Social Endowment Insurance and Risky Financial Assets Investment of Households in China:Evidence from CHFS
ZONG Qingqing, LIU Chong, ZHOU Yahong
School of Public Economics and Administration, Shanghai University of Finance and Economics; School of Economics, Peking University; School of Economics, Shanghai University of Finance and Economics
Abstract:
Based on the 2011 China Household Finance Survey(CHFS)data, this paper examines the impact of risk of social endowment insurance on financial assets investment of Households in China. The empirical results indicate that social endowment insurance significantly increase the possibility of holding risky financial assets and the ratio of risky financial assets, the marginal effects are 25% and 22% respectively. These results are robust after controlling the family income, demographic characteristics and the investment risk attitude. One important explanation is social endowment insurance can effectively reduce the uncertainty of the future. We further divide the sample into urban and rural families. The effect is very weak and not significant in the rural area, which indicates the security level and the role of promoting financial consumption of the new rural endowment insurance need to be improved.
宗庆庆, 刘冲, 周亚虹. 社会养老保险与我国居民家庭风险金融资产投资——来自中国家庭金融调查(CHFS)的证据[J]. 金融研究, 2015, 424(10): 99-114.
ZONG Qingqing, LIU Chong, ZHOU Yahong. Social Endowment Insurance and Risky Financial Assets Investment of Households in China:Evidence from CHFS. Journal of Financial Research, 2015, 424(10): 99-114.
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