摘要
本文克服目前学术界关于考察金融风险资产配置与消费之间关系的研究缺陷,通过引入家庭信贷约束与家庭资产结构状况,修正Valentino Dardanoni(1991)以横截面数据为基础的消费者最优选择模型,利用中国家庭金融调查微观数据(CHFS),分别从理论和实证角度论证了金融风险资产对消费支出的两个层面影响:财富效应与风险效应。实证结果发现,两者存在替代关系,随着家庭金融资产的持有权重提高,资产财富的边际消费倾向增加,资产风险的预防性储蓄倾向也随之增加。从年龄角度看,随着户主年龄的增加,金融资产财富效应逐步提升,风险效应先减少后增加,呈现"U"形态。
This paper overcomes the limitation of existing literatures on the topic of the relationship between financial asset allocation and consumption. It updates the optimal consumer choice Model of Valentino Dardanoni （1991） based on cross-sectional data ＂China Household Finance Survey, CHFS＂ by adding household borrowing constraint and asset structure status to investigate how the risk asset affects the household non-durable consumption from both the theoretical and empirical perspectives. The OLS result shows that there are two effects of household risk asset structure on consumption： wealth effect and risk effect. They substitute for each other. With bigger share of risk asse4 the marginal propensity to consume of wealth is larger. In contrast, the larger proportion of risk asset to household asse4 the higher the precautionary saving under the uncertainty conditions. In addition, both wealth effect and risk effect significantly appear in the household with elder head. Nevertheless in the household with young head, the risk effect is more significant than wealth effect.
出处
《国际金融研究》
CSSCI
北大核心
2015年第1期83-92,共10页
Studies of International Finance
关键词
家庭金融资产
财富效应
风险效应
Household Financial Asset
Wealth Effect
Risk Effect
