家庭结构对家庭金融资产配置影响的实证研究——基于“全面二孩”政策的视角

An Empirical Study of the Influence of Family Structure on Financial Asset Allocation of Household——Based on the Universal Two-child Policy

家庭结构是影响家庭金融资产配置的因素之一,"全面二孩"政策将对中国家庭结构产生深刻影响。本文通过中国家庭金融调查(CHFS)的数据,使用倾向值匹配(PSM)的方法研究了这一政策引起的家庭结构变化对家庭金融资产以及风险资产配置可能产生的影响。结果表明:在其他条件相似的情况下,多生育一个子女将使得家庭金融资产和风险资产总量下降,风险资产占金融资产的比例下降,并且根据老年人数量的不同,风险资产的投资类别和数额也有差异。

Family structure is one of the factors that affect family financial asset allocation, and the universal two- child policy will profoundly change the structures of Chinese families. Based on China Household Finance Survey （CHFS） data, this paper uses the Propensity Score Matching （PSM） method to study the effects of family structure changes that may have on household financial assets and risk assets allocation caused by this policy. The results show that under the similar conditions, one more child will reduce the financial assets as well as the risk assets accounted for the proportion of financial assets. According to the number of elderly people, risk assets investment category and amount are also different.