摘要
近些年来我国居民的资产配置问题受到了来自于学术界及政策层面的诸多关注。本文以奥尔多投资研究中心的调查数据为基础,以结构方程模型为分析工具,对我国居民家庭的金融资产配置行为进行了研究,从替代效应、生命周期效应、财富效应以及住房投资的挤出效应等多方面分析了影响我国居民家庭金融资产配置的因素。实证结果证明了以上效应在我国均在一定程度上存在。另外,家庭的资产比收入对金融资产配置有更为显著的影响;家庭所在区域、居民对社会的信任度与满意度对居民的金融资产配置均有显著影响。
Recently,the issue of asset allocation of household attracts much attention from both academy and government. Based on the data of Aordo and Structural Equation Modeling,this paper studies the factor that affects the asset allocation of households,from perspectives of substitution effect,life-cycle effect,wealth effect,and crowding out effect of house investment. The empirical result show the existence of effects mentioned above. Besides,the asset of household influences the financial asset allocation more significantly than income; The local area,house owner's trust and satisfaction on the society all have significant influence on the household's financial asset allocation.
出处
《管理评论》
CSSCI
北大核心
2014年第7期20-28,共9页
Management Review
基金
国家自然科学基金项目(71373043
71331006
70933003)
北京奥尔多中心(www.aordo.org)<中国居民风险与风险管理>研究项目
关键词
家庭金融
资产配置
生命周期效应
财富效应
household's asset allocation,substitution effect,life-cycle effect,wealth effect
