未成年子女数量与家庭风险性金融资产投资

The Number of Minor Children and the Investment of Risky Financial Assets in the Family

在人口老龄化趋势加重,生育政策不断调整的现实背景下,基于2019年中国家庭金融调查(CHFS)数据,探究了未成年子女数量与家庭风险性金融资产投资的关系。研究发现,家庭未成年子女数量与家庭风险性金融资产投资呈正相关关系,剔除无未成年子女家庭样本以及解决内生性问题后,实证结果仍具有稳健性。进一步异质性分析发现,未成年子女数量对低学历户主家庭、农村家庭及无老人抚养负担家庭风险资产配置的影响效应更高。最后,中介效应检验结果表明,储蓄率是未成年子女数量影响家庭风险资产投资的作用机制之一。

With the population aging and the fertility policy adjustment,this paper explores the relationship between the number of minor children and the investment in risky financial assets of the family based on the data of the 2019 China Household Finance Survey.The results show that the two are always positively correlated.Further heterogeneity analysis shows that the number of minor children has a higher impact on the risk asset allocation of low-educated households,rural households,and households without old-age support.It is also found that the savings is one important mechanism by which the number of minor children affects the family's risky asset investment.