影响我国家庭金融资产选择的因素研究

发布时间：2018-05-03 04:24

本文选题：家庭金融资产 + 经济预期　；参考：《湘潭大学》2017年硕士论文

【摘要】：随着社会的发展时代不停的进步,中国居民的收入不断地提高,相对应的中国居民家庭金融资产也在不断的提高,这是中国社会进步经济发展所带来的红利。中国家庭在满足日常生活的情况下可支配资金越来越多,投资需求旺盛,金融资产成为了十分不错的一个选择,家庭的资金向金融资产市场不断的涌入。经济的快速发展,实体经济向着资金聚集化的方向不断发展,实体经济的资金缺口也越来越大,而家庭资金向金融资产市场的涌入,很好的解决的实体经济资金匮乏的局面,更好的带动了经济的发展。研究共选取影响家庭金融资产选择的因素为变量进行实证研究,分别为文化程度、年龄、性别、家庭规模与家庭收入、农村或城市、婚姻情况、喜好风险、未来预期、地域。在以往的研究中看,人都是有理性的,投资者会根据自己的理性判断以及推测,根据生命周期假说,投资者以自己一辈子的总收入为依据做出投资的方向。未来宏观经济的变化跟万千家庭未来的收入水平是紧密相连的。在投资研究中排除未来宏观经济形势的变化来研究投资者投资行为必然是不准确的。因此本文把对未来经济的预期考虑了进来。研究发现:(1)我国家庭资产选择总体呈现出偏好稳健型资产的特征,风险资产参与率和参与深度较低。(2)结构视角下,收入水平高的家庭更偏好风险资产,风险资产参与程度高,收入水平低的家庭则更倾向于无风险资产;年龄对家庭金融资产参与呈先上升后下降的倒“U”型状;教育程度越高的家庭风险资产参与广度和深度均更高,对风险资产的偏好程度更高;城镇家庭金融资产组合比农村家庭更具有多样性;东中西部家庭金融资产持有东部最高、中部其次、西部最低。(3)实证分析结果显示家庭收入、教育程度能够有效的促进家庭参与金融市场,提高风险资产的参与广度和参与深度。(4)家庭金融资产选择行为存在明显的年龄效应挤出效应,随着年龄的增长风险投资呈先上升后下降的倒“U”型状,年龄效应明显;(5)预期会阻碍家庭金融资产选择行为。与对未来经济一直保持稳定预期的家庭对比分析,对经济有积极态度和消极态度的家庭能够参股的几率在不断下降,而股票资产的比重也在不断的下降,可见对经济的稳定对股市参与率有积极的影响。基于研究结论,为了积极引导家庭参与金融市场,促进金融市场的发展,提出了相关建议。
[Abstract]:With the development of the society, the income of Chinese residents is increasing, and the financial assets of Chinese households are also increasing, which is the dividend brought by the economic development of China's social progress. Chinese families have more and more disposable funds under the circumstances of satisfying their daily life, and the investment demand is exuberant. The financial assets have become a very good choice, and the family funds are constantly pouring into the financial assets market. With the rapid development of the economy, the real economy continues to develop towards the direction of capital agglomeration, and the fund gap of the real economy is growing. However, the influx of household funds into the financial assets market can solve the problem of lack of real economic funds. Better drive the development of the economy. The factors that affect the choice of family financial assets are selected as the variables for empirical research, which are education level, age, sex, family size and family income, rural or urban, marriage, love risk, future expectation, region. In previous studies, people are rational, investors will judge and speculate according to their own rational, according to the life cycle hypothesis, investors based on their total income to make investment direction. Future macroeconomic changes are closely linked to the future income levels of thousands of households. It is not accurate to study investor's investment behavior by excluding the change of future macroeconomic situation in investment research. So this paper takes into account the expectation of the future economy. It is found that the household asset selection in China is characterized by a preference for stable assets, and the participation rate of venture assets and the depth of participation are lower. Under the structural perspective, households with higher income levels prefer venture assets and participate in risk assets with a high degree of participation. Households with lower income levels were more likely to have risk-free assets; age participation in household financial assets increased first and then declined; households with higher levels of education were more involved in risky assets in both breadth and depth. The financial assets portfolio of urban households is more diverse than that of rural households; the eastern, western and central regions hold the highest financial assets in the east, followed by the lowest in the west.) the empirical results show that the household income is the highest in the east, second in the central part, and the lowest in the west. Education level can effectively promote the participation of households in financial markets, and improve the participation of risky assets in breadth and depth of participation. 4) there is a significant age effect crowding out effect on the choice of household financial assets. With the increase of the age, the risk investment shows the "U" shape of rising first and then decreasing, and the age effect is obviously 5%) it is expected that the choice of financial assets will be hindered by the age effect. Compared with households that have maintained stable expectations for the future economy, the probability that households with positive and negative attitudes towards the economy can participate in the stock market is declining, and the proportion of stock assets is also declining. This shows that the stability of the economy has a positive impact on the stock market participation rate. Based on the conclusions of the study, some suggestions are put forward in order to actively guide families to participate in financial markets and promote the development of financial markets.
【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

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