摘要
股票市场有限参与问题是家庭资产选择的核心问题,这方面的研究对股权溢价理论和储蓄投资理论研究的深化具有重要学术价值,对我国科学制定相关金融政策也极具指导意义。传统资产选择理论认为所有的投资者都将一定比例的财富投资于所有的股票,而现实中许多家庭未参与股市投资、投资组合分散不足等现象对传统理论提出了挑战。本文从交易摩擦、人力资本、房产投资、企业资产、人口统计特征、心理特征等方面对股市有限参与的文献进行了系统梳理和分析,展示了这一领域的研究状况和最新进展,并对未来的研究方向进行了展望。
Limited participation of the stock market is one of the key problems of the household portfolio choice in finance. The study on the issue has important academic value for deepening the research of equity premium theory and the savings investment theory, and has guiding significance for government in formulating related financial policies. Traditional portfolio choice theory holds that all investors will invest all of the stocks by using a certain percentage of their wealth. But the phenomenon that many households do not participate in the stock market and the lack of portfolio dispersion challenge the traditional theory. This paper reviews the literature about the stock market limited participation from the trade friction, human capital, real estate investment, enterprise assets, demographic characteristics, psychological characteristics and so on. The paper reviews the newest research status and progress of this field, and puts forward to the further study in the field.
出处
《经济评论》
CSSCI
北大核心
2013年第6期144-150,共7页
Economic Review
基金
国家自然科学基金"流动性约束与中国家庭金融行为--基于CHFS数据的研究"(项目编号:71373213)
中央高校基本科研业务费专项基金"风险态度与中国股市有限参与--基于中国家庭金融调查数据的实证研究"(项目编号:JBK1207072)
"社会网络与中国家庭股票市场参与"(项目编号:JBK130932)的资助
关键词
有限参与
投资组合
风险
Limited Participation
Portfolio
Risk
