Research on the Influence of Children's Gender on
Household Risky Financial Asset Investment
Abstract
Children are an important part of the family structure, different gender of children
will cause families to invest in different risky financial assets. Recently, from the
perspective of the family’s internal structure, some scholars began to explore the mystery
of the "limited participation" in the stock market. In the traditional concept, the man’s
family bears the main responsibility for buying a wedding house, and due to gender
preference, the problem of high sex ratio at birth is prominent. The problem has
increased the demand for housing as a status seeker. Therefore, combined with the
phenomenon of high sex ratio at birth, high housing prices and "limited participation" in
the stock market, the thesis uses housing as a mechanism, explores the relationship
between the gender of children and the investment of household risky financial assets.
The thesis uses 2017 China Household Survey (CHFS) data, chooses the number of
houses as an intermediate mechanism, uses Probit and IV Probit, Tobit and IV Tobit
models, to analyze the impact of children’s gender on household risky financial asset
investment. At the same time, the corresponding robustness test and heterogeneity
analysis are carried out. We find: For families with only daughters, families with sons
will reduce the investment probability and proportion of risky financial assets. Further,
the thesis conducts a robustness test from endogeneity, data, number of children, age of
children, number of sons, and the setting range of explained variables. Through
mechanism analysis, the reason is because families with sons will hold multiple houses.
With a certain level of wealth, families with sons are more likely to squeeze out
investment in risky financial assets. Through heterogeneity analysis, among urban
families, large and medium-sized cities, middle-aged and elderly groups and areas with
low sex ratio groups, families with sons are more likely to invest less on risky financial
assets. We suggest that financial institutions should innovate financial products, provide
differentiated products and services for different families. The government should
coordinate develop the birth policy, population migration and the real estate market. The
relevant department should strengthen publicity and guidance, improve the social
pension, form a more reasonable concept of gender equality and intergenerational
transfer mode. Those will help families to form a more reasonable social culture and
guide families to make more reasonable asset allocation.
Keywords: Children's Gender; Amounts of Housing; Investment in Risky Financial
Asset

目录
第一章绪论........................................................................................................................1
第一节研究背景和研究意义..........................................................................................................1
一、研究背景............................................................................................................................1
二、研究意义............................................................................................................................2
第二节研究内容和研究方法..........................................................................................................3
一、研究内容............................................................................................................................3
二、研究方法............................................................................................................................4
第三节研究的创新点......................................................................................................................5
第二章文献综述与理论假说............................................................................................7
第一节家庭风险金融市场有限参与之谜......................................................................................7
一、基于背景风险的有限参与研究........................................................................................7
二、基于家庭特征的有限参与研究........................................................................................8
第二节子女性别对家庭资产配置决策影响研究......................................................................... 9
一、子女性别对住房决策的影响研究................................................................................. 10
二、住房对家庭资产配置的影响研究................................................................................. 11
第三节文献述评............................................................................................................................11
第四节理论假说............................................................................................................................12
第三章子女性别对家庭风险金融资产投资影响的实证分析......................................15
第一节数据来源与变量设定........................................................................................................15
一、数据来源与选择..............................................................................................................15
二、变量设定与描述性统计..................................................................................................15
三、模型设定..........................................................................................................................20
第二节基准分析与稳健性检验....................................................................................................21
一、子女性别对家庭风险金融资产投资影响的基准分析.................................................21
二、缓解内生性的稳健性检验..............................................................................................23
三、更换数据的稳健性检验..................................................................................................25
四、样本选择的稳健性检验..................................................................................................27
五、关键变量设定的稳健性检验..........................................................................................28
第四章子女性别影响家庭风险金融资产投资的机制与异质性分析..........................31
第一节机制分析............................................................................................................................31
一、中介变量选取与模型构建..............................................................................................31
二、机制检验..........................................................................................................................31
第二节异质性分析........................................................................................................................33
一、城乡异质性......................................................................................................................33
二、城市异质性......................................................................................................................35
三、户主年龄异质性..............................................................................................................36
四、地区性别比异质性..........................................................................................................38
第五章结论与政策建议..................................................................................................40
第一节研究结论............................................................................................................................40

第二节政策建议.........................................