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

Table 6

Results on the scale of families’ risky assets investment.

	Panel tobit model
	risk_asset	risk_asset	risk_asset	risk_asset	risk_asset	risk_asset
percentage_60	−125.399
	(65.211)
number_60		−5.5e + 03
		(2390.664)
whether_60			−1.3e + 04
			(3941.788)
percentage_65				−408.361
				(79.207)
number_65					−1.4e + 04
					(2865.312)
whether_65						−2.3e + 04
						(4329.459)
percentage_14	86.278			75.490
	(111.965)			(110.889)
number_14		−1.1e + 03			−1.1e + 03
		(2680.503)			(2666.730)
whether_14			1232.873			1011.837
			(3455.357)			(3441.807)
Urban	4.1e + 04	4.0e + 04	4.1e + 04	4.1e + 04	4.0e + 04	4.0e + 04
	(5176.390)	(5175.477)	(5171.890)	(5160.710)	(5171.343)	(5168.487)
number_work	−8.4e + 03	−8.0e + 03	−8.0e + 03	−8.5e + 03	−7.9e + 03	−8.1e + 03
	(2223.932)	(2226.709)	(2226.068)	(2219.045)	(2228.457)	(2230.626)
number_insurance60	88.254	1011.602	1695.025	842.085	1235.045	982.011
	(4186.460)	(4233.328)	(4179.310)	(4076.299)	(4091.423)	(4069.637)
number_insurance59	9346.983	9308.909	9268.014	9062.460	9182.908	9258.430
	(1869.758)	(1861.220)	(1855.636)	(1846.837)	(1850.140)	(1848.411)
Expense	0.285	0.293	0.289	0.273	0.292	0.286
	(0.057)	(0.057)	(0.057)	(0.057)	(0.057)	(0.057)
other_asset	0.015	0.016	0.016	0.015	0.016	0.016
	(0.003)	(0.003)	(0.003)	(0.003)	(0.003)	(0.003)
Netincome	0.300	0.307	0.306	0.304	0.307	0.305
	(0.065)	(0.065)	(0.065)	(0.065)	(0.065)	(0.065)
saving_rate	2.111	1.422	1.269	0.997	1.089	0.873
	(14.991)	(14.906)	(14.931)	(14.935)	(14.881)	(14.913)
whether_house	−1.3e + 04	−1.2e + 04	−1.2e + 04	−1.3e + 04	−1.3e + 04	−1.3e + 04
	(4788.735)	(4778.888)	(4776.079)	(4782.505)	(4773.038)	(4768.660)
whether_eco	1.4e + 04	1.4e + 04	1.4e + 04	1.4e + 04	1.4e + 04	1.4e + 04
	(4180.030)	(4173.765)	(4173.948)	(4154.698)	(4159.424)	(4163.943)
edu_head	4640.197	4573.558	4564.463	4691.426	4597.581	4591.064
	(490.008)	(488.836)	(488.396)	(491.351)	(489.499)	(489.008)
age_head	919.511	863.723	914.920	1101.185	982.661	1002.175
	(153.421)	(147.721)	(147.308)	(153.569)	(148.669)	(148.576)
age_head^2	−35.457	−32.710	−30.599	−21.107	−25.181	−24.968
	(8.057)	(7.527)	(7.439)	(8.168)	(7.635)	(7.570)
whether_work_head	1.1e + 04	1.0e + 04	9900.828	1.1e + 04	1.0e + 04	1.0e + 04
	(4655.209)	(4663.608)	(4660.531)	(4608.360)	(4632.074)	(4635.340)
Year dummies	Not significant	Not significant	Not significant	Not significant	Not significant	Not significant
Province dummies	Significant	Significant	Significant	Significant	Significant	Significant
Constant variable	−2.6e + 05	−2.6e + 05	−2.6e + 05	−2.7e + 05	−2.6e + 05	−2.6e + 05
	(1.7e + 04)	(1.7e + 04)	(1.7e + 04)	(1.7e + 04)	(1.7e + 04)	(1.7e + 04)
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.