中国家庭金融资产投资行为影响因素研究

发布时间：2018-06-12 12:31

本文选题：家庭金融资产投资 + 多套房产　；参考：《复旦大学》2013年硕士论文

【摘要】：针对中国家庭金融资产投资行为影响因素这一问题,通过之前国内外学者的研究,本文认为其可能主要受到三方面影响：一是,家庭户主年龄、教育水平、职业层次等人口统计学特征；二是,家庭拥有的以房产为主的非金融资产；三是,家庭总资产的水平。因此,本文选用中国家庭金融抽样调查数据,采用Probit和Tobit模型进行实证的方法,对影响因素假设展开全面研究,进行了验证。并将研究所得结论与个人理财市场相结合,为不同背景、层次的家庭提出差异化的家庭理财建议。首先,本文采用2011年中国家庭金融调查数据,将筛选出的3734个样本家庭,分别按照年龄、教育水平、职业层次、风险偏好和总资产分组,对数据进行统计观察,从而对这五方面的影响进行现状描述分析。其次,使用Probit. Tobit模型对家庭风险金融投资参与率和占比的影响因素进行实证研究。其中,主要探究了房产尤其是二套及以上房产对家庭风险金融投资的影响,以及家庭总资产对其风险金融投资的影响。再次,使用Probit. Tobit模型对家庭投资的风险金融资产内部各种金融产品对股票投资参与率和占比的影响进行分析。这一研究的出发点是,作为主要家庭风险金融资产的股票,近年来表现不尽如人意,而基金、理财产品等新生金融产品受到家庭青睐,那么这些新生事物是否会对股票造成挤出效应。最后,结合前文研究结论,将家庭按拥有房产数量和财富水平分类,对不同背景、层次的家庭提出差异化的个人理财建议,以实现家庭金融投资的优化路径和可行建议。本文主要的研究成果是：第一,将全部房产和二套及以上房产区分为两个不同的变量,发现无论是总体还是二套及以上房产投资,其参与度提高会促进风险金融资产参与,而投资占比会挤出风险金融投资参与和投资比例；第二,结合当前风险金融投资产品现状,验证了基金、保险、理财产品、信托、外汇、黄金等投资对传统风险金融资产股票的参与度和投资占比的冲击,发现其他风险金融产品不但没有挤出股票参与投资,反而是有促进作用；第二,对家庭分类,为其个人理财提出差异化建议,以优化家庭金融资产投资行为。
[Abstract]:In view of the problem of influencing factors of family financial assets investment behavior in China, through previous research by domestic and foreign scholars, this paper thinks that it may be mainly affected by three aspects: first, the age of head of household, the level of education, Occupation level and other demographic characteristics; second, the non-financial assets mainly owned by households; third, the level of total assets of households. Therefore, this paper selects the Chinese household finance sample survey data, adopts probit and Tobit model to carry on the empirical method, carries on the comprehensive research to the influence factor hypothesis, has carried on the confirmation. The conclusion of the study is combined with the market of personal finance to give different family financial advice for families with different backgrounds and levels. First of all, this paper uses the data of 2011 Chinese Household Financial Survey to make statistical observation on 3734 selected sample families according to age, education level, occupation level, risk preference and total assets, respectively. So the five aspects of the impact of the status quo description and analysis. Second, use Probit. Tobit model is an empirical study on the influencing factors of household venture capital participation rate and proportion. Among them, it mainly explores the impact of real estate, especially two or more properties, on household venture financial investment, as well as the impact of total household assets on its venture financial investment. Again, use Probit. Tobit model is used to analyze the influence of various financial products on the participation rate and proportion of stock investment in the risky financial assets of household investment. The starting point of this study is that stocks, which are the main household risk financial assets, have not been satisfactory in recent years, while new financial products, such as funds and financial products, have been favored by families. Then whether these new things will cause crowding out effect to the stock. Finally, according to the above conclusions, the author classifies the families according to the amount of property owned and the level of wealth, and puts forward different personal financial advice to families with different backgrounds and levels, in order to realize the optimal path and feasible suggestions of family financial investment. The main research results of this paper are as follows: first, the whole property and two or more real estate are divided into two different variables, and it is found that the increase of participation will promote the participation of risky financial assets, regardless of whether it is a whole or two sets of real estate investment. The proportion of investment will squeeze out the participation and proportion of venture financial investment. Secondly, combining with the current situation of venture financial investment products, it verifies funds, insurance, financial management products, trusts, foreign exchange, The impact of gold and other investments on the participation and proportion of traditional venture financial assets in stocks shows that other risky financial products not only do not squeeze out stocks to participate in investment, but also promote them; second, the classification of households. In order to optimize the investment behavior of family financial assets, the author puts forward some suggestions for personal finance.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F832;F713.55

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