中国居民金融资产总量和构成估算  

Estimation of the Total Amount and Composition of Financial Assets of Chinese Residents

作　　者：贺力平[1] 林璐[2] HE Liping;LIN Lu(Beijing Normal University,100875)

机构地区：[1]北京师范大学经济与工商管理学院金融系,北京市海淀区100875 [2]北京师范大学经济与工商管理学院,北京市海淀区100875

出　　处：《财经智库》2020年第2期101-121,143,144,共23页Financial Minds

基　　金：中国社会科学院国家资产负债表研究中心资助课题的中间成果之一。

摘　　要：在金融市场和个人投资行为日趋多样化发展的背景下,准确统计居民持有金融资产的总量及其构成的难度不断增加。本文在对中国居民持有金融资产概念辨析的基础上,主要使用直接法,力图采用多种数据来源,部分地结合间接法对中国居民直接持有的五类金融资产进行了估算,并对其持有的金融资产净值和金融资产结构(本外币构成、期限构成和风险资产构成)进行了初步度量。度量结果显示:截至2018年末,中国居民金融资产增长主要得益于金融资产购买,证券资产价格变动的作用相对较小;居民金融资产的构成有所变化,但变化程度相对较小。With the increasingly diversified development of financial market and individual investment behavior,it is increasingly difficult to accurately count the total amount and composition of all kinds of fi nancial assets held by residents.At present,some studies have used indirect and direct methods to estimate the fi nancial assets of Chinese residents.Based on the analysis of the concept of fi nancial assets held by Chinese residents,this paper mainly uses the direct method to estimate the fi ve types of fi nancial assets directly held by Chinese residents by using a variety of data sources,partially combining with the indirect method,and makes a preliminary evaluation of the net value and structure of financial assets held by Chinese residents,including composition of domestic and foreign currency,term composition and risk assets.The main fi ndings are as follows:as of the end of 2018,the growth of financial assets of Chinese residents is mainly due to the purchase of financial assets,and the effect of changes in the price of securities assets is relatively small;the composition of fi nancial assets in China has changed,but the degree of change is relatively low.

关 键 词：居民部门 金融资产 资产构成 

分 类 号：F832[经济管理—金融学]