幸福感是否影响居民储蓄行为?——基于中国家庭金融调查的实证研究  

Does Happiness Affect Residents' Savings Behavior?Evidence from China Household Finance Survey

作　　者：梅立兴 游子榕 许焕 MEI Li-xing;YOU Zi-rong;XU Huan(South China University of Technology,Guangzhou 510641,China;GF Securities,Guangzhou 510075,China;GF Management,Guangzhou 510075,China;Business School of Central South University,Changsha 410083,China)

机构地区：[1]华南理工大学,广州510641 [2]广发证券股份有限公司,广州510075 [3]广发证券资产管理(广东)有限公司,广州510075 [4]中南大学商学院,长沙410083

出　　处：《商业研究》2018年第9期91-100,共10页Commercial Research

基　　金：国家自然科学基金项目;项目编号:71672195;中南大学中央高校基本科研业务费专项资金资助项目;项目编号:2016zzts008

摘　　要：本文从情绪因素的角度,利用中国家庭金融调查微观数据,研究幸福感对居民储蓄行为的影响及内在机制。实证结果表明,居民幸福感对其参与储蓄和储蓄率有显著负向影响,以城市幸福感指数作为居民幸福感的工具变量,利用2SLS回归方法检验,这一结果具有稳健性。进一步研究发现:居民对未来经济和利率的乐观预期在一定程度上可以解释幸福感对居民储蓄行为的影响,而不确定性和遗赠储蓄动机不能解释幸福感的影响。本文的政策意义在于,通过增强居民的幸福感可以在一定程度上缓解中国高储蓄率的问题。Using the data from the China Household Finance Survey in 2011,this paper studies the effects of happiness on residents′savings behavior and intrinsic mechanism from the perspective of emotional factors.The empirical results show that happiness has a significantly negative effect on savings behavior and savings rate;using happiness of city as in-strumental variable of residents′happiness,we also find the results are robust by the 2SLS method.Moreover,the associ-ation between happiness and residents′savings behavior is driven by optimism of future economy and interest rate,rather than uncertainty and bequest savings motivation.The policy implication of this paper is that the problem of China′s high savings rate can be alleviated to some extent by enhancing residents′happiness.

关 键 词：幸福感 储蓄率 乐观预期 不确定性 遗赠储蓄动机 

分 类 号：F830[经济管理—金融学]