风险偏好对家庭金融市场参与及金融资产配置的影响研究——基于CHFS的实证分析  

An Empirical Analysis on the Affects of Risk Preference on Family Participation in Financial Markets and Financial Assets Allocation Based on CHFS

作　　者：李勇[1] 马志爽 Li Yong;Ma Zhi-shuang(China Pharmaceutical University,Nanjing Jiangsu 211198,China)

机构地区：[1]中国药科大学

出　　处：《铜陵学院学报》2019年第2期35-43,共9页Journal of Tongling University

基　　金：国家社科基金项目“小微企业横向战略联盟与创新绩效研究”(13CGL044);中央高校基本科研业务费项目“政府科技投入对我国医药制造业技术创新影响的异质性及对策研究”(2015PYW03);中国药科大学医药产业发展研究中心社科基金课题“宏观经济环境下政治关联对企业融资约束的影响机制研究”(CPUSJ1303)

摘　　要：基于2011年中国家庭金融研究调查的8131个家庭样本数据,采用Probit模型以及Tobit模型实证分析风险偏好对家庭金融市场参与及金融资产配置的影响。研究结果表明:我国多数居民是属于风险厌恶型的,而只有少数居民是风险偏好型的,这种风险偏好结构决定了我国大多数家庭更倾向于投资于低风险金融资产,而高风险金融资产参与度较低;家庭风险偏好程度仅对家庭参与活期存款和股票市场有显著影响,而对家庭参与定期存款、债券市场和现金的影响并不显著;此外,家庭风险偏好程度对家庭活期存款、定期存款和现金的配置比例有显著影响,而对家庭配置股票和债券资产的影响不显著。Based on the 8131 families sample data from China Household Finance Survey(CHFS)in 2011,the paper empirically analyzes the affects of risk preference on family participation in financial markets and financial assets allocation using Probit and Tobit models.The results show that the majority of residents in our country is risk averse,and only a minority of residents is risk preferred.Therefore,this kind of risk preference structure determines the most families in China more tend to invest in low-risk financial assets.Meanwhile risky financial assets participation is low.Furthermore,the type of family risk preference only has significant effects on the participation of current deposit and stock markets,but this is not true for fixed deposit,bond markets and cash deposit.In addition,there are significant effects of family risk preference on the allocation of family current deposit,fixed deposit and cash deposit,while not significant for the allocation of stocks and bonds.

关 键 词：风险偏好 金融市场参与 资产配置 

分 类 号：F832[经济管理—金融学]