本文選題：金融知識 + 投資經(jīng)驗��； 參考：《西南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：傳統(tǒng)的金融研究主要集中在資產(chǎn)定價和公司金融兩個方面,前者主要研究資本市場中的產(chǎn)品定價問題,后者主要研究如何運用金融工具提高企業(yè)的盈利水平,進(jìn)而增加所有者的權(quán)益。隨著金融市場的迅速發(fā)展,以及家庭可支配收入的不斷提高,家庭參與金融市場以實現(xiàn)家庭財富增值保值的愿望越來越強烈。對家庭金融產(chǎn)品需求的分析,能夠幫助國家制定相應(yīng)的政策,合理引導(dǎo)家庭資金流向,以推動金融市場和實體經(jīng)濟的增長；同時,對家庭金融產(chǎn)品需求的分析,為金融機構(gòu)的產(chǎn)品創(chuàng)新提供了依據(jù),為投資者選擇合適的金融產(chǎn)品提供了參考�；谝陨显�,國外學(xué)者從上世紀(jì)60年代便開始從理論上探討家庭金融資產(chǎn)配置的有關(guān)問題,并形成了金融學(xué)的一個新的研究領(lǐng)域—家庭金融。 立足國內(nèi),隨著經(jīng)濟的發(fā)展,我國城鎮(zhèn)居民人均可支配收入從1978年的343.4元,增加到了2011年的21810元；農(nóng)村居民人均可支配收入也從1978年的133.5元,增加到了2011年的7917元。收入的提高,使得家庭的資產(chǎn)配置不再局限于消費和儲蓄之間,而是要求更多地參與金融市場。這是本文的研究動力,但起點卻是對家庭金融資產(chǎn)配置的影響因素的分析。 國內(nèi)外學(xué)者在家庭金融資產(chǎn)配置的實證研究中,考察了諸多影響因素,包括個體特征(年齡、收入、財富、性別、學(xué)歷等),宏觀金融經(jīng)濟環(huán)境以及其他一些社會因素,如社會風(fēng)俗、保障體系、稅收、交易成本等。成果很豐富,與現(xiàn)實情況也相對吻合。為了更好地分析家庭金融資產(chǎn)決策問題,本文引入了兩個新的變量：金融知識、投資經(jīng)驗。 為了更好地分析問題,本文按照總結(jié)—分析—拓展的思路,以分析家庭資產(chǎn)決策的影響因素為起點,以金融知識、投資經(jīng)驗為關(guān)注變量,將問題層層展開,最后提出自己的觀點。 首先,本文借鑒國外文獻(xiàn),詳細(xì)介紹了家庭金融的理論發(fā)展脈落。按照家庭資產(chǎn)配置的影響因素將國內(nèi)外文獻(xiàn)進(jìn)行分類介紹,詳細(xì)闡述了幾個成熟的實證結(jié)論：“有限參與”之謎,生命周期理論,以及其他的一些影響因素的實證分析,如財富、學(xué)歷、社會互動等。在學(xué)習(xí)前人的研究成果基礎(chǔ)上,本文分析了現(xiàn)有文獻(xiàn)的不足,并引出了本文的兩個關(guān)注變量：金融知識、投資經(jīng)驗。 接著,本文對文獻(xiàn)綜述中提到的諸多影響因素進(jìn)行歸納總結(jié),對已有實證結(jié)果進(jìn)行分析。影響因素很多,但本文著其重點及研究相對成熟的因素進(jìn)行了歸納分析,著重介紹了以下因素：年齡、財富、教育程度、收入水平、風(fēng)險偏好、社會互動、社會信任、房產(chǎn)、經(jīng)濟發(fā)展水平、通貨膨脹等。在對已有實證結(jié)論進(jìn)行歸納總結(jié)的基礎(chǔ)上,根據(jù)前人的研究及個人的理解,分析了各個因素對家庭金融資產(chǎn)配置產(chǎn)生影響的原因,嘗試給出符合經(jīng)濟學(xué)基本原理和常識的解釋。 在上述分析的基礎(chǔ)上,本文用一個章節(jié)詳細(xì)介紹了我國家庭金融資產(chǎn)配置現(xiàn)狀。首先,利用《中國統(tǒng)計年鑒》、《中國金融年鑒》提供的數(shù)據(jù),并通過合理地估算,給出了我國家庭金融資產(chǎn)的總量特征以及結(jié)構(gòu)特征。我國家庭金融資產(chǎn)的總量特征主要有以下幾點：(1)我國家庭金融資產(chǎn)總量不斷上升。我國居民金融資產(chǎn)總量由1978年的380億,上升到了2008年的330100億元,三十年間,上漲了近千倍。(2)家庭金融資產(chǎn)總量上升較快,但絕對數(shù)量有待進(jìn)一步提高。2004年,美國養(yǎng)老基金總資產(chǎn)規(guī)模達(dá)到了12萬億美元,僅這一項就超過了我國家庭所持有的金融資產(chǎn)的總額。(3)家庭持有的資產(chǎn)中,風(fēng)險資產(chǎn)比重不斷增加。接著,利用中國家庭金融調(diào)查(CHFS)的調(diào)查數(shù)據(jù),對家庭的人口特征、金融市場參與、金融資產(chǎn)配置等進(jìn)行了統(tǒng)計性描述。由于數(shù)據(jù)可得性問題,本文在介紹人口特征時,重點介紹了年齡、性別、學(xué)歷以及婚姻狀況。根據(jù)調(diào)查數(shù)據(jù),我國家庭人口具有如下統(tǒng)計特征：(1)我國人口老齡化問題嚴(yán)重,60歲以上的人口比例達(dá)到了16.34%,加劇了家庭的健康、收入等背景風(fēng)險發(fā)生的可能性,抑制了我國家庭金融市場的參與程度。