我国货币政策对居民金融资产结构影响的研究

发布时间：2018-04-24 08:45

本文选题：居民金融资产结构 + 货币政策　；参考：《中国海洋大学》2013年硕士论文

【摘要】：居民是社会的微观主体。改革开放后,随着经济的发展,我国居民金融资产总量逐渐扩大,它的内容和结构关系着宏观经济政策的制定和传导,微观经济主体的正常生产生活和安居乐业。货币政策是宏观调控的重要手段,它调控国民经济的广度、深度,影响微观主体的决策,值得广大金融学者研究。居民家庭的金融作为即资产定价、公司理财之后世界金融学科的又一研究重点,在世界范围内受到了广泛地重视。我国在此领域的研究由于统计数据的缺乏,还处于初级阶段。我国个人及居民资产的统计还处于起步阶段。在本文中,首先介绍了我国居民金融资产的内涵、发展历史和现状,然后详细阐述了各种与货币政策影响居民金融资产结构有关的理论,主要包括居民消费储蓄行为理论、资产替代理论、家庭资产组合理论、货币政策传导机制理论。而后做了大量工作,从官方统计的各个年鉴,报表,数据中,整理出居民持有的金融资产的数额,做出图表,结合我国货币政策的变量进行了一定的理论分析,并运用VAR模型进行了实证检验。脉冲响应函数表明,货币供应量和利率指标都对居民金融资产结构的风险安排有一定影响,但方差较大,因此货币政策对居民金融资产的影响具有一定的不确定性。方差分解的结果显示,利率的波动对居民金融资产结构的影响较大。货币政策对于居民金融资产的影响具有一定影响,但由于我国居民持有的金融资产种类较少,居民金融资产的结构还是以储蓄存款为主,其余各种货币政策传导路径对我国居民金融资产的影响十分有限。最后,本文提出未来需要进一步加强我国金融深化步伐,扩大居民可以投资的金融资产的种类,对股市和证券投资基金市场等加强监督管理,进一步做好居民金融的统计工作等政策建议。
[Abstract]:Residents are the microcosmic main body of society. After the reform and opening up, with the development of the economy, the total amount of the financial assets of the residents in our country is expanding gradually. Its content and structure are related to the formulation and transmission of macroeconomic policies, the normal production and life of the microeconomic subjects, and the security of the macro regulation and control, and it regulates the national economy. The breadth, depth, and the decision making that affect the micro body is worth studying by the majority of financial scholars. As the asset pricing of the household, the other research focus of the world financial discipline after the company's financial management is paid more attention in the world. Our research in this field is still in the primary stage because of the lack of statistical data. The statistics of personal and resident assets in China are still at the initial stage.
In this paper, we first introduce the connotation, history and current situation of Chinese residents' financial assets, and then elaborate various theories related to the influence of monetary policy on the structure of residents' financial assets, including the theory of resident consumption and savings behavior, the theory of asset substitution, the theory of family assets combination and the theory of monetary policy transmission mechanism. A lot of work is done. From the annual reports, reports and data of official statistics, the amount of the financial assets held by the residents is sorted out, and a certain theoretical analysis is made with the variables of the monetary policy in China. The VAR model is used to carry out an empirical test. The impulse response function shows that both the money supply and the interest rate index are all on the residential gold. The risk arrangement of financing structure has a certain influence, but the variance is large, so the influence of monetary policy on the financial assets of residents has certain uncertainty. The result of variance decomposition shows that the fluctuation of interest rate has great influence on the structure of the financial assets of the residents. There are few types of financial assets held by the residents in China, the structure of the residents' financial assets is mainly based on savings deposits, and the influence of the other monetary policies on the financial assets of our residents is very limited.
Finally, this paper proposes to further strengthen the financial deepening of China, expand the types of financial assets that residents can invest, strengthen supervision and management on the stock market and the securities investment fund market, and make further policy suggestions on the statistical work of the residents' finance.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F832.1

【参考文献】