中国家庭部门流量金融资产配置行为分析

发布时间：2018-04-11 14:07

本文选题：家庭部门 + 金融资产配置　；参考：《金融研究》2010年03期

【摘要】：本文利用中国人民银行于1992年开始发布的资金流量金融表中的住户部门流量金融资产年度数据,从宏观的、金融资产选择视角对1992～2006年期间中国家庭部门流量金融资产配置的特点和影响因素进行了理论阐释与实证分析。描述性统计分析表明,中国家庭部门的金融资产流量总额总体上具有不断上升的趋势,结构上呈现日益多样化,存款比重高,保险比例上升快,股票比例不如国债比例高。建立在理论模型基础上的计量分析结果则揭示出中国家庭部门的金融资产选择行为具有对收入和部分金融资产风险敏感,但对各类金融资产收益不敏感的特点。基于此,本文提出了进一步提高居民收入和完善社会保障体系及资本市场,为居民家庭获得更多金融投资财产性收入创造更多有利条件的政策建议。
[Abstract]:This paper makes use of the annual data of household sector financial assets in the financial statement of capital flows published by the people's Bank of China in 1992.From the perspective of financial asset selection, the characteristics and influencing factors of financial asset allocation in Chinese household sector from 1992 to 2006 are analyzed theoretically and empirically.The descriptive statistical analysis shows that the total amount of financial assets in Chinese household sector has a rising trend in general, with a growing diversity in structure, a high proportion of deposits, a rapid increase in the proportion of insurance, and a lower proportion of stocks than the proportion of national debt.The results of econometric analysis based on the theoretical model reveal that the financial asset selection of Chinese households is sensitive to income and risk of some financial assets, but insensitive to the return of all kinds of financial assets.Based on this, this paper puts forward some policy suggestions on how to further improve residents' income and improve the social security system and capital market so as to create more favorable conditions for households to obtain more financial investment property income.
【作者单位】：山东大学经济学院;日本庆应大学经济学部;
【基金】：日本学术振兴会基金项目(项目编号:20.08012) 教育部人文社科规划基金项目(09YJA790122)
【分类号】：F832.5

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