Study On The Influence Of Different Asset Structures On Family Allocation Of Commercial Endowment Insurance

As of 2021,China’s total population has reached 1.412 billion,making it the world’s most populous country.In the decade since 2012,China’s average annual population growth rate has been only 0.49% incrementally,and it will be as low as0.09% in 2021;From the perspective of population age structure,the proportion of working population aged 15 to 59 decreased from 69.2% to 63.6%.The elderly population aged 65 and above increased from 8.45% to 12.41%.At the same time,the average life expectancy of China’s population is growing,which shows that China’s society has entered the era of aging and longevity,and the problem of old-age care is becoming increasingly serious.After 20 years of development,China’s endowment insurance system has formed a "three-pillar" guarantee system with basic social endowment insurance,unit supplementary endowment insurance and individual commercial endowment insurance as the core.The development of individual commercial endowment insurance is conducive to providing rich product supply for China’s "silver" market and meeting the diversified pension needs of Chinese families.In order to ensure that the elderly have a high-quality old age life,in addition to the basic social endowment insurance,commercial endowment insurance has received more and more attention.Due to the idea of "family" in traditional Chinese culture,most of the economic decisions of Chinese residents are made by the family.Therefore,it is necessary to discuss and study the allocation of commercial endowment insurance by families under different asset structure from the perspective of families,and this paper studies that the family structure is composed of productive assets,real estate and financial assets held by resident households.Productive assets consist of household-allocated agricultural assets and industrial and commercial assets;The property consists of a family-configured house,garage assets,and shop assets;Financial assets consist of two parts: risk-free assets and risky assets.Based on the data of China Family Finance(2019),this paper uses the Probit model to study whether families choose to allocate commercial endowment insurance under different asset structure situations,and uses the Tobit model to study the scale of household allocation of commercial endowment insurance under different asset structure situations.At the same time,heterogeneity analysis and robustness test are carried out to ensure the robustness of the model.Through the empirical analysis of this paper,it can be seen that the allocation of productive assets,real estate and financial assets by households at the level of 1%significantly positively affects whether families choose to allocate commercial endowment insurance.After heterogeneity analysis,we can draw a more accurate conclusion: households with large income elasticity are more willing to allocate commercial endowment insurance;Households holding commercial housing assets have a greater impact on the allocation of commercial endowment insurance than households holding collective land homestead housing;The allocation of financial assets by households has a higher impact coefficient on the choice of commercial pension insurance than the allocation of productive assets and real estate.The allocation of productive assets,real estate and financial assets by households all significantly positively affects the scale of commercial endowment insurance allocated by households at the level of 1%.After comparative analysis,we know that the scale of allocation of productive assets,real estate and financial assets increases,and its impact coefficient on the scale of commercial pension insurance allocation is small.The summary reason is because on the supply side,the homogeneity of commercial endowment insurance products is serious,and there is a lack of high-end endowment insurance products;On the demand side,the idea of relying on family intergenerational old-age care still affects most Chinese families who do not realize the importance of accumulating pensions.Finally,according to the empirical research in this paper and the current situation of China’s pension insurance,corresponding suggestions are put forward.On the supply side of commercial pension insurance,we should improve the top-level design,increase tax incentives,strengthen the operating capacity of insurance companies,and incorporate commercial pension insurance into the pension industry.On the demand side of commercial endowment insurance,accelerate the transformation of residents’ family pension thinking and promote the accumulation of family pensions.