金融监管如何影响家庭风险金融资产配置——来自CHFS的证据  

How Does Financial Regulation Impact Household Investment on Risky Financial Assets——Evidence from CHFS

作　　者：吴越[1] 武明漳 

机构地区：[1]中国人民大学经济学院 [2]北京大学软件与微电子学院

出　　处：《金融监管研究》2022年第11期39-58,共20页Financial Regulation Research

摘　　要：金融监管是引导金融机构合规运营、保障金融市场有序运行、保护投资者合法权益的重要条件,可能影响家庭金融资产配置决策。本文利用地方金融监管数据和2013—2019年中国家庭金融调查(CHFS)的数据所做的研究发现,金融监管强度的提高将促进家庭参与风险金融市场,提高家庭资产中风险金融资产的份额;机制分析发现,金融监管主要通过提高家庭信任程度、降低家庭风险厌恶概率路径,来促进家庭投资风险金融资产。进一步分析表明,金融监管强度提高还可改善家庭金融资产投资的多样性;中央金融监管与地方金融监管的协调配合,有利于促进家庭投资风险金融资产。上述结论为研究家庭金融资产配置提供了一个新视角,也为金融监管相关政策的制定提供了微观层面的经验证据支持。Financial regulation is an important condition for guiding financial institutions to operate in compliance,safeguarding the orderly operation of financial markets,and protecting the legitimate rights and interests of investors.It helps achieve a smooth and healthy financial order,which may affect household financial asset allocation decisions.This paper uses local financial regulation data and China Household Financial Survey(CHFS)data from 2013-2019,and finds that an increase in the intensity of financial regulation will promote households’participation in risky financial markets and increase the share of risky financial assets in household assets.Mechanistic analysis finds that financial regulation promotes household investment in risky financial assets mainly through the path of increasing the level of household trust and reducing the probability of household risk aversion.Further analysis also suggests that an increase in the intensity of financial regulation improves the diversity of households’investments in financial asset.The interaction between central financial regulation and local financial regulation also facilitates household investment in risky financial assets.These findings provide a new perspective for the study of factors influencing household financial asset allocation.They are useful for providing micro-level empirical evidence to support the formulation of policies related to financial regulation.

关 键 词：金融监管 家庭金融资产配置 风险金融资产 中国家庭金融调查 

分 类 号：F832[经济管理—金融学]