婚姻对家庭风险资产参与的影响-金融学专业论文.docxVIP

Ⅰ Ⅰ 摘 要 本文主要研究婚姻对居民家庭风险资产选择行为的影响，包括风险资产的参 与选择和配置选择，以及风险资产中占比最重的股票资产的参与选择和配置选 择，并结合性别、家庭年总收入和家庭净财富（家庭总资产减去家庭总负债之后 的净资产）等因素探究它们的联合影响，数据来自 2009 和 2012 年的中国居民家 庭投资状况问卷调查。 本文使用 probit 模型和 tobit 模型进行实证分析，研究结果表明：已婚女性决 策者比单身女性决策者更倾向于投资风险资产和股票，更倾向于增加风险资产和 股票在总资产中的配置比重，已婚和单身的男性决策者之间则没有这种差别；男 性与女性决策者相比，后者更倾向于投资风险资产；中等收入水平或中等财富水 平家庭的决策者在决定是否投资风险资产以及在风险资产上配置多大比重时可 能更易受到婚姻状况的影响。 关键词：风险资产，股票，参与，配置，婚姻 Ⅱ Ⅱ Abstract The objective of this paper is to investigate the effect of marital status on household choice about risky assets, including the participation choice and allocation choice of risky assets, as well as stock, the most important composition of risky assets, and the joint effect of marital status and gender, household annual income and household net wealth (household total assets minus household total liabilities, i.e. household net assets), with Chinese household’s investment status survey data in the year 2009 and 2012 respectively. Using probit model and tobit model, the empirical study results show that in China, married women have a higher propensity to invest risky assets and stock and to increase the shares of risky assets and stock out of total assets than single women, while there is no such significant difference between married men and single men. The study also suggests that compared to men, women have a higher propensity to invest risky assets. In addition, decision-makers in the middle income or middle wealth family are more likely to be influenced by marital status when deciding the participation and allocation in risky assets. Keywords： Risky assets, Stock, Participation, Allocation, Marital status Ⅲ Ⅲ 目录 HYPERLINK \l _bookmark0 第 1 章 引言 1 HYPERLINK \l _bookmark1 1.1 选题背景和研究意义 1 HYPERLINK \l _bookmark2 1.2 国内外文献综述 2 HYPERLINK \l _bookmark3 1.3 论文结构安排 4 HYPERLINK \l _bookmark4 第 2 章 数据和描述性统计 4 HYPERLINK \l _bookmark5 2.1 数据来源和变量说明 4 HYPERLINK \l _bookmark6 2.2 描述性统计分析 6 HYPERLINK \l _bookmark7 第 3 章 实证结果及分析 9 HYPERLINK \l _bookmark8 3.1 实证模型 9 H