Research On The Influence Of The Number And Gender Of Children On The Allocation Efficiency Of Family Risk Financial Assets

With the implementation of the national three child policy,the issue of children has once again become a focus of social attention.As an important part of the family structure,minor children affect the implementation of many decisions such as family economic decisions.Against the backdrop of wealth management transformation,the formal implementation of new asset management regulations and the breaking of rigid cashing in bank wealth management have had a significant impact on the allocation of household financial assets.The country’s policy focus on "stabilizing and increasing residents’ property income" also demonstrates the importance of promoting households’ participation in the allocation of risky financial assets and enhancing their property income.Therefore,based on this background,this article selects the number and gender of children as explanatory variables to study their impact on the efficiency of household risk financial asset allocation.In the theoretical analysis section,this article reviews the current literature on the impact of children on family economic decision-making,the efficiency of family risky financial asset allocation,and the literature on the impact of children on family risky financial asset allocation.It also describes the current situation of children’s birth and upbringing,and the current situation of family asset allocation,analyzes the theories related to this article’s research,and proposes research hypotheses on this basis.In the empirical analysis section,based on CHFS2019 data,we empirically tested the impact of the number and gender of children on the efficiency of household risky financial asset allocation using Probit,Tobit,and other models.By grouping and regressing the samples,this study explored the heterogeneity of household heads among regions,urban and rural areas,and different age groups.Using a mediation effect model,this paper explores the transmission mechanism of family entrepreneurship motivation and commercial insurance purchase motivation in the process of influence.Robustness tests were conducted by replacing variables,replacing data,and other methods.We also searched for appropriate tool variables and used the IV-Tobit model to solve the endogenous problems that may exist during the research process.The empirical analysis shows that an increase in the number of children can significantly reduce the efficiency of household risky financial asset allocation;Families with boys and the increase in the number of boys also have this negative impact,and the impact is stronger;The increase in the number of girls and families with girls does not have a significant impact on the allocation efficiency of risky financial assets in households.The intermediary test results show that family entrepreneurship and family commercial insurance purchase,as intermediary variables,play a partial intermediary role in the impact of the number and gender of children on the efficiency of family risk financial asset allocation.In the heterogeneity analysis,in the eastern and central regions,the number and gender of children have a significant negative impact on the efficiency of household risky financial asset allocation,and the impact degree in the eastern region is greater than that in the central region;The negative impact of cities on this issue is stronger than that of rural areas;The negative impact is more evident in households headed by middle-aged and elderly people.The results of various robustness tests are consistent with the benchmark regression results.Based on the summary of the above theoretical and empirical analysis,this article proposes to improve supporting measures and strengthen policy guidance from three levels:the country,the financial sector,and the family;Strengthen publicity and education,and innovate financial products;Three targeted suggestions for rational family planning and rational asset allocation are presented,and future research is prospected.