Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata

Table 3

Results on the scale of families’ financial assets.

	Panel tobit model
	finance_asset	finance_asset	finance_asset	finance_asset	finance_asset	finance_asset
percentage_60	−11.596
	(28.046)
number_60		−593.820
		(1024.077)
whether_60			−2.4e + 03
			(1660.747)
percentage_65				−60.781
				(29.702)
number_65					−1.8e + 03
					(1148.225)
whether_65						−5.1e + 03
						(1721.270)
percentage_14	−5.168			−14.753
	(50.111)			(49.890)
number_14		−1.1e + 03			−1.1e + 03
		(999.451)			(996.742)
whether_14			−792.781			−913.429
			(1587.205)			(1584.070)
Urban	7580.110	7498.478	7522.106	7518.699	7455.556	7469.767
	(1668.507)	(1669.718)	(1668.577)	(1668.175)	(1669.504)	(1667.612)
number_work	−2.1e + 03	−2.0e + 03	−2.0e + 03	−2.1e + 03	−1.9e + 03	−1.9e + 03
	(906.497)	(911.854)	(910.395)	(905.904)	(911.362)	(909.412)
number_insurance60	1.7e + 04	1.7e + 04	1.8e + 04	1.7e + 04	1.7e + 04	1.7e + 04
	(7841.616)	(7844.190)	(7836.124)	(7807.729)	(7807.246)	(7804.061)
number_insurance59	388.008	330.873	279.179	283.511	271.559	215.925
	(1399.745)	(1399.253)	(1397.144)	(1394.492)	(1395.357)	(1393.858)
Expense	0.235	0.238	0.235	0.232	0.237	0.234
	(0.032)	(0.031)	(0.031)	(0.031)	(0.031)	(0.031)
other_asset	0.026	0.026	0.026	0.026	0.026	0.026
	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Netincome	0.269	0.272	0.272	0.270	0.272	0.273
	(0.036)	(0.036)	(0.036)	(0.036)	(0.036)	(0.036)
saving_rate	−13.886	−14.071	−14.023	−13.758	−14.049	−14.025
	(4.789)	(4.790)	(4.789)	(4.787)	(4.789)	(4.786)
whether_house	−9.9e + 03	−9.7e + 03	−9.7e + 03	−1.0e + 04	−9.8e + 03	−9.8e + 03
	(2591.061)	(2590.986)	(2591.155)	(2592.749)	(2590.470)	(2589.512)
whether_eco	1.2e + 04	1.2e + 04	1.2e + 04	1.2e + 04	1.2e + 04	1.2e + 04
	(3233.845)	(3234.581)	(3233.825)	(3232.801)	(3234.108)	(3231.935)
edu_head	726.671	712.393	714.808	734.189	719.246	724.554
	(188.693)	(188.740)	(188.557)	(188.659)	(188.763)	(188.409)
age_head	271.340	260.490	283.958	314.599	280.356	308.116
	(66.273)	(62.854)	(61.839)	(63.911)	(61.265)	(60.619)
age_head^2	−6.314	−5.766	−4.926	−4.002	−4.931	−3.410
	(2.936)	(2.744)	(2.725)	(3.097)	(2.830)	(2.792)
whether_work_head	3305.923	3068.770	3056.100	3003.662	2845.745	2714.473
	(2111.144)	(2121.067)	(2116.663)	(2113.512)	(2123.004)	(2118.588)
year dummies	Not significant	Not significant	Not significant	Not significant	Not significant	Not significant
Province dummies	Significant	Significant	Significant	Significant	Significant	Significant
Constant variable	−7.0e + 03	−6.4e + 03	−6.9e + 03	−7.6e + 03	−6.9e + 03	−7.1e + 03
	(9404.598)	(9395.652)	(9385.161)	(9401.505)	(9388.974)	(9378.067)
Observations	16,953	16,953	16,953	16,953	16,953	16,953

Note:, , and denote significance at the 1%, 5%, and 10% level. Figures in parenthesis are standard errors.