本文選題：家庭金融資產(chǎn)配置 + 影響因素�。� 參考：《中南大學(xué)》2012年碩士論文

【摘要】：家庭金融資產(chǎn)配置在家庭內(nèi)部因素和經(jīng)濟(jì)環(huán)境共同作用下有著不同表現(xiàn)。家庭較之公司更容易產(chǎn)生行為偏差,因而對家庭金融配置影響因素展開研究非常必要,同時,將系統(tǒng)風(fēng)險的經(jīng)濟(jì)周期階段指標(biāo)納入本文研究框架,具有十分重要的理論現(xiàn)實意義。 本文在理論梳理、文獻(xiàn)分析及國內(nèi)外對比分析的基礎(chǔ)上,分析了家庭金融資產(chǎn)配置的影響因素,提出了研究假設(shè)。在此基礎(chǔ)上,通過調(diào)查問卷設(shè)計,對我國家庭金融資產(chǎn)配置的影響因素展開調(diào)查�；谡{(diào)查的截面數(shù)據(jù),利用回歸分析及結(jié)構(gòu)方程模型,分析了影響因素與資產(chǎn)配置的關(guān)系,隨后采用家庭金融資產(chǎn)組合時間序列數(shù)據(jù)與經(jīng)濟(jì)周期,開展相關(guān)性分析。結(jié)論表明：我國家庭金融資產(chǎn)配置中,個人特征、社保程度、收入、支出和投資因素會對家庭選擇不同的投資品產(chǎn)生影響；風(fēng)險偏好程度與投資正相關(guān)；社保程度與資產(chǎn)配置成U型關(guān)系；投資者選擇不同的金融投資產(chǎn)品具有一定的關(guān)聯(lián)度。根據(jù)回歸的結(jié)論,活期儲蓄主要由收入因素決定,股票投資主要由收入因素、活期、轉(zhuǎn)移性支出、定期和支出因素決定,債券投資和投資因素、定期范圍、銀行理財及黃金投資四個因素相關(guān)等。結(jié)構(gòu)方程模型的結(jié)論從多因素角度證明了收入對支出和投資的正向影響作用,在1990-2011年間,我國家庭金融資產(chǎn)配置情況較能真實反映經(jīng)濟(jì)周期的波動性。從長周期角度而言,中國經(jīng)濟(jì)目前處于衰退階段,根據(jù)投資時鐘模型,此時到2014年底,投資債券是最佳選擇；自2014年之后,中國經(jīng)濟(jì)將步入復(fù)蘇階段,此時投資股票是最佳選擇。 以上研究結(jié)論有助于發(fā)現(xiàn)影響家庭金融資產(chǎn)配置的因素,同時指導(dǎo)家庭根據(jù)經(jīng)濟(jì)周期進(jìn)行大類資產(chǎn)配置。從家庭金融資產(chǎn)配置行為出發(fā),探尋我國家庭消費(fèi)、儲蓄、投資決策的科學(xué)路徑,并為宏觀政策制定、金融市場發(fā)展和金融機(jī)構(gòu)產(chǎn)品設(shè)計提供參考和建議。
[Abstract]:Family financial assets allocation has different performance under the joint action of household internal factors and economic environment. Households are more likely to produce behavioral deviations than companies, so it is necessary to study the influencing factors of household financial allocation. At the same time, the economic cycle indicators of systemic risk are included in the framework of this paper. It has very important theoretical and practical significance. On the basis of theoretical analysis, literature analysis and comparative analysis at home and abroad, this paper analyzes the influencing factors of household financial asset allocation and puts forward research hypotheses. On this basis, through the questionnaire design, the influence factors of household financial assets allocation in China are investigated. Based on the cross-section data of investigation, the relationship between influencing factors and asset allocation is analyzed by means of regression analysis and structural equation model, and then the correlation analysis is carried out by using the time series data of household financial assets combination and the economic cycle. The conclusions are as follows: in the allocation of household financial assets, personal characteristics, social security degree, income, expenditure and investment factors will influence families to choose different investment products, and risk preference degree is positively related to investment. The degree of social security and the allocation of assets are U-shaped, and investors' choice of different financial investment products has certain correlation degree. According to the conclusion of the regression, current savings are mainly determined by income factors, stock investments are mainly determined by income factors, current accounts, transfer expenditures, periodic and expenditure factors, bond investments and investment factors, and periodic ranges. Banking and gold investment related to four factors. The conclusion of the structural equation model proves the positive effect of income on expenditure and investment from the angle of multiple factors. From 1990 to 2011, the allocation of household financial assets in China can truly reflect the volatility of economic cycle. From a long-term perspective, China's economy is in recession, and investment bonds are the best option by the end of 2014, according to the investment clock model; after 2014, the Chinese economy will enter a recovery phase. At this point, investing in stocks is the best option. The above conclusions are helpful to find out the factors that affect household financial asset allocation and guide households to allocate large types of assets according to the economic cycle. Based on the behavior of household financial asset allocation, this paper explores the scientific path of household consumption, savings and investment decision in China, and provides references and suggestions for macro policy formulation, financial market development and product design of financial institutions.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.5

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