我国家庭金融资产配置影响因素及对策研究

发布时间：2018-01-19 20:24

本文关键词： 家庭金融资产配置影响因素　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着居民收入水平的不断提高和金融工具的逐步多样化,家庭金融资产配置也逐渐发生变化,合理的金融资产配置能够增加家庭的财产性收入。我国在2007年十七大报告以及2016年的“十三五”规划中一再强调增加居民的财产性收入,因此有关家庭金融资产配置的研究得到国内学者的广泛关注。分析家庭金融资产配置的影响因素有利于认识我国家庭金融资产选择特点,优化家庭金融资产配置、提高收入;有利于金融机构设计出完整的有风险梯度的金融产品满足家庭投资需求;为国家制定合理的政策提供一定的依据。鉴于此,本文从微观与宏观两个角度对我国家庭金融资产配置的影响因素以及对策展开研究。本文基于投资组合理论、行为金融理论、合理预期理论以及生命周期理论,首先对家庭金融资产配置的现状展开研究,包括家族金融资产总额和金融资产比例。其次,研究了我国家庭金融资产配置影响因素,考虑到家庭金融资产配置影响因素的复杂性,将影响因素分为微观与宏观两个角度展开研究。在微观方面使用了西南财经大学家庭金融资产调查(CHFS)2013年数据,采用统计性描述与实证分析相结合的方法研究了性别、年龄、学历、收入等因素对家庭金融资产配置的影响;在宏观方面,选取了1994-2015年的数据,对国内生产总值、通货膨胀、利率、汇率四个因素与家庭各金融资产进行单位根检验、协整检验、格兰杰因果检验,并对这四个宏观因素对家庭金融资产配置的影响进行回归分析。最后本文得出,除了性别,学历、年龄、收入等因素均对金融资产配置影响显著;GDP与股票、基金、债券占金融资产的比重正相关;利率与保险、股票、基金、债券所占比重成反比;CPI与储蓄占金融资产占比存在负向关系;汇率与储蓄以及外币所占比重呈反比。根据上文的分析结果,为家庭金融资产合理配置提供建议,为金融机构服务的创新指明方向,为政府制定宏观政策提供参考。
[Abstract]:With the continuous improvement of household income and the gradual diversification of financial instruments, the allocation of household financial assets has gradually changed. Reasonable allocation of financial assets can increase household property income. In the report of the 17th National Congress on 2007 and the 13th Five-Year Plan of 2016, China has repeatedly emphasized increasing the property income of residents. Therefore, the research on household financial asset allocation has been widely concerned by domestic scholars. It is helpful to understand the characteristics of household financial asset selection by analyzing the influencing factors of household financial asset allocation. Optimizing the allocation of household financial assets and raising income; It is advantageous for financial institutions to design complete financial products with risk gradients to meet the investment needs of households; In view of this, this paper studies the influencing factors and countermeasures of household financial asset allocation from micro and macro perspectives. This paper is based on portfolio theory. Behavioral finance theory, reasonable expectation theory and life cycle theory, first of all, the current situation of household financial assets allocation, including the total family financial assets and the proportion of financial assets. Secondly. This paper studies the influencing factors of household financial asset allocation in China, considering the complexity of the factors affecting the allocation of household financial assets. The influencing factors are divided into two angles: micro and macro. In the micro aspect, the data of 2013 are used in the household financial assets survey of Southwest University of Finance and Economics. The influence of gender, age, education, income and other factors on household financial asset allocation is studied by combining statistical description and empirical analysis. At the macro level, the data of 1994-2015 are selected to test the GDP, inflation, interest rate, exchange rate and household financial assets by unit root test and cointegration test. Granger causality test, and the impact of these four macro factors on the allocation of household financial assets were regression analysis. Finally, this paper concluded that, in addition to gender, education, age. Income and other factors have a significant impact on the allocation of financial assets; GDP is positively related to the proportion of stocks, funds and bonds in financial assets; Interest rates are inversely proportional to the proportion of insurance, stocks, funds and bonds; There is a negative relationship between CPI and the proportion of savings to financial assets; The exchange rate is inversely proportional to the share of savings and foreign currencies. Based on the above analysis, it provides suggestions for the rational allocation of household financial assets and points out the direction for innovation in the service of financial institutions. It provides reference for the government to make macro-policy.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5

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