居民健康与金融投资偏好  

Health Status and Individual Portfolio Preferences

作　　者：刘潇[1] 程志强[1] 张琼[1] 

机构地区：[1]中央财经大学金融学院,邮政编码100081

出　　处：《经济研究》2014年第A01期77-88,共12页Economic Research Journal

基　　金：国家社科重大基金项目(10zd&007与14ZDB120);教育部人文社科一般项目(12YJC790269)的基金资助

摘　　要：本文使用2012年度中国居民与机构公共卫生行为跟踪调查(CBPHS)数据,研究了健康对居民投资风险偏好的影响;论文特别关注健康指标的选取对于结果的可能影响,分别用主观、客观和主客观综合健康状况来度量。本文发现,首先,健康状况更好的个体更倾向于选择风险性金融资产,并且客观健康状况相比于主观健康状况的影响更加显著;其次,较年轻的个体其投资风险偏好受到其健康状况的影响更大;再次,在不同收入人群中,健康状况对居民金融投资偏好的影响有所不同:低收入人群的投资风险偏好并不会显著地受到健康状况的影响,而居民的健康状况会显著地影响高收入人群中风险性金融资产的投资偏好。As no consensus on effects of health status on individual portfolio preferences is found in literature, this paper reconsiders it with individual data from Chinese residents＇ public health behavior research survey （CBPHS） in 2012. It particularly focuses on the roles of different health proxies （ subjective, objective and comprehensive health measures ） in predicting individual portfolio preferences. It finds that： firstly, healthier individuals tend to prefer risky financial assets, especially for those with better objective health conditions. Secondly, portfolio preferences of younger individuals are more likely to be affected by their health conditions. Further, effects of health status on portfolio preferences are different among individuals with different income levels. For those with lower income there seems to appear no statistically significant differences between individuals with better or worse health conditions; whereas for those with higher income, individuals who are healthier are more likely to prefer risky financial assets.

关 键 词：健康状况 金融投资 风险偏好 

分 类 号：R195[医药卫生—卫生统计学] F832[医药卫生—卫生事业管理]