中国居民金融资产多元化问题研究

发布时间：2018-05-09 08:02

本文选题：金融资产多元化 + 资产选择　；参考：《西北大学》2012年硕士论文

【摘要】：随着我国金融市场的发展与改革,居民家庭金融资产的总量迅速扩张,金融资产种类不断丰富,居民资产选择行为表现出越来越复杂的态势,对经济的影响作用也越来越重要。由此产生了关于对居民金融资产问题的一系列探讨：居民金融资产发展与经济发展的关联性,居民金融资产的结构特征,影响居民金融资产选择行为的因素有哪些等等。本文正是建立在这样的背景下对我国居民金融资产的多元化问题展开研究。本文首先介绍了资产选择的相关理论,并提出本文研究的理论基础,接着借鉴前入对居民金融资产的界定范围构建了本文所研究的居民金融资产多元化标准,并建立了衡量居民金融资产结构的存量和增量指标体系。然后,利用统计数据对我国居民金融资产进行估算,借助以上指标分析了我国居民金融资产多元化的现状,并指出我国居民金融资产多元化现状的特征及存在的问题。本文核心部分是对中国居民金融资产多元化的实证研究,探讨影响居民金融资产结构的各种因素。在这一部分,本文将影响居民金融资产结构的变动因素归为两大类：即由收入决定的投资倾向类因素和非收入决定的资产替代率因素。并将数量化的投资倾向指标与我国居民金融资产的存量结构变动系数进行实证回归,通过可绝系数的大小来判断我国居民手持现金、储蓄存款、债券、股票及保险准备金五类金融资产存量结构变动的内在原因。在此基础上继续探讨对投资倾向及资产替代行为产生影响的促进及约束因素。本文研究结果表明,引起我国居民各项金融资产变动的主要因素不同,且长期来看,我国居民的资产替代主要表现为股票对现金及储蓄存款的替代,但预防性动机及投资市场的高风险性都对资产替代行为产生抑制作用,因此,为了加快居民金融资产多元化发展,促进储蓄更多的转化为其他金融资产的投资,本文最后提出应进一步规范金融市场,完善社会保障制度建设,积极开展个人消费信贷业务,加快金融产品创新,提高投资者信心,减少不确定性。本文的研究成果不仅对政府调整金融资产结构的政策有一定的参考意义,同时也对商业银行和金融机构的经营取向有重要的参考价值。
[Abstract]:With the development and reform of China's financial market, the total amount of household financial assets is expanding rapidly, and the types of financial assets are becoming more and more abundant. The choice of household assets shows a more and more complex situation, and the influence on economy is becoming more and more important. Therefore, a series of discussions have been made on the problems of residents' financial assets, such as the relationship between the development of residents' financial assets and economic development, the structural characteristics of residents' financial assets, and the factors that influence the residents' choice of financial assets, and so on. This paper is based on this background to study the diversification of resident financial assets in China. This paper first introduces the relevant theories of asset selection, and puts forward the theoretical basis of this study, and then constructs the standard of diversification of residential financial assets, which is based on the definition of residents' financial assets. And established the stock and the increment index system to measure the resident financial assets structure. Then, using the statistical data to estimate the resident financial assets of our country, with the help of the above indexes, this paper analyzes the present situation of the diversification of the resident financial assets of our country, and points out the characteristics and existing problems of the present situation of the diversification of the resident financial assets of our country. The core part of this paper is an empirical study on the diversification of Chinese residents' financial assets, and discusses various factors that affect the structure of residents' financial assets. In this part, the factors that affect the structure of financial assets of residents are classified into two categories: the factors of investment propensity determined by income and the factor of asset substitution rate determined by non-income. The quantitative index of investment propensity and the change coefficient of stock structure of Chinese residents' financial assets are empirically regressed to judge the holding cash, savings deposits and bonds of Chinese residents through the size of the absolute coefficient. Stock and insurance reserve five kinds of financial assets stock structure changes internal reasons. On the basis of this, we continue to explore the influence factors of investment tendency and asset substitution behavior. The results of this paper show that the main factors that cause the change of financial assets of Chinese residents are different, and in the long run, the substitution of Chinese residents' assets is mainly reflected in the substitution of stock to cash and savings deposits. However, the precautionary motivation and the high risk of the investment market have a restraining effect on the asset substitution behavior. Therefore, in order to accelerate the diversification of the residents' financial assets and promote the transformation of savings into the investment of other financial assets, At the end of this paper, we should further standardize the financial market, perfect the construction of social security system, actively develop personal consumer credit business, speed up the innovation of financial products, improve investor confidence and reduce uncertainty. The research results of this paper not only have certain reference significance for the government to adjust the structure of financial assets, but also have important reference value for the management orientation of commercial banks and financial institutions.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832;F224

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