信贷约束对我国家庭金融资产选择的影响

发布时间：2018-04-10 06:26

本文选题：信贷约束　切入点：家庭金融资产　出处：《湘潭大学》2017年硕士论文

【摘要】：随着我国金融市场的发展和居民可支配收入的提高,家庭在金融投资市场上越来越活跃。市场化的金融市场为家庭提供了丰富的投资渠道,家庭对金融资产的投资由单一化向多元化转变,家庭金融资产总量飞速增长。居民家庭的金融资产额能够在一定程度上反映国家的金融发展水平,家庭金融资产总量的提高能对国民经济发展起到促进作用,家庭金融资产配置结构的优化,也将促进我国金融工具的发展。家庭该如何选择种类丰富的金融产品,以此实现家庭的财富目标,提高家庭收入水平,成为了家庭金融投资的核心,也成为了金融学研究领域的重点。传统的资本定价理论认为所有家庭都将一定财富投资于风险资产,投资比例取决于家庭对待风险的态度,但在我国呈现出金融无风险资产参与率过高,金融风险资产参与率过低的态势,是什么导致了我国的“高储蓄率”?又是什么导致了我国的“风险资产有限参与”?本文认为信贷约束是其中一个重要解释。本文首先对信贷约束、家庭金融资产配置的相关理论进行梳理总结,在前人的研究成果上,对两者之间的关系进行了系统的分析,之后结合我国当前实际发展情况,阐述了我国信贷约束和家庭金融资产配置的现状和成因。然后,本文运用2011年中国家庭金融调查数据,分析了我国家庭信贷状况以及家庭金融资产选择结构特点,估计出了受信贷约束的家庭数量,发现在我国有近21%的家庭信贷得不到满足。针对这一结论,在实证部分使用了Probit模型和Tobit模型,分别就信贷约束对我国家庭金融资产选择的参与率与参与深度的影响进行了实证研究。为了更准确的度量信贷约束对我国家庭金融资产选择的影响,本文将家庭金融资产分为家庭金融风险资产和家庭金融无风险资产,以更好的考察信贷约束对这两种资产的影响,并结合了我国城乡发展不平衡的这一实际情况,从城市和农村的角度分别进行分析。最终根据实证结果得出结论:信贷约束会阻碍家庭金融资产参与,并降低家庭将财富配置于金融资产的比例;受到信贷约束的家庭对金融风险资产和金融无风险资产的参与率与参与深度都会降低;信贷约束这一因素对农村家庭金融资产选择的影响较城市家庭更为显著。针对实证结果,文章给出了降低我国信贷约束,促进我国家庭金融资产结构合理化的一些政策建议。
[Abstract]:With the development of financial market and the improvement of disposable income, households are more and more active in financial investment market.The market-oriented financial market provides a rich investment channel for the family. The investment in the financial assets of the household changes from the unitary to the diversified, and the total amount of the financial assets of the household increases rapidly.The amount of financial assets of households can to some extent reflect the level of financial development of the country, and the increase of the total amount of household financial assets can promote the development of the national economy, and optimize the structure of the allocation of household financial assets.It will also promote the development of financial instruments in China.How to choose a variety of financial products to achieve the family's wealth goal and improve the household income level has become the core of family financial investment and become the focus of financial research.The traditional capital pricing theory holds that all households invest certain wealth in risky assets, and the investment ratio depends on the attitude of the family towards risk, but in our country, the participation rate of financial risk-free assets is too high.What causes the "high savings rate" of our country because the participation rate of financial risk assets is too low?What is the cause of our country's "limited participation in risk assets"?This paper holds that credit constraint is one of the important explanations.In this paper, first of all, credit constraints, household financial asset allocation related theories are summarized, in the previous research results, the relationship between the two is systematically analyzed, and then combined with the current situation of development in China.This paper expounds the current situation and causes of credit constraint and household financial asset allocation in China.Then, using the data of China Household Finance Survey in 2011, this paper analyzes the household credit situation and the characteristics of household financial asset selection structure, and estimates the number of households constrained by credit.Found that in China there are nearly 21% of the household credit can not be met.In view of this conclusion, Probit model and Tobit model are used to study the influence of credit constraint on the participation rate and participation depth of household financial asset selection in China.In order to more accurately measure the influence of credit constraints on the choice of household financial assets, this paper divides household financial assets into household financial risk assets and household financial risk-free assets, in order to better investigate the impact of credit constraints on these two kinds of assets.Combined with the imbalance of urban and rural development in China, this paper analyzes it from the perspective of urban and rural areas.Finally, according to the empirical results, we draw a conclusion: credit constraints will hinder the participation of household financial assets, and reduce the proportion of households allocating wealth to financial assets;The participation rate and depth of participation in financial risk assets and financial risk-free assets of households subject to credit constraints will decrease, and the impact of credit constraints on the choice of financial assets of rural households is more significant than that of urban households.Based on the empirical results, this paper gives some policy suggestions to reduce the credit constraints and promote the rationalization of household financial assets structure in China.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4

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