摘要
作为金融学研究的一个新兴领域,家庭金融近年来取得了许多新成果。其中,金融市场"有限参与"之谜引起了国内外学者最广泛的关注。从金融市场参与的视角,回顾了近年来家庭金融研究的新进展。国内外许多研究发现背景风险、参与成本、异质性信念、非标准偏好和社会互动行为等因素对居民家庭金融市场参与产生显著的影响。这些因素是经典投资组合理论没有捕捉到的居民家庭实际面临的约束。由于家庭金融数据难以被准确地度量,家庭金融的研究依然具有挑战性。
As a new field of financial studies, household finance has made many new achievements in recent years. Particularly, the puzzle of"limited participation"in financial market has attracted the widest attention of scholars. From the perspective of financial market participation, this paper reviews the new progress of household finance research in recent years. Many studies have found that background risk, participation cost, heterogeneous beliefs, non-standard preferences and social interaction behavior have a significant impact on household financial market participation. These factors are constraints that the classical portfolio theory fails to capture. Because household behavior is difficult to measure accurately, the research on household finance is still challenging.
出处
《金融理论与实践》
北大核心
2019年第5期18-25,共8页
Financial Theory and Practice
基金
国家社会科学基金重大招标项目"中国消费金融的发展
风险与监管研究"(16ZDA033)
对外经济贸易大学国内外联合培养研究生项目资助
关键词
家庭金融
金融市场参与
参与成本
非标准偏好
社会互动
household finance
financial market participation
participation cost
non-standard preference
social interaction
