社会保障影响居民资产配置的模型及分析
发布时间：2018-09-12 14:41
【摘要】：社会保障因素会改变居民对未来的预期,从而对其资产配置决策有着重要的影响。在相关文献综述的基础上,以跨期的消费和投资资产组合理论为基础,将社会保障因素和预防性储蓄因素融入现有资产配置模型框架中,并对两期模型进行求解和分析。实证结果表明,未来消费预期是居民进行预防性储蓄行为的格兰杰原因。本文主要的创新点在于,建立了考虑社会保障的资产配置模型,阐述了个人资产配置与社会保障水平之间的内在数量关系。
[Abstract]:Social security factors will change residents' expectations for the future and thus have an important impact on their asset allocation decisions. Based on the theory of intertemporal consumption and investment portfolio, the social security factor and precautionary saving factor are integrated into the existing asset allocation model framework, and the two-period model is solved and analyzed. The empirical results show that future consumption expectation is the Granger cause of residents' precautionary saving behavior. The main innovation of this paper is that the asset allocation model considering social security is established and the internal quantitative relationship between individual asset allocation and social security level is expounded.
【作者单位】： 复旦大学管理学院;清华大学经济管理学院;
【基金】：教育部人文社会科学青年基金资助项目(12YJC840065)
【分类号】：D632.1
[Abstract]:Social security factors will change residents' expectations for the future and thus have an important impact on their asset allocation decisions. Based on the theory of intertemporal consumption and investment portfolio, the social security factor and precautionary saving factor are integrated into the existing asset allocation model framework, and the two-period model is solved and analyzed. The empirical results show that future consumption expectation is the Granger cause of residents' precautionary saving behavior. The main innovation of this paper is that the asset allocation model considering social security is established and the internal quantitative relationship between individual asset allocation and social security level is expounded.
【作者单位】： 复旦大学管理学院;清华大学经济管理学院;
【基金】：教育部人文社会科学青年基金资助项目(12YJC840065)
【分类号】：D632.1
【参考文献】
相关期刊论文 前3条
1 周晋;劳兰s，
本文编号：2239348
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