我国居民家庭金融资产结构调整的影响因素研究

发布时间：2018-12-19 16:48

【摘要】：提高居民的财产性收入是我国的一项重要战略决策。居民的金融资产作为财产性收入的重要源泉,不仅与家庭自身的福利息息相关,同时也关系到我国金融体系结构的调整和经济增长方式的转变。现阶段,我国正处于深化金融体制改革的关键时期,随着股票和债券发行交易制度改革的推进,直接融资占比提高,社会融资结构得到进一步优化。风险资本市场产品供给的多元化将有助于满足不同风险偏好投资者差异化的投资需求,从而影响居民家庭的金融资产结构。当前,我国居民家庭金融资产结构仍然比较单一,储蓄存款在家庭金融资产中依然占据了较大比重,想要促进居民家庭金融资产结构的多元化,就必须从影响家庭金融资产结构调整的因素入手,本文正是基于当前直接融资蓬勃发展的背景下,重点研究影响我国居民家庭金融资产结构调整的宏观及微观因素。本文首先在梳理相关理论研究成果的基础上,从宏观统计数据和微观调查数据两个视角对我国居民家庭金融资产的结构进行分析;其次,从理论上分析了影响我国居民家庭金融资产结构的宏观及微观因素;随后,在理论分析的基础上,运用计量经济学方法,利用调查问卷所获得的微观数据进行实证研究。采用Probit模型分析我国居民家庭参与正规及非正规金融市场的影响因素,采用Tobit模型分析影响我国居民家庭金融资产结构调整的因素,并从中提炼出影响我国居民家庭金融资产结构调整的关键性因素,进而从这些关键因素入手探寻居民家庭金融资产结构的优化路径。本文通过实证,得出以下结论:直接融资的发展将吸引更多投资者将资金投入正规金融市场,同时降低非正规金融市场的参与比例;直接融资的发展也会促进家庭调整金融资产结构,相应的提高风险资产在金融资产中的比重和股票类资产在风险资产中的比重;享有社会保障的家庭通过正规金融市场进行投融资活动的可能性更大;金融知识的积累会影响居民家庭风险类资产的参与比重;同时,家庭的其他因素如家庭的收入、总资产、受教育程度等因素对家庭参与正规金融市场有明显的正向影响,而风险厌恶和家庭从事个体工商业两类因素则对家庭参与正规金融市场有显著的负向影响。
[Abstract]:Raising the property income of residents is an important strategic decision of our country. As an important source of property income, the financial assets of residents are not only closely related to the welfare of families themselves, but also related to the adjustment of financial system structure and the transformation of economic growth mode in China. At present, China is in the key period of deepening the reform of financial system. With the promotion of the reform of stock and bond issuance and trading system, the proportion of direct financing has increased, and the social financing structure has been further optimized. The diversification of product supply in venture capital market will help to meet the different investment needs of investors with different risk preferences, thus affecting the financial asset structure of households. At present, the structure of household financial assets in our country is still relatively simple, and savings deposits still occupy a large proportion of household financial assets, so we want to promote the diversification of household financial assets structure. It is necessary to start with the factors that influence the adjustment of household financial assets structure. Based on the booming development of direct financing, this paper focuses on the macro and micro factors that affect the adjustment of household financial assets structure in China. This paper firstly analyzes the structure of household financial assets in China from the perspective of macro statistical data and micro survey data on the basis of combing relevant theoretical research results. Secondly, this paper theoretically analyzes the macro and micro factors that affect the structure of household financial assets in China. Then, on the basis of theoretical analysis, using econometrics method, using the microcosmic data obtained by questionnaire to carry on the empirical research. Probit model is used to analyze the influencing factors of household participation in formal and informal financial markets, and Tobit model is used to analyze the factors affecting the adjustment of household financial assets structure. The key factors influencing the adjustment of household financial assets structure in China are extracted, and the optimization path of household financial assets structure is explored from these key factors. In this paper, we draw the following conclusions: the development of direct financing will attract more investors to invest in the formal financial market, while reducing the participation of the informal financial market; The development of direct financing will also promote the household to adjust the structure of financial assets, the corresponding increase in the proportion of risk assets in financial assets and equity assets in the proportion of risk assets; Families with social security are more likely to invest and finance through the formal financial market, and the accumulation of financial knowledge will affect the participation of household risk assets. At the same time, other factors such as household income, total assets, educational attainment and other factors have a significant positive impact on household participation in the formal financial market. Risk aversion and household involvement in individual industry and commerce have a significant negative impact on the participation of households in the formal financial market.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.4

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