中国居民家庭投资结构 基于生命周期, 财富和住房的实例分析.pdfVIP

中国居民家庭投资结构：基于生命周期、财富和住房的实证分析1 吴卫星 易尽然 郑建明 摘要：如果投资者面临多种金融资产可以选择，那么他们选择参与哪些？不参与哪些？什 么时间参与？其结构是什么？本文研究了中国居民家庭投资结构变化的规律，并从生命周期 效应，财富效应以及住房的角度研究了中国居民家庭投资结构变化的影响因素。研究结果显 示我国居民家庭投资结构的生命周期特征在某种程度上存在，但是对不同资产不一致。从风 险性的角度讲，居民家庭的投资结构是一个“钟型”结构，但是就极度风险的金融衍生产品期 货来说，年轻人更乐于冒险。住房投资显著地挤出了投资者在流动性资产上的投资；财富对 于投资者投资结构的影响是相当明显的，除了期货外，基本上财富增加，各种类风险资产的 参与率也会有增加，但对现金和存款等低风险资产有一个倒 U 型的结构。另外，家庭投资 行为的主要依据是当前的财富，家庭极少对未来的预期收入进行套期保值。 关键词：家庭金融 投资组合 生命周期 财富效应 住房 JEL 分类号： G11 D91 D14 Household Portfolios in China ： Empirical Analysis on the Effects of Life Cycle, Wealth and House Wu Weixing1 Yi Jinran1,2 Zheng Jianming3 (1School of Banking and Finance, University of International Business and Economics; 2Department of Economics, Duke Univerisity; 3School of Business, University of International Business and Economics) Abstract ： How to choose their assets when the households construct their portfolio? Which market they will take part in? When do they take part in the markets? Why? The paper analyzed the effects of life cycle, wealth and house ownership on household portfolio composition across households with varying characters in China. Firstly, we found that the household portfolio do have a life cycle. Few very young households invest in risky assets. But the young households will have more interests on the futures even the futures are extremely risky. Secondly, we found that the house investment have significant impacts on the investment of liquid assets. The households have to reduce their investment on liquid assets for the holding of house. Thirdly, the current wealth of the households would have important effects on the probability of households’ stock market participation and the proportion of th