of the study,on the basis of relevant theories and literature combing,an attempt is made to theoretically clarify the mechanism of the effect of household asset structure on labor supply,and to provide theoretical analysis ideas for the influence of household asset structure on older labor supply.On the basis of theoretical analysis,the data from the 2019 China Household Finance Survey(CHFS)are used to set control variables and conduct a two-part empirical analysis,taking into account individual factors,family factors,and social security factors: the first part of the explanatory variables is whether the urban elderly aged 55 and above participate in in the labor force,using Logit model,to empirically analyze the impact of household asset structure on labor participation of urban elderly,after the regression of the total sample,sub-sample regressions were conducted for East,Central and West,and to further explore the gender heterogeneity of the impact of household asset structure on labor participation of the elderly,the total sample was divided into urban female elderly aged 55 and above and urban male elderly aged 60 and above.A sub-sample regression on gender was conducted;the second part of the explanatory variable was the length of labor participation of urban elderly aged 55 and above,and the Tobit model was used to empirically analyze the effect of household asset structure on the length of labor participation of urban elderly.The following conclusions are finally obtained:First,total household assets have a significant negative effect on labor participation and labor supply time of urban elderly,and the "income effect" and "wealth effect" play a dominant role together,and the effect is most prominent in the eastern region;Secondly,the increase of production and business assets and land assets will increase the labor supply of urban elderly,and the "substitution effect" and "household endowment" will play a major role;Third,housing assets have a positive impact on the supply of urban elderly labor,and the "house slave effect" is obvious,and the impact on urban female labor participation is more significant than that on male;Fourth,other non-financial assets have a significant negative impact on the labor supply of urban elderly people,with the "wealth effect" playing a major role;Fifth,financial assets and vehicle assets have a significant positive impact on urban elderly labor supply,and the "household endowment" plays a significant role;Sixth,there is no significant correlation between total household debt and household asset-liability ratio and urban old-age labor supply,and the direction of influence is unclear.Based on the above findings,we propose positive and feasible countermeasures for the actual situation: First,to curb the rapid growth of housing prices and reduce the influence of the "house slave effect" on the labor decision of the elderly.Second,encourage the elderly to start their own business and develop industrial and commercial production and operation projects.Thirdly,the policy and technology should support "agriculture for the elderly".