摘要
本文利用中国家庭金融调查(CHFS)数据考察家庭生命周期对资产配置的影响及其城乡差异,并基于年龄-时期-组群(APC)分解法,识别了生命周期中的年龄效应和群体效应。研究发现:在年龄效应方面,青年家庭持有较大比重的现金及银行活期存款,中年家庭持有较大比重的房产、金融产品,老年家庭持有的现金及银行活期存款、房产比例较大;在群体效应方面,出生年代较早的家庭持有较大比重的住房、现金及银行活期存款,出生年代较晚的家庭持有较大比重的金融产品。进一步研究发现,相比于农村家庭,城镇中年家庭、“80后”和“90后”家庭的风险性金融资产占比和金融产品占比更大,城镇老年家庭的房产占比更大。
Based on the data from the China Household Finance Survey(CHFS),this paper investigates the impact of the life cycle on household asset allocation and distinguishes the heterogeneity of urban and rural household asset allocation.The age effect and the group effect in the life cycle are differentiated,using the age-period-cohort(APC)decomposition method.In terms of the age effect,the young families hold a larger proportion of cash and bank demand deposits,the middle-aged families hold a larger proportion of housing and financial products,and the elderly families hold a larger proportion of cash,bank demand deposits and housing.In terms of the group effect,the older generation households hold a larger proportion of housing,cash and bank demand deposits,while the younger generation households hold a larger proportion of financial products.Further research shows that compared with rural families,urban middle-aged families,the“post-80s”and“post-90s”families have a relatively higher proportion of risky financial assets and financial products,and the urban elderly families have a relatively higher proportion of housing.
作者
薛晓玲
臧旭恒
贺洋
XUE Xiaoling;ZANG Xuheng;HE Yang(Shandong Normal University,Jinan 250358;Shandong University,Jinan 250100;State Administration of Foreign Exchange,Beijing 100048)
出处
《经济与管理研究》
CSSCI
北大核心
2021年第4期18-32,共15页
Research on Economics and Management
基金
国家社会科学基金重大项目“供给侧结构性改革、异质性消费者行为与经济增长内生动力研究”(17ZDA038)
国家自然科学基金面上项目“异质性消费者的界定、行为度量及供需结构有效匹配研究”(71773063)
国家社会科学基金青年项目“我国家庭异质性消费行为研究”(18CJL045)
山东省社会科学规划研究专项“人口老龄化、生育政策调整及其对山东省新旧动能转换的影响”(19CDNJ33)。
