摘要
基于Ordered Probit模型,利用江苏某银行提供的包含13 000个客户资产配置的详细资料,对家庭风险资产配置的影响因素进行实证研究。重点关注家庭生命周期效应、财富效应、收入风险、房产风险等四方面因素的影响,并在对家庭风险资产配置总体分析的基础上,分别对第三方存管、基金、黄金和理财等四类风险资产进行具体分析。研究发现,家庭生命周期效应和财富效应均显著存在,收入风险对家庭风险资产配置的影响随着收入水平的变化而呈现非线性关系,房产风险对风险资产配置的影响则表现为挤出效应。
Basing on ordered Probit model,the paper used detailed data of 13 000 customers provided by a certain bank of Jiangsu,so as to conduct an empirical research on influencing factors of family risk asset allocation. Focus on four factors as follows,the family life cycle effects,wealth effects,income risk and real estate risk,and on the basis of the overall asset allocation of family risk analysis,also analyze the third-party escrow,funds,gold,financial product respectively. It is concluded that the family life cycle effects and wealth effects both exist significantly,the impact of income risk on household risk asset allocation changes with the level of income in nonlinear way,and the impact of real estate risk on risk asset allocation is manifested by extrusion effects.
出处
《吉林大学社会科学学报》
CSSCI
北大核心
2014年第5期73-80,173,共8页
Jilin University Journal Social Sciences Edition
基金
国家自然科学基金项目(71173098
71203091)
中央高校基本科研业务费
南京大学人文社科项目
