金融知识、投资经验对我国家庭金融市场参与及资产配置的影响

发布时间：2018-04-24 07:29

本文选题：金融知识 + 投资经验　；参考：《西南财经大学》2013年硕士论文

【摘要】：传统的金融研究主要集中在资产定价和公司金融两个方面,前者主要研究资本市场中的产品定价问题,后者主要研究如何运用金融工具提高企业的盈利水平,进而增加所有者的权益。随着金融市场的迅速发展,以及家庭可支配收入的不断提高,家庭参与金融市场以实现家庭财富增值保值的愿望越来越强烈。对家庭金融产品需求的分析,能够帮助国家制定相应的政策,合理引导家庭资金流向,以推动金融市场和实体经济的增长；同时,对家庭金融产品需求的分析,为金融机构的产品创新提供了依据,为投资者选择合适的金融产品提供了参考。基于以上原因,国外学者从上世纪60年代便开始从理论上探讨家庭金融资产配置的有关问题,并形成了金融学的一个新的研究领域—家庭金融。立足国内,随着经济的发展,我国城镇居民人均可支配收入从1978年的343.4元,增加到了2011年的21810元；农村居民人均可支配收入也从1978年的133.5元,增加到了2011年的7917元。收入的提高,使得家庭的资产配置不再局限于消费和储蓄之间,而是要求更多地参与金融市场。这是本文的研究动力,但起点却是对家庭金融资产配置的影响因素的分析。国内外学者在家庭金融资产配置的实证研究中,考察了诸多影响因素,包括个体特征(年龄、收入、财富、性别、学历等),宏观金融经济环境以及其他一些社会因素,如社会风俗、保障体系、税收、交易成本等。成果很丰富,与现实情况也相对吻合。为了更好地分析家庭金融资产决策问题,本文引入了两个新的变量：金融知识、投资经验。为了更好地分析问题,本文按照总结—分析—拓展的思路,以分析家庭资产决策的影响因素为起点,以金融知识、投资经验为关注变量,将问题层层展开,最后提出自己的观点。首先,本文借鉴国外文献,详细介绍了家庭金融的理论发展脉落。按照家庭资产配置的影响因素将国内外文献进行分类介绍,详细阐述了几个成熟的实证结论：“有限参与”之谜,生命周期理论,以及其他的一些影响因素的实证分析,如财富、学历、社会互动等。在学习前人的研究成果基础上,本文分析了现有文献的不足,并引出了本文的两个关注变量：金融知识、投资经验。接着,本文对文献综述中提到的诸多影响因素进行归纳总结,对已有实证结果进行分析。影响因素很多,但本文着其重点及研究相对成熟的因素进行了归纳分析,着重介绍了以下因素：年龄、财富、教育程度、收入水平、风险偏好、社会互动、社会信任、房产、经济发展水平、通货膨胀等。在对已有实证结论进行归纳总结的基础上,根据前人的研究及个人的理解,分析了各个因素对家庭金融资产配置产生影响的原因,尝试给出符合经济学基本原理和常识的解释。在上述分析的基础上,本文用一个章节详细介绍了我国家庭金融资产配置现状。首先,利用《中国统计年鉴》、《中国金融年鉴》提供的数据,并通过合理地估算,给出了我国家庭金融资产的总量特征以及结构特征。我国家庭金融资产的总量特征主要有以下几点：(1)我国家庭金融资产总量不断上升。我国居民金融资产总量由1978年的380亿,上升到了2008年的330100亿元,三十年间,上涨了近千倍。(2)家庭金融资产总量上升较快,但绝对数量有待进一步提高。2004年,美国养老基金总资产规模达到了12万亿美元,仅这一项就超过了我国家庭所持有的金融资产的总额。(3)家庭持有的资产中,风险资产比重不断增加。接着,利用中国家庭金融调查(CHFS)的调查数据,对家庭的人口特征、金融市场参与、金融资产配置等进行了统计性描述。由于数据可得性问题,本文在介绍人口特征时,重点介绍了年龄、性别、学历以及婚姻状况。根据调查数据,我国家庭人口具有如下统计特征：(1)我国人口老龄化问题严重,60岁以上的人口比例达到了16.34%,加剧了家庭的健康、收入等背景风险发生的可能性,抑制了我国家庭金融市场的参与程度。(2)性别失衡问题严重,15周岁以下的人口中,男女比例为123.3：100,农村性别失衡问题比城市家庭严重,性别失衡已经成为了制约我国经济发展,影响社会稳定的一个潜在的威胁。(3)高学历人口比重较小,人员素质有待进一步提高。实证分析是本文的核心,本文利用CHFS的调查数据,运用Probit模型和Tobit模型进行估计。在具体分析中,本文思路如下：首先,利用Probit模型,分析金融知识及其他变量对金融市场参与及股市参与的影响i接着,用Tobit模型分析各因素对风险资产占比和股票资产占比的影响,发现金融知识能显著提高家庭的风险资产占比,但对股票资产占比没有显著影响。为了找出原因,本文引入了另一关注变量：投资经验。二者既有区别,又相联系。实证结果显示,投资经验对风险资产占比及股票资产占比都有显著的正向影响。为了分析这种现象的成因,假设金融知识、投资经验对股票资产占比的影响差异是由于二者对股票收益的影响不同造成的。在用Tobit模型进行分析后,证实了原假设。由于城乡经济发展水平和金融环境的发展程度不同,本文在对总体样本分析时,还单独分析了城市家庭金融资产配置的问题。在实证最后部分,本文剔除掉家庭金融资产总额前10%和后10%的家庭,对上述实证进行了重新分析,以检验本文的稳健性。在实证分析中,本文主要得出了以下结论：一,金融知识提高了家庭参与金融市场的可能性；二,金融知识、投资经验提高了家庭的风险资产占比；三,金融知识对家庭的股票资产占比没有显著影响,而投资经验能显著提高家庭的股票资产占比;四,金融知识不能显著提高家庭股票收益的可能性,而投资经验做到了这一点。除此之外,本文在实证中还得到了如下的结论：与传统的研究结果类似,收入、净资产、学历、年龄、风险偏好等都对家庭资产配置有显著影响;在分析股票资产占比时,发现很多因素都对其有影响,但只有投资经验、风险偏好及居住在农村这几个变量能显著提高股票收益的可能性,这在一定程度上表明大部分参与股票市场的家庭都做出了不明智的资产决策。最后,根据本文的结论,给出了一些政策建议。
[Abstract]:Traditional financial research focuses on asset pricing and corporate finance . The former focuses on the pricing of products in capital markets . The latter mainly focuses on how to use financial instruments to improve the profitability of enterprises , thus increasing owners ' rights and interests . With the rapid development of financial markets and increasing family disposable income , family participation in financial markets is becoming more and more intense . The analysis of domestic financial products demand can help countries formulate corresponding policies and rationally guide the flow of domestic funds to promote the growth of financial markets and real economy ;
At the same time , the analysis of the demand of domestic financial products provides the basis for the product innovation of financial institutions , and provides reference for investors to choose suitable financial products . Based on the above reasons , foreign scholars began to study the related problems of family financial assets allocation from the theory in the 1960s , and formed a new research field of finance - family finance .

