优化居民资产配置服务金融强国建设  

Optimize Residents Asset Allocation and Support the Constructionof Making China Strong through Financial Development

作　　者：燕翔 石琳 Yan Xiang;Shi Lin

机构地区：[1]华福证券 [2]华福证券研究所

出　　处：《经济研究参考》2024年第3期11-26,共16页Review of Economic Research

摘　　要：作为国民经济的重要组成部分,居民资产配置深刻影响金融体系,对金融高效服务实体经济、防范化解系统性风险具有重要意义。理论层面上,居民资产配置优化对建设金融强国的意义,体现为通过拓宽居民财产性收入渠道促进共同富裕、通过资产的财富效应刺激需求、通过资产多元化有效防范金融风险三个方面。在实践中,2000年以来,中国居民资产增速总体跑赢GDP和可支配收入增速,房地产占居民资产比重边际下滑但仍是居民部门最重要资产,金融资产配置以无风险资产为主,居民风险偏好仍较低。从国际视野看,与中国相比,美国、瑞典储蓄率较低而权益资产配置领先,受益于股票市场较好的财富效应、养老金大规模入市以及完善的社会保障体系,而日本储蓄率同样偏高、权益资产配置偏低,源于持续消化房地产下行的低迷经济。展望未来,本文建议政策措施从以下四个方面发力,优化居民资产配置,服务金融强国建设:一是推动长期资金入市,提升居民财产性收入;二是做好普惠金融,丰富居民金融产品选择;三是稳住房地产市场预期;四是提升社会保障水平,推动居民风险偏好提升。As an important part of the national economy,residents asset allocation profoundly affects the financial system and is of great significance for finance to efficiently serve the real economy and reduce potential systemic risks.Theoretically,optimizing residents asset allocation helps to promote the construction of making China strong through financial development by broadening residents property income channels,stimulating demand through the wealth effect of assets,and preventing financial risks through asset diversification.In practice,since 2000,the growth rate of Chinese residents assets has generally outperformed GDP and income.The proportion of real estate has declined marginally but is still the most important asset.Financial asset allocation is mainly risk-free assets,and residents risk preference is still low.Compared with China,the household sector in the United States and Sweden has lower savings rates and higher equity asset allocation ratios,benefiting from wealth effect of the stock market,the large-scale entry of pension funds into the market,and the complete social security system.Japan s high savings rate and low equity asset allocation are due to the economic downturn caused by the downturn in real estate.Therefore,promoting the optimization of residents asset allocation requires efforts in the following four aspects:promoting the entry of long-term funds into the market and enhancing the wealth effect of A-shares market;improving inclusive finance and enriching residents financial product choices;stabilizing real estate market expectations;improving the level of social security and promoting residents risk preference.

关 键 词：居民部门 资产配置 金融资产 

分 类 号：F832[经济管理—金融学]