居民家庭资产偏好的中美比较

发布时间：2018-06-20 11:07

本文选题：居民家庭 + 资产选择　；参考：《天津财经大学》2014年硕士论文

【摘要】：随着我国市场化的不断深入及居民收入的大幅增加,居民家庭资产选择以及由此决定的资产价格体系已经成为国民经济的重要组成部分。居民家庭资产选择行为在影响资产价格体系的同时也会对国民经济运行带来不可忽视的影响,甚至影响到经济资源的优化配置。近几年,金融市场的不断完善使得居民家庭资产结构日趋多元化,居民家庭资产选择行为也更加复杂。经济学理论告诉我们,影响居民家庭资产选择的主要因素,除了资产价格、收入、资产预期收益与风险外,居民家庭资产偏好也在相当程度上决定着一个家庭的资产配置状况,也体现出一个家庭的消费倾向。家庭资产选择偏好问题的研究具有重要的理论价值和现实意义。2007年美国次贷危机促发了美国房地产泡沫的破灭,美国房价出现大幅下跌,2008年由次贷危机引发的全球性的金融危机导致了美国资产市场价格的全面下跌。2008年全球性的金融危机在冲击美国经济的同时也对中国资产市场造成了显著的影响。值得注意的是,金融危机后,美国经济复苏乏力,中国经济则很快摆脱了经济危机的冲击,回归到改革开放所形成的高速增长路径,整体经济状况与美国经济形成了鲜明的对照。然而,当我们再仔细观察中美两国资产市场时,则不难发现美国资本市场价格已基本回到危机前的水平,而中国资产市场仍保持着房地产市场极度繁荣,股票市场持续低迷的“冰火两重天”局面。面对中美两国经济和资产市场大相径庭的状况,如何给出合理的解释就成为摆在我们面前的首要任务。文章通过对比中美两国居民家庭资产结构,探究两国居民家庭资产选择中所体现出的偏好特征,来寻求上述问题的答案,为更好地分析我国居民家庭资产的变动趋势,进一步研究我国资产价格体系奠定微观基础。文章通过运用规范分析与比较分析、统计分析与计量研究相结合的方法,重点研究了以下三个方面的问题：一是概括中美居民家庭资产的构成现状,总结两国居民家庭资产结构的特点；二是在剔除收入因素的前提下对两国居民家庭资产构成差异的显著性进行非参数检验,在此基础上,对两国居民家庭的资产选择偏好进行度量,并从国家起源、经济制度及发展历程、文化传统所导致的金融意识差异来说明两国居民家庭资产选择偏好存在差异的原因。三是依据美国居民家庭资产结构变动的历史资料,对我国居民家庭资产结构的变动趋势进行了预测。通过比较,得出以下结论：我国居民家庭房产在家庭资产中占主要地位,我国居民家庭对房产的偏好要远大于美国,这就决定了我国高房价的相对合理性；我国居民家庭资产构成呈现多元化趋势,但结构不合理,存在房产独大的单极化现象,这一现象必然导致我国畸形的资产价格体系；政治、经济制度演变的历程不同是导致中美两国家居民庭资产选择偏好差异的主要原因,市场经济发育与发展不充分使我国居民家庭仍在相当程度上残留着半封建社会的财富观；随着市场制度的不断完善,市场经济引发的“资本革命”必将导致我国居民家庭投资观念的转变,从而决定了未来我国居民家庭资产构成将向均衡化方向演变。
[Abstract]:With the deepening of China's marketization and the substantial increase of residents' income, the choice of household assets and the resulting asset price system have become an important part of the national economy. It even affects the optimal allocation of economic resources. In recent years, the continuous improvement of the financial market has made the household property structure diversified and the choice behavior of household assets more complex. The economic theory tells us that the main factors affecting the choice of household assets are the asset price, income, the expected income and risk of the assets. In addition, household asset preference also determines the asset allocation of a family to a considerable extent, and also reflects a family's consumption tendency. The study of family asset selection preference has important theoretical value and practical significance in the.2007 American subprime crisis, which has disillusioned the real estate bubble in the United States, and the housing price appears in the United States. The global financial crisis caused by the subprime crisis in 2008 led to a comprehensive decline in the price of the American asset market in the year.2008. The global financial crisis of the United States had a significant impact on the Chinese asset market at the same time. It is worth noting that the economic recovery of the United States was weak and the Chinese economy was weak after the golden thawing crisis. It is quickly getting rid of the impact of the economic crisis and returning to the high speed growth path formed by the reform and opening up. The overall economic situation is in sharp contrast with the American economy. However, when we look carefully at the assets market between China and the United States, it is not difficult to find that the US capital market price has basically returned to the level before the crisis, and the Chinese assets are on the basis of the Chinese assets. The market remains extremely prosperous in the real estate market, and the stock market continues to be sluggish "ice fire two days" situation. Facing the state of the two countries' economic and asset markets, how to give a reasonable explanation is the first task before us. In order to better analyze the change trend of household assets in our country and further study the asset price system of our country, the author uses normative analysis and comparative analysis, the method of combining statistical analysis and measurement research. The point is to study the following three aspects: one is to summarize the status of the family assets of the Chinese and American residents, to sum up the characteristics of the family assets structure of the two countries, and the two is to examine the significance of the differences in the family assets of the residents of the two countries, on the premise of eliminating the income factors, and on this basis, the capital of the families of the two countries. The choice of preference is measured, and from the origin of the country, the economic system and the course of development, and the difference of the financial consciousness caused by the cultural tradition to explain the reasons for the difference in the choice preference of the household assets of the two countries. Three, according to the historical data of the changes in the household property structure of the American residents, the change trend of the household property structure of the residents in our country is entered. Through comparison, we draw the following conclusion: the household property in our country occupies the main position in the family property, the preference of household property in our country is far greater than that of the United States, which determines the relative rationality of the high house price in our country; the household assets in our country have a diversified trend, but the structure is not reasonable and there is a property alone. The phenomenon of large single polarization inevitably leads to the deformed asset price system in China, and the difference in the evolution of political and economic system is the main reason that leads to the preference difference between China and the United States, and the inadequate development and development of the market economy still remain a semi feudal society in a considerable degree. With the continuous improvement of the market system, the "capital revolution" caused by the market economy will lead to the transformation of the family investment concept of the residents in our country, which determines the future of the family assets structure of the residents in our country.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F126;F171.2;F224

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