风险偏好对家庭金融市场参与及金融资产配置的影响研究——基于CHFS的实证分析
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摘要
基于2011年中国家庭金融研究调查的8131个家庭样本数据,采用Probit模型以及Tobit模型实证分析风险偏好对家庭金融市场参与及金融资产配置的影响。研究结果表明:我国多数居民是属于风险厌恶型的,而只有少数居民是风险偏好型的,这种风险偏好结构决定了我国大多数家庭更倾向于投资于低风险金融资产,而高风险金融资产参与度较低;家庭风险偏好程度仅对家庭参与活期存款和股票市场有显著影响,而对家庭参与定期存款、债券市场和现金的影响并不显著;此外,家庭风险偏好程度对家庭活期存款、定期存款和现金的配置比例有显著影响,而对家庭配置股票和债券资产的影响不显著。
Based on the 8131 families sample data from China Household Finance Survey(CHFS) in 2011, the paper empirically analyzes the affects of risk preference on family participation in financial markets and financial assets allocation using Probit and Tobit models. The results show that the majority of residents in our country is risk averse, and only a minority of residents is risk preferred.Therefore, this kind of risk preference structure determines the most families in China more tend to invest in low-risk financial assets.Meanwhile risky financial assets participation is low. Furthermore, the type of family risk preference only has significant effects on the participation of current deposit and stock markets, but this is not true for fixed deposit, bond markets and cash deposit. In addition,there are significant effects of family risk preference on the allocation of family current deposit, fixed deposit and cash deposit, while not significant for the allocation of stocks and bonds.
Based on the 8131 families sample data from China Household Finance Survey(CHFS) in 2011, the paper empirically analyzes the affects of risk preference on family participation in financial markets and financial assets allocation using Probit and Tobit models. The results show that the majority of residents in our country is risk averse, and only a minority of residents is risk preferred.Therefore, this kind of risk preference structure determines the most families in China more tend to invest in low-risk financial assets.Meanwhile risky financial assets participation is low. Furthermore, the type of family risk preference only has significant effects on the participation of current deposit and stock markets, but this is not true for fixed deposit, bond markets and cash deposit. In addition,there are significant effects of family risk preference on the allocation of family current deposit, fixed deposit and cash deposit, while not significant for the allocation of stocks and bonds.
引文
[1]张晓娇.风险态度与家庭金融资产组合[D].成都:西南财经大学,2013.
[2]邹红,喻开志.家庭金融资产选择:文献述评与研究展望[J].金融理论与实践,2008(9):92-96.
[3]HARRY MARKOWITZ,PORTFOLIO SELECTION.The Journal of Finance[J].1952,7(1):77-91.
[4]TOBIN,J,Liquidity Preference as Behavior Towards Risk[J].Review of Economic Studies,1958,25(2):65-86.
[5]CHRISTIAN GOLLIER.Wealth Inequality and Asset Pricing[J].The Review of Economic Studier.2001(5):181-203.
[6]MITCHELL,O.S,MOORE,J.F,Can Americans Afford to Retire?New Evidence on Retirement Savings Adequacy[J].The Journal of Risk Insurance,1998(65):371-400.
[7]CARROLL,C.D.,K.E.DYNAN,et al.Unemployment Risk and Risk and Precautionary Wealth:Evidence from Households Balance Sheets[J].Review of Economics and Statistics,2003,85(3):586-604.
[8]史代敏,宋艳.居民家庭金融资产选择的实证研究[J].统计研究,2005(10):43-49.
[9]吴敏红.影响家庭风险资本市场投资决策的因素研究[J].商业经济研究,2015(16):81-82.
[10]卢亚娟,CalumG.Turvey.中国家庭风险资产持有的影响因素及城乡差异[J].财贸经济,2014(9):72-81+35.
[11]魏先华,张越艳,吴卫星,等.我国居民家庭金融资产配置影响因素研究[J].管理评论,2014(7):20-28.
[12]雷晓燕,周月刚.中国家庭的资产组合选择:健康状况与风险偏好[J].金融研究,2010(1):31-45.
[13]吴庆跃,周钦.医疗保险、风险偏好与家庭风险金融资产投资[J].投资研究,2015(5):18-32.
[14]周弘.风险态度、消费者金融教育与家庭金融市场参与[J].经济科学,2015(1):79-88.
[2]邹红,喻开志.家庭金融资产选择:文献述评与研究展望[J].金融理论与实践,2008(9):92-96.
[3]HARRY MARKOWITZ,PORTFOLIO SELECTION.The Journal of Finance[J].1952,7(1):77-91.
[4]TOBIN,J,Liquidity Preference as Behavior Towards Risk[J].Review of Economic Studies,1958,25(2):65-86.
[5]CHRISTIAN GOLLIER.Wealth Inequality and Asset Pricing[J].The Review of Economic Studier.2001(5):181-203.
[6]MITCHELL,O.S,MOORE,J.F,Can Americans Afford to Retire?New Evidence on Retirement Savings Adequacy[J].The Journal of Risk Insurance,1998(65):371-400.
[7]CARROLL,C.D.,K.E.DYNAN,et al.Unemployment Risk and Risk and Precautionary Wealth:Evidence from Households Balance Sheets[J].Review of Economics and Statistics,2003,85(3):586-604.
[8]史代敏,宋艳.居民家庭金融资产选择的实证研究[J].统计研究,2005(10):43-49.
[9]吴敏红.影响家庭风险资本市场投资决策的因素研究[J].商业经济研究,2015(16):81-82.
[10]卢亚娟,CalumG.Turvey.中国家庭风险资产持有的影响因素及城乡差异[J].财贸经济,2014(9):72-81+35.
[11]魏先华,张越艳,吴卫星,等.我国居民家庭金融资产配置影响因素研究[J].管理评论,2014(7):20-28.
[12]雷晓燕,周月刚.中国家庭的资产组合选择:健康状况与风险偏好[J].金融研究,2010(1):31-45.
[13]吴庆跃,周钦.医疗保险、风险偏好与家庭风险金融资产投资[J].投资研究,2015(5):18-32.
[14]周弘.风险态度、消费者金融教育与家庭金融市场参与[J].经济科学,2015(1):79-88.