(2)性別失衡問題嚴(yán)重,15周歲以下的人口中,男女比例為123.3：100,農(nóng)村性別失衡問題比城市家庭嚴(yán)重,性別失衡已經(jīng)成為了制約我國經(jīng)濟發(fā)展,影響社會穩(wěn)定的一個潛在的威脅。(3)高學(xué)歷人口比重較小,人員素質(zhì)有待進(jìn)一步提高。 實證分析是本文的核心,本文利用CHFS的調(diào)查數(shù)據(jù),運用Probit模型和Tobit模型進(jìn)行估計。在具體分析中,本文思路如下：首先,利用Probit模型,分析金融知識及其他變量對金融市場參與及股市參與的影響i接著,用Tobit模型分析各因素對風(fēng)險資產(chǎn)占比和股票資產(chǎn)占比的影響,發(fā)現(xiàn)金融知識能顯著提高家庭的風(fēng)險資產(chǎn)占比,但對股票資產(chǎn)占比沒有顯著影響。為了找出原因,本文引入了另一關(guān)注變量：投資經(jīng)驗。二者既有區(qū)別,又相聯(lián)系。實證結(jié)果顯示,投資經(jīng)驗對風(fēng)險資產(chǎn)占比及股票資產(chǎn)占比都有顯著的正向影響。為了分析這種現(xiàn)象的成因,假設(shè)金融知識、投資經(jīng)驗對股票資產(chǎn)占比的影響差異是由于二者對股票收益的影響不同造成的。在用Tobit模型進(jìn)行分析后,證實了原假設(shè)。由于城鄉(xiāng)經(jīng)濟發(fā)展水平和金融環(huán)境的發(fā)展程度不同,本文在對總體樣本分析時,還單獨分析了城市家庭金融資產(chǎn)配置的問題。在實證最后部分,本文剔除掉家庭金融資產(chǎn)總額前10%和后10%的家庭,對上述實證進(jìn)行了重新分析,以檢驗本文的穩(wěn)健性。 在實證分析中,本文主要得出了以下結(jié)論：一,金融知識提高了家庭參與金融市場的可能性；二,金融知識、投資經(jīng)驗提高了家庭的風(fēng)險資產(chǎn)占比；三,金融知識對家庭的股票資產(chǎn)占比沒有顯著影響,而投資經(jīng)驗?zāi)茱@著提高家庭的股票資產(chǎn)占比;四,金融知識不能顯著提高家庭股票收益的可能性,而投資經(jīng)驗做到了這一點。除此之外,本文在實證中還得到了如下的結(jié)論：與傳統(tǒng)的研究結(jié)果類似,收入、凈資產(chǎn)、學(xué)歷、年齡、風(fēng)險偏好等都對家庭資產(chǎn)配置有顯著影響;在分析股票資產(chǎn)占比時,發(fā)現(xiàn)很多因素都對其有影響,但只有投資經(jīng)驗、風(fēng)險偏好及居住在農(nóng)村這幾個變量能顯著提高股票收益的可能性,這在一定程度上表明大部分參與股票市場的家庭都做出了不明智的資產(chǎn)決策。 最后,根據(jù)本文的結(jié)論,給出了一些政策建議。
[Abstract]:Traditional financial research focuses on asset pricing and corporate finance . The former focuses on the pricing of products in capital markets . The latter mainly focuses on how to use financial instruments to improve the profitability of enterprises , thus increasing owners ' rights and interests . With the rapid development of financial markets and increasing family disposable income , family participation in financial markets is becoming more and more intense . The analysis of domestic financial products demand can help countries formulate corresponding policies and rationally guide the flow of domestic funds to promote the growth of financial markets and real economy ;
At the same time , the analysis of the demand of domestic financial products provides the basis for the product innovation of financial institutions , and provides reference for investors to choose suitable financial products . Based on the above reasons , foreign scholars began to study the related problems of family financial assets allocation from the theory in the 1960s , and formed a new research field of finance - family finance .

