老龄化对家庭金融资产配置影响研究  

Study on the Influence of Demographic Aging on Household Financial Asset Allocation Strategies

作　　者：吴嘉 张云华[2] 周紫薇 Wu Jia;Zhang Yunhua;Zhou Ziwei

机构地区：[1]华侨大学工商管理学院,福建泉州362021 [2]宁波大学商学院,浙江宁波315211

出　　处：《上海金融》2024年第6期28-39,共12页Shanghai Finance

基　　金：浙江省软科学项目(2021C35113)。

摘　　要：老龄化趋势改变了中国家庭的年龄结构和风险偏好,从而对家庭金融资产配置决策产生影响。使用中国家庭金融调查数据实证研究老龄化对家庭金融资产配置的影响,发现:(1)家庭老年人口占比和户主年龄对家庭风险性金融资产配置均存在显著负向影响,进行多种稳健性检验后仍得到一致结果;(2)老龄化对金融资产配置的影响存在显著城乡差异,对农村家庭风险资产配置的影响更显著;(3)在养老保险未得到充分普及时,老龄化对户主拥有养老保险的家庭的金融资产配置的影响更小;(4)老龄化对家庭是否配置理财产品和商业保险均存在显著负向影响;(5)家庭社会互动显著调节了老龄化对家庭风险资产配置的影响,社会互动的增强一定程度抵消了老龄化的负面效应。As a special part of the financial system,families have abundant assets but are constrained by borrowing restrictions.Since the Reform and Opening Up,China's financial market has developed rapidly,and the household financial asset allocation strategies have gradually diversified.We selected the CHFS data to conduct an empirical investigation into the influence of demographic aging on household financial asset allocation strategies.We found that:(1)The proportion of elderly members and the age of elderly heads of household both diminish the propensity on the risky household financial asset allocation strategies,and consistent results were still obtained after multiple robustness tests.(2)There are significant urban-rural differences in the impact of aging on financial asset allocation,with aging having a more significant impact on rural household risk asset allocation.(3)When the endowment insurance is not fully popularized,the impact of aging on the financial asset allocation of families is less in the households with the endowment insurance.(4)The proportion of elderly population and the age of the householder are significantly negatively correlated with the allocation of financial products and commercial insurance.(5)Family social interaction significantly adjusted the impact of aging on family risk asset allocation,and the enhanced social interaction partly offset the negative effects of aging.

关 键 词：老龄化 家庭金融资产 资产配置 社会互动 

分 类 号：F126[经济管理—世界经济] C924.2[社会学—人口学] D669.6[政治法律—政治学]