摘要
风险态度决定了家庭风险项目投资的意愿,从而影响居民财富提升的程度,是影响居民财富分化的重要因素。本文基于OLG模型提出假设,并利用中国家庭金融调查(CHFS)2011—2015年的数据分析了风险态度与家庭财富提升的关系。结果表明,两者的相关关系严重依赖于家庭的初始财富水平,对于初始财富较高的家庭来说,愿意承担更高的风险意味着后期财富的进一步提升,且这一效果主要通过风险投资的持有及参与创业来实现;而对于初始财富越低的家庭来说,风险偏好发挥作用的空间则越小。换用被解释变量形式、对照组或分样本数量等形式都证明了结果的稳健性。
Risk aversion determines the willingness of the investment in risky assets,which then exert influence on the degree of wealth increases.Therefore,it is regarded as an important factor influencing wealth differentiation.This paper proposes hypotheses based on the OLG model and uses the 2011-2015 data from the China Household Finance Survey(CHFS)to analyze the relationship between risk aversion and wealth accumulation.The results show that the relationship relies heavily on the initial wealth,for rich family,risk loving significantly increases their wealth through the mediation of holding risky assets and starting up business.However,for poor family or family with medium-level initial wealth,the results show weaker significance and robustness,which implies that there is less room for risk aversion to play a role.The form of the explained variable、the setting of control group or the number of subsamples could not change the results.
出处
《中央财经大学学报》
CSSCI
北大核心
2020年第5期65-79,共15页
Journal of Central University of Finance & Economics
关键词
风险态度
资产配置
财富水平
Risk aversion
Asset portfolio
Household wealth
