The Sex Of The Children,the Number Of Children And Household Risk Financial Assets Selection

Since the reform and opening up,the income level of Chinese has been continuously improved.As one of the important sectors of the national economy,family has played a role in promoting the development of society as a whole.Since 1982,when family planning was listed as a basic national policy of our country,the number of children has been greatly controlled.Then,in 2016,the number of children in families has increased because of the "two-child policy".Since ancient times,our country has had a preference for boys,and the implementation of family planning has exacerbated the imbalance between the sex ratio of men and women in our country.The changes in the characteristics of family children have had an earth-shaking impact on China’s socio-economic development,social and industrial structure.In the past,most of the research on the characteristics of children was limited to the gender of children.Due to "two-child policy",after 2016 the number of children in families has important significance.In this paper,the characteristics of family children are measured in terms of gender and number of children.The Probit model and Tobit model are established based on the 2019 China Household Financial Survey Data(CHFS)to study the probability and depth of participation in the household risk financial market and stock market.The research of comprehensive scholars divides household financial assets into household risk financial assets and family security financial assets,of which the object of this paper is household risk financial assets.At the same time,"number of children","whether there are boys"and "proportion of boys" are selected as proxy variables to measure the characteristics of children,and control variables are selected from individual factors,family factors and regional factors,and regression analysis is performed by STATA15.0.In addition,the heterogeneity of urban and rural areas and eastern,central and western regions is also analyzed,and finally the robustness test of regression is carried out by replacing the explanatory variables,and the results show that the regression results are reliable.Based on this,this paper draws the following conclusions:(1)The impact of the number of children on the choice of the family financial market is significantly negative,and the more children in the family,the heavier the burden of child support,so the family will reduce the probability and depth of participation in the risk financial market and the stock market.(2)Families with boys reduce the participation and probability of risky financial markets compared to families with only girls.Families will consider buying a property for their children later in order to reduce their investment in the risk market.In addition,the higher the proportion of boys in the household,the lower the probability and depth of participation in the risky financial markets.(3)In the control variables,the gender of the head of household,health status,family income,risk appetite,family size,self-owned housing and mortgage income ratio will all have an impact on the choice of family risk assets,and their influence direction and degree will vary.(4)The choice of household financial assets shows differences between urban and rural areas and regions.Due to the backwardness of the economy and the underdevelopment of education in rural areas,the proportion of ownership and the probability of participation are relatively low,and the rural gender preference is more solidified leads to the fact that the influence of child characteristics variables on them is not obvious.When examining regional variables,the choice of household financial assets in the eastern region is most obviously affected by the characteristics of children.Based on the above conclusions,this paper makes recommendations for the government,micro-households and financial institutions respectively.Suggest that the government:vigorously popularize financial knowledge,rationally allocate educational resources,maintain gender equality,improve social security,improve the employment environment,narrow the gap between the rich and the poor,and achieve targeted poverty alleviation;Advise families:learn more about finance,improve their awareness of risks and help them enter the financial market to establish and improve compliance;Recommended financial institutions:enrich the variety of financial products and provide customized wealth management products.