With the development of economy , the per capita disposable income of urban residents in China increased from 343.4 yuan in 1978 to 2,1810 yuan in 2011 .
The per capita disposable income of rural residents has increased from 133.5 yuan in 1978 to 7917 yuan in 2011 . The increase of income makes the asset allocation of the family no longer limited to consumption and saving , but requires more participation in financial markets . This is the research power of this paper , but the starting point is the analysis of the influencing factors of the family financial asset allocation .

In the empirical study of domestic financial asset allocation , scholars and scholars have investigated many factors , including individual characteristics ( age , income , wealth , gender , education , etc . ) , macro - financial and economic environment and other social factors such as social customs , security system , taxation , transaction cost , etc . The results are rich and are in good agreement with reality . In order to analyze the problem of family financial assets decision - making , two new variables are introduced : financial knowledge and investment experience .

In order to analyze the problem better , this paper tries to analyze the influencing factors of the decision - making of the family assets based on the summary - analysis - expansion thinking to analyze the influence factors of the decision - making of the family assets as the starting point , the financial knowledge , the investment experience as the focus variable , the problem layer - by - layer development , and finally put forward its own point of view .

Firstly , this paper introduces the theory development pulse of family finance in detail . According to the influence factors of family asset allocation , this paper introduces several mature empirical conclusions : " limited participation " , life cycle theory , and some other influential factors , such as wealth , education and social interaction .

Secondly , this paper summarizes the many influencing factors mentioned in the literature review , and analyzes the existing empirical results . The main factors include age , wealth , education level , income level , risk appetite , social interaction , social trust , real estate , economic development level , inflation , etc .

On the basis of the above analysis , the present situation of domestic financial assets in our country is introduced in detail in this paper . First , by using the statistics of Chinese Statistical Yearbook , the paper gives a statistical description of the total amount of financial assets in our country . ( 3 ) The proportion of people with high educational background is small , and the quality of personnel is to be further improved .

In order to find out the reasons , this paper analyzes the influence of financial knowledge and other variables on financial market participation and stock market participation .

In the empirical analysis , this paper mainly draws the following conclusion : Firstly , financial knowledge increases the possibility of family participation in financial markets ;
Secondly , financial knowledge and investment experience have improved the ratio of the family ' s risk assets ;
Third , the financial knowledge has no significant influence on the stock assets ratio of the family , and the investment experience can obviously improve the ratio of the stock assets of the family , and the investment experience has achieved this . In addition , the thesis also obtains the conclusion that the income , net assets , educational background , age , risk preference and the like have significant influence on the family asset allocation .

Finally , according to the conclusion of this paper , some policy suggestions are given .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

【参考文献】