跨国家庭金融比较:理论与政策意涵  

Cross-Country Household Assets Allocation:An Unfinished Agenda

作　　者：高明[1] 刘玉珍[1] 

机构地区：[1]北京大学光华管理学院

出　　处：《经济研究》2013年第2期134-149,共16页Economic Research Journal

基　　金：国家自然科学基金(71172026;71021001);"新世纪优秀人才支持计划"(NCET-10-0186)

摘　　要：本文对研究各国家庭资产配置的文献进行综述,进一步讨论其未来学术与政策研究思路。在样本方面,本文建议进行跨国资产配置的长期追踪调查,比较观察发达国家与发展中国家,进而探讨经济发展程度与家庭资产配置的关系。有关跨国文化与社会变量的研究,也须仰赖各国文化与社会相关的数据。在议题上,有关跨国金融的研究尚未对跨国性间接金融与直接金融进行比较。关于经济低度发展国家的研究,未来重点则是如何建立适当方式,考虑因非自愿性因素而被排除的家庭。最后,基于中国的经济发展进程,本文提出了资本市场建设的立论基础,并强调直接金融和间接金融对不同经济阶段和经济区域的影响。Past studies on household finance focus on the issues of measuring financial access or market participation, and mostly use one particular country into study. To alleviate these constraints, we review relevant literature and summarize potential explanations on household assets allocation across countries. In addition, this paper proposes some future research agendas for academic and policy orientation. First, we suggest that there is a need for a long-run cross-country survey on assets allocation, and a long-term comparison between developing and developed countries. This investigation will enable us to examine the relationship between household assets allocation and economic development. Similarly, the research on culture and social activities also relies on the cross-country cultural/sociological data. Second, a comparison between direct finance and indirect finance in a cross-country perspective is particularly crucial for countries under-development. Moreover, the pivotal issue of future research in developing countries should be to adopt an appropriate way to consider the samples that were excluded by involuntary factors. Finally, we shed some lights on capital market development in China by discussing the roles of direct and indirect finance under the process of different fundamental economic reforms and dual systems.

关 键 词：家庭金融 资产配置 学理体系 政策意涵 

分 类 号：F831[经济管理—金融学]