多决策约束下教育金投资策略研究-金融学(CFA特许投资分析师)专业论文.docxVIP

摘 要 随着世界知识时代的来临和社会经济结构转型的升级，我国人均经济收入水平大 幅提高，教育投资已成为家庭生活中一项大事。本文以生命周期理论为基础，剖 析了家庭购房、教育以及养老等类型决策事件，同时分析了不同阶段产生的决策 约束对家庭投资经济活动的影响，为家庭教育金的投资策略模型提供相应的假设 基础和前提。本文根据家庭在生命周期不同阶段利益诉求和风险喜好的不同，引 入均值方差优化模型，利用幂效用函数建立家庭投资消费效用函数模型，研究家 庭在整个生命周期中的教育金投资策略方案。 在实证方面，本文以北京市目标人群为研究对象进行了分析。结果显示，家庭选 择高等教育类型很大程度上影响家庭的最优投资消费路径，家庭在面临更大的消 费支出时，倾向选择风险较高的金融资产进行投资，以达到最终的投资效果，而 因此影响家庭的整体效用情况。在养老决策方面，年金保险给家庭提供退休经济 保障，提供更高的家庭效用。 关键词：家庭生命周期，教育金，幂效用函数，投资策略 Abstract With the advent of the worlds knowledge era and the upgrade of socio-economic restructuring , Chinas per capita income level has a substantial increase which induces investment in education to be a major event in family life .Based on the life cycle theory in this paper, we analyze events such as housing , education, pension and other decisions in life, and explain the impact of different stages of the decision-making constraints arising from investment in economic activity for the family , for the family education investment strategy as assumptions and premises. Depending on different interest demands and risk preferences of the family life cycle , the paper introduces mean-variance optimization model and power utility function into the investment and consumption utility function model of the family education investment strategies throughout the life cycle. In empirical terms , this paper analyzes the target population in Beijing for the study . The result shows that families choose the type of higher education largely affecting families’ optimal investment and consumption path and facing greater consumer spending which causes the tendency to choose higher -risk financial assets to invest in order to a final investment results. Therefore, the situation will affect the overall effectiveness of the family . Retirement annuity provides financial security for families in the pension , providing higher household utility . Keywords ：Family life cycle, Education fund, Power utility function, Investment strategy 目录 HYPERLINK \l _bookmark0 第 1