兰州大学机构库 >经济学院
城镇居民家庭金融资产配置的区域异质性研究
Alternative TitleRegional Heterogeneity in Urban Household Financial Assets
刘苑秋
Thesis Advisor岳立
2017-04-12
Degree Grantor兰州大学
Place of Conferral兰州
Degree Name硕士
Keyword居民家庭金融资产 资产配置 区域异质性 影响因素 消费
Abstract

居民家庭是社会经济基本单位,家庭参与经济活动,既是劳动力资源、资本等的供给者,也是商品、服务、投资品等的需求者。居民家庭通过资产配置行为参与金融活动,目的在于实现家庭资产的保值、增值,同时也会对我国经济发展和金融发展产生重大影响。

经济发展使居民家庭收入快速增加,资本市场完善为家庭收入提供了更多可供选择的资产存在形式,也增强了家庭投资观念。外在环境变换和内在意识变化共同导致家庭资产种类、规模、结构改变。尽管家庭资产的结构趋于多元化,但是仍以房产为主,金融资产的比例低,储蓄占据主导地位,东西部地区差异大,呈现出风险化程度和中介化程度“双低”的特征。

本文首先通过估计我国居民家庭金融资产持有量的宏观数据,刻画25年来城镇居民家庭金融资产的动态变化趋势,结果表明我国城镇居民家庭金融资产配置存在以储蓄存款为主、稳健性金融资产占比过大、 分散化程度低等特点。其次,本文使用中国家庭金融调查数据库(CHFS),从收入、风险偏好、性别、教育、年龄等不同角度,详细分析我国东部地区家庭金融资产配置和中西部地区的异质性。在此基础上,通过构建Tobit模型,深入分析各类影响因素对东部地区和中西部地区居民家庭资产配置的影响效应有何不同。实证结果表明,年龄、性别、教育、收入、是否具有医保、是否有自有房屋、健康、风险态度以及对经济形势预测等均显著影响居民稳健型和风险型金融资产的持有比例,其中教育、收入、住房保障、风险态度对东部和中西部居民金融资产配置的影响差异性比较大。之后进一步构建居民家庭消费模型,探究目前东部和中西部金融资产配置差异对家庭消费效用的影响,结果表明,金融资产配置对中西部地区消费的效用比东部地区更大。最后围绕我国东部家庭和中西部家庭金融差距日益扩大的现状,为相关政府部门提出有意义的政策建议。

Other Abstract

Households are the basic unit of social economy. They are suppliers of labor resources and capital. At the same time, they are the requester of goods, services and investment products. Households achieve the preservation and appreciation of assets through portfolio choice. Which also has a profound impact on China's economic development and financial development.

With the development of economy and the perfection of capital market, Personal investment awareness gradually increased, which leading to some changes in the type, size and structure of family assets. Although the structure of family assets tends to be diversified, there are still some characteristics, such as real estate-based, low proportion of financial assets, most of the savings, large differences between the eastern and western regions, low degree of risk and degree of disintermediation.

First of all, we describe the dynamic changes of the total amount and structure of financial assets of China in 25 years through macroeconomic data. The results show that household financial asset allocation exists mainly in savings deposits, the proportion of steady financial assets is too large, the degree of decentralization is low. And then, we analyze the regional heterogeneities of the household financial asset from income, risk appetite, gender, education, age and other different angles by using China household financial investigation micro data. On this basis, through the construction of Tobit model, we analyze the impact of various factors on the impact of household assets in different areas. The empirical results show that the age, sex, years of education, income, health insurance, own housing, health status, risk attitude and economic forecast affect financial asset allocation significantly. Among them, the effect of education, income, housing security and risk attitude is quite different. We construct the family consumption model and explore the impact of the differences in the disposition of financial assets. The results show that the effect of financial asset allocation on consumption in the central-western regions is greater than that in the eastern region. Finally, we made our proposed policy recommendations for the financial gap between the eastern-central and western.

URL查看原文
Language中文
Document Type学位论文
Identifierhttp://ir.lzu.edu.cn/handle/262010/217748
Collection经济学院
Recommended Citation
GB/T 7714
刘苑秋. 城镇居民家庭金融资产配置的区域异质性研究[D]. 兰州. 兰州大学,2017.
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