中国家庭寿险资产和其他资产选择研究——基于生命周期风险和资产同时配置  

On the Selection of Households' Life Insurance and Other Assets:——Based on Life Cycle Risk and Simultaneous Assets Allocation

作　　者：王向楠[1] 孙祁祥[1] 王晓全[2] 

机构地区：[1]北京大学经济学院,北京100871 [2]西南财经大学保险学院,四川成都611130

出　　处：《当代经济科学》2013年第3期1-10,124,共10页Modern Economic Science

基　　金：国家社会科学基金重点项目(批准号:10AGL010);国家自然科学基金青年项目(批准号:71203038);教育部人文社会科学基金青年项目(批准号:12YJCZH011;12YJC790272)

摘　　要：本文从生命周期风险和资产同时配置的视角研究中国城镇家庭的寿险和储蓄、股票、房产四类资产的选择问题。作者利用中国家庭收入调查数据,结合SUR和Probit、Tobit回归联合估计家庭几类资产的选择方程。主要发现,家庭寿险(股票)资产的持有率、寿险(股票)占家庭金融资产的份额都是随家庭生命周期变动呈"倒U"型。家庭财务脆弱程度显著影响了家庭的寿险持有,但对于其他资产的持有决策没有显著影响。家庭资产配置中,房产挤出了三类金融资产,寿险和股票呈互补关系。随着家庭收入的增长,家庭将更多地选择金融资产,尤其是寿险和股票资产。负债的家庭更多地持有寿险,更少地持有储蓄。中国南、北方家庭的资产持有形式存在较为显著的差异。This paper studies the selection of Chinese urban households' four kinds of assets including life insurance,savings,stocks,and real estate from the perspective of life cycle risk and simultaneous assets allocation.The authors combines SUR,Probit,and Tobit model and estimates the choice equations of several types of assets simultaneously by using microdata provided by CHIPS.The main results include: the holding rate of households' life insurance asset and the proportion of life insurance(stock) in the financial assets of the households have an 'inverse U' shaped life cycle.The vulnerability of household finance significantly impacts the holding of households' life insurance asset but does not significantly affect the holding policymaking of other assets.In households' asset allocation,the real estate makes three kinds of financial assets crowd out and life insurance and stock investment are complementary.Households will select financial assets,especially life insurance and stock asset with the increase of total income.Households with debts will hold life insurance rather stock asset.There are significant differences between Chinese southern and northern households' assets selections.

关 键 词：寿险资产 同时配置 生命周期风险 似无相关回归 

分 类 号：F842.6[经济管理—保险] F224