风险性金融资产投资能提升家庭财富水平吗?——基于城镇家庭微观数据的实证分析  

Can Risk Financial Assets Investment Improve Household Wealth?——Empirical Analysis Based on Micro Data of Urban Households

作　　者：宋宝琳 Song Baolin

机构地区：[1]河北大学管理学院 [2]河北大学

出　　处：《投资研究》2021年第4期29-46,共18页Review of Investment Studies

基　　金：国家社会科学基金重点项目“新常态下经济高质量发展的统计测度与驱动因素研究”(19ATJ006)资助。

摘　　要：本文利用2017年中国家庭金融调查数据,运用分位数回归模型分析了风险性金融资产投资对城镇家庭财富和家庭金融资产的影响。鉴于投资需要具备金融素养,本文又利用中介效应检验了金融素养与城镇家庭财富水平和城镇家庭金融资产水平的关系。随后,再利用Oaxaca-Blinder分解的方法,进一步揭示了风险性金融资产投资导致不同省份间家庭财富差距的原因。本文研究结果可以为增加家庭财富与实现共同富裕的政策制定提供参考。Based on the data of China’s household finance survey in 2017,this paper analyzes the impact of household risk financial asset investment on urban household wealth and household financial assets through quantile regression model.Given that investment requires professionalism,this paper uses the mediating effect to test the relationship between financial literacy and the level of financial assets and wealth of urban families.Then,the Oaxaca-blinder decomposition method is used,the paper further reveals the reason that the analysis of household wealth gap caused by risky financial assets investment in different provinces.The results of this study can provide a reference for the policy-making of increasing family wealth and achieving common prosperity.

关 键 词：风险性金融资产投资 分位数回归 中介效应 OAXACA-BLINDER分解 

分 类 号：F832[经济管理—金融学]