摘要
本文利用2015年中国家庭金融调查(CHFS)数据考察人口年龄结构对家庭金融资产配置的影响。研究发现,股票占比、风险资产占比及风险资产多样化与年龄呈倒"U"型关系,其峰值年龄为55-64岁,而定期存款与年龄呈现单调增的线性关系;老年人口占比较高的家庭倾向于增加定期存款而减少股票投资,但其对股票投资的抑制作用在需要抚养少儿人口、收入水平高、宗族网络及社会互动较强的家庭内有所减弱。进一步的机制识别发现,风险态度是人口年龄结构影响家庭金融资产配置的重要途径。基于研究结论,金融机构应设计多层次产品,提高居民参与金融市场的意愿进而增加其财产性收入。
This paper uses the 2015 China Household Finance Survey(CHFS)data to examine the impact of demographic age structure on household financial asset allocation.The results show that the proportion of stocks,proportion of risk assets,and diversification of risk assets showed an inverted U-shaped relationship relationship with age.The peak age was 55-64 years,while bank deposits showed a linear relationship with age.Household with more aging populations tend to increase bank deposits and reduce stock investment.However,this restraint on stock investment is declining in families with children,high income levels,strong lineage networks and social interaction.Further mechanism identification found that risk attitude is an important way for the demographic age structure to affect household financial asset allocation.Based on the research conclusions,financial institutions should design multi-level products to increase residents’ willingness to participate in financial markets and thereby increase their property income.
作者
沈淘淘
史桂芬
SHEN Tao-tao;SHI Gui-fen(School of Economics and Management,Northeast Normal University,Changchun 130117,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2020年第5期59-73,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金重大项目专项课题(18VSJ045)。
关键词
人口年龄结构
生命周期
金融市场参与
金融资产配置
demographic age structure
financial market participation
life cycle
financial asset allocation
