中美家庭金融资产选择行为的差异及其原因分析  

Sino-US Differences on Household Financial Assets Choice and Reasons for the Differences

作　　者：王聪[1] 张海云[1] 

机构地区：[1]暨南大学经济学院

出　　处：《国际金融研究》2010年第6期55-61,共7页Studies of International Finance

基　　金：国家社科基金项目“居民财产性收入问题研究”(编号:08BJL022);广东省普通高校人文社科重点研究基地重大项目“居民金融投资行为的理论与实证”(编号:08JDXM79003)的资助

摘　　要：本文通过对中美两国家庭金融资产组合数据进行分析,发现中美家庭金融资产选择行为的差异主要表现在非风险性和风险性金融资产所占比重的差异、储蓄存款的差异以及股票投资比重和投资方式的差异上。其主要原因在于两国家庭收入水平、金融发展水平和社会保障制度的差异。中国家庭长期收入水平较低导致的家庭财富总量偏低是影响中国家庭金融资产选择行为的最根本因素,同时社会保障制度的欠缺和资本市场发展的滞后是导致我国家庭储蓄存款居高不下、股票等风险性资产投资较少的重要原因。This research analyses the data on household financial asset portfolios in both China and the U.S., finding that the differences mainly exist in the proportions of non-risk and risk assets, such as saving deposits and equity investments, as well as their investment channels. Such differences can be mainly attributed to the disparities of household income level, financial development level and the social security system in the two countries. The limited household wealth in China due to relatively low long-term income level turns out to be the decisive factor that affects the choice behaviors of Chinese house- holds. Meanwhile the shortage of the social security system and the less developed capital market also play an important role in China＇ s high saving rate and low level of risky investment.

关 键 词：中美 家庭金融资产选择 差异 

分 类 号：F831[经济管理—金融学]