收入不确定性视角下教育对家庭风险性金融资产配置的影响分析  

Impact Analysis of Education on Household Risky Financial AssetAllocation from the Perspective of Income Uncertainty

作　　者：高宇 吕学梁[1] 王霆[2] GAO Yu;LÜ Xue-liang;WANG Ting(School of Economics,Qingdao University,Qingdao266061,China;Affiliated Cardiovascular Hospital,Qingdao University,Qingdao266061,China)

机构地区：[1]青岛大学经济学院,青岛266061 [2]青岛大学附属心血管病医院,青岛266061

出　　处：《青岛大学学报（自然科学版）》2022年第3期129-135,共7页Journal of Qingdao University(Natural Science Edition)

基　　金：国家社会科学基金(批准号:21BJY248)资助。

摘　　要：针对风险性金融市场有限参与问题,基于2018年中国家庭追踪调查(CFPS)受访家庭样本,构建Probit模型和Tobit模型,研究教育水平与家庭风险性金融资产配置的关系。基于教育经济学理论,构建中介效应模型,检验收入不确定性作用机制。研究结果表明,户主教育水平的提升增加了家庭风险性金融市场参与广度和投资深度;通过降低收入不确定性,教育增强了家庭风险性金融资产配置;教育水平提升对有负债家庭、中低收入家庭及中西部家庭的风险性金融资产配置产生影响更大。In view of the limited participation in risky financial markets,based on the 2018 China Family Tracker Survey(CFPS),the Probit model was used to discuss the relationship between education and breadth of household risky financial market participation.The Tobit model was used to probe the relationship between education and investment depth of risky financial asset allocation.According to the theory of educational economics,the mediating effect model was constructed to test the mechanism of income uncertainty.The results show that the improvement of education attainment increases the breadth and depth of household risky financial asset.Education enhances household risky financial asset allocation by reducing income uncertainty.Education attainment has a greater impact on the risky financial asset allocation of households with debt,low and middle-income households,and households in the central and western regions.

关 键 词：教育水平 风险性金融资产 收入不确定性 PROBIT模型 TOBIT模型 

分 类 号：F832[经济管理—金融学]