With the development of economy , the per capita disposable income of urban residents in China increased from 343.4 yuan in 1978 to 2,1810 yuan in 2011 .
The per capita disposable income of rural residents has increased from 133.5 yuan in 1978 to 7917 yuan in 2011 . The increase of income makes the asset allocation of the family no longer limited to consumption and saving , but requires more participation in financial markets . This is the research power of this paper , but the starting point is the analysis of the influencing factors of the family financial asset allocation .

In the empirical study of domestic financial asset allocation , scholars and scholars have investigated many factors , including individual characteristics ( age , income , wealth , gender , education , etc . ) , macro - financial and economic environment and other social factors such as social customs , security system , taxation , transaction cost , etc . The results are rich and are in good agreement with reality . In order to analyze the problem of family financial assets decision - making , two new variables are introduced : financial knowledge and investment experience .

In order to analyze the problem better , this paper tries to analyze the influencing factors of the decision - making of the family assets based on the summary - analysis - expansion thinking to analyze the influence factors of the decision - making of the family assets as the starting point , the financial knowledge , the investment experience as the focus variable , the problem layer - by - layer development , and finally put forward its own point of view .

Firstly , this paper introduces the theory development pulse of family finance in detail . According to the influence factors of family asset allocation , this paper introduces several mature empirical conclusions : " limited participation " , life cycle theory , and some other influential factors , such as wealth , education and social interaction .

Secondly , this paper summarizes the many influencing factors mentioned in the literature review , and analyzes the existing empirical results . The main factors include age , wealth , education level , income level , risk appetite , social interaction , social trust , real estate , economic development level , inflation , etc .

On the basis of the above analysis , the present situation of domestic financial assets in our country is introduced in detail in this paper . First , by using the statistics of Chinese Statistical Yearbook , the paper gives a statistical description of the total amount of financial assets in our country . ( 3 ) The proportion of people with high educational background is small , and the quality of personnel is to be further improved .

In order to find out the reasons , this paper analyzes the influence of financial knowledge and other variables on financial market participation and stock market participation .

In the empirical analysis , this paper mainly draws the following conclusion : Firstly , financial knowledge increases the possibility of family participation in financial markets ;
Secondly , financial knowledge and investment experience have improved the ratio of the family ' s risk assets ;
Third , the financial knowledge has no significant influence on the stock assets ratio of the family , and the investment experience can obviously improve the ratio of the stock assets of the family , and the investment experience has achieved this . In addition , the thesis also obtains the conclusion that the income , net assets , educational background , age , risk preference and the like have significant influence on the family asset allocation .

Finally , according to the conclusion of this paper , some policy suggestions are given .

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5

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