家庭人均收入与家庭金融资产配置:影响效应和异质性  

Household Per Capita Income and the Allocation of Household Financial Assets:Impact Effects and Heterogeneity

作　　者：舒建平[1] 吴扬晖 唐文娟[1] SHU Jian-ping;WU Yang-hui;TANG Wen-juan(Business School,Xiangtan University,Xiangtan 411105,Hunan,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《西部论坛》2021年第3期57-71,共15页West Forum

基　　金：湖南省社会科学基金项目(17YBQ103);湖南省教育厅创新平台开放基金项目(19K089)。

摘　　要：家庭的金融资产配置会随着收入水平的提高而改变,且这种变化会因居民的个体特征及家庭的区位条件差异而不同。采用2017年中国家庭金融追踪调查(CHFS)数据的分析显示:家庭人均收入与定期存款占比呈倒U型关系,与总风险资产占比及股票资产占比呈U型关系,表明中国家庭具有较高的预防性储蓄动机;当户主年龄由年轻→中年→老年转变时,家庭人均收入与定期存款占比之间的关系由U型→U型→倒U型转变,与总风险资产占比及股票资产占比的关系由倒U型→倒U型→U型转变;本科以下学历居民受教育程度的提升未能有效降低其家庭预防性储蓄动机,但本科以上学历居民受教育程度的提升可以有效降低其家庭预防性储蓄动机;家庭遭受健康冲击会增强预防性储蓄动机;相比中西部地区,东部地区的家庭预防性储蓄动机较低,更倾向于配置风险资产及股票资产。因此,应加快提升中低收入群体的收入水平,提升医疗、住房、养老和教育保障力度,有效降低家庭预防性储蓄动机,进而释放家庭金融产品消费潜力,促进现代金融的高质量发展。The financial assets allocation of a household changes with the growth of income level and this change is different with the difference between the individual characteristics of the residents and regional conditions of the households.The analysis by using CHFS(China’s household finance survey)data in 2017 shows that there is an inverted U-shaped relationship between household per capita income and the proportion of fixed deposit,and a U-shaped relationship between household per capita income and the proportion of total risk assets and stock assets,which confirms that Chinese households have a high precautionary saving motivation.Further heterogeneity analysis shows that when the age of the head of a household increases from young to middle-aged to old,the relationship between the family per capita income and the proportion of fixed deposit is U-shaped→U-shaped→inverted U-shaped,and its relationship with the proportion of total risk assets and the proportion of stock assets is inverted U-shaped→inverted U-shaped→U-shaped;The improvement of education level below undergraduate level can’t effectively reduce the precautionary saving motivation of residents,however,the improvement of education level above undergraduate level can effectively reduce the residents'precautionary saving motivation;Health shock makes families have strong precautionary saving motivation.Compared with the households in the central and western regions,the households in the eastern region are more inclined to allocate risk assets and stock assets,and their precautionary saving motivation is relatively low.Therefore,we should accelerate to promote the income level of low and middle-income groups,improve the security of medical care,housing,endowment insurance and education,effectively reduce the precautionary saving motivation,further release the consumption potential of family financial products,and boost the high quality development of modern finance.

关 键 词：家庭人均收入 资产配置 预防性储蓄动机 定期存款 风险资产 股票资产 

分 类 号：F832[经济管理—金融学]