风险态度的代际传递——基因传递还是家庭传授?  

Intergenerational Transmission of Risk Attitudes:Genetically Transmitted or Family Transmitted?

作　　者：易祯[1] 刘越 Yi Zhen;Liu Yue(School of Finance,Capital University of Economics and Business)

机构地区：[1]首都经济贸易大学金融学院

出　　处：《经济科学》2025年第1期191-214,共24页Economic Science

基　　金：国家自然科学基金青年项目“人口老龄化下的偏好调整与资产价格研究”(项目编号:72103145)的阶段性成果。

摘　　要：本文建立局部均衡模型解释了风险态度代际传递的动因,并使用中国家庭追踪调查(CFPS)和美国收入动态面板调查(PSID)数据加以验证。理论模型显示,风险态度代际传递的原因是,父母希望子女与自己保持相似的决策。中国样本中父母的风险态度有37.4%通过基因渠道和传授渠道传递给孩子。这种传递存在子女性别差异,不受家庭背景因素、重大家庭冲击、父母对子女偏好的影响,但受收入、父母受教育程度和城乡地区差异的影响。风险态度的代际传递存在跨国差异,中国样本的传递系数比美国样本高56.57%。这种差异帮助解释了中国股票价格调整黏性高于美国的现象。随着中国未来经济发展,金融市场风险结构的“代代相传”特征将减弱,资本市场不确定性将进一步增大,需提前加以应对。This paper constructs a family decision-making model to analyze the theoretical mechanisms of intergenerational transmission of risk attitudes and validates the theoretical findings using 2010-2020 China Family Panel Studies(CFPS)data.This paper finds that parent and child risk attitudes converge when parents and children choose similar decision paths.Empirical evidence shows that:(1)There is a significant intergenerational transmission of risk attitudes in the Chinese sample.Specifically,there is a 37.4% transmission of parents'risk attitudes to their children through the genetic channel and the transmission channel.(2)The intergenerational transmission phenomenon still exists after excluding family background factors,major family shocks,and parental preferences for children.(3)The intergenerational transmission of risk attitudes will be affected by income,parents'education levels,and household register.(4)There are cross-country differences in the intergenerational transmission of risk attitudes,with the coefficient of risk attitude transmission for the Chinese sample being 56.57% higher than that for the U.S.sample.This difference can help explain the phenomenon that the stock price adjustment stickiness in China is higher than that in the United States.With China's economic development,the intergenerational transmission of the risk structure of the financial market will weaken and the uncertainty of the capital market will increase.

关 键 词：风险态度 代际传递 基因传递 家庭传授 

分 类 号：F016[经济管理—政治经济学]