本文選題：家庭理財(cái) + 資產(chǎn)配置��； 參考：《哈爾濱工業(yè)大學(xué)》2014年碩士論文

【摘要】：自上世紀(jì)七十年代末的改革開放以來，我國(guó)社會(huì)及經(jīng)濟(jì)快速發(fā)展，各項(xiàng)經(jīng)濟(jì)指標(biāo)不斷在刷新著歷史記錄。經(jīng)濟(jì)發(fā)展的同時(shí)，我國(guó)居民財(cái)富也在不斷的積累，財(cái)富的積累使得居民理財(cái)?shù)囊庾R(shí)在不斷的增強(qiáng)。眾所周知，資產(chǎn)如果放在手中不動(dòng)，隨著社會(huì)的發(fā)展，通貨膨脹會(huì)使其不斷貶值。而如何保存財(cái)富，確保財(cái)富價(jià)值的保持與增長(zhǎng)，就是理財(cái)意識(shí)的來源。為了適應(yīng)中國(guó)經(jīng)濟(jì)的快速發(fā)展，中國(guó)的金融市場(chǎng)同樣也在不斷的發(fā)展變化。股票、債券、銀行理財(cái)產(chǎn)品等從無到有，人們不再滿足于銀行存款的利息收入，越來越多的富有家庭開始關(guān)注基金、股票、債券等金融產(chǎn)品，為了實(shí)現(xiàn)資產(chǎn)的增值保值，居民家庭理財(cái)也開始注重金融資產(chǎn)投資的多樣化。但是多數(shù)家庭是缺乏專業(yè)的理財(cái)知識(shí)的，過于保守全部投資于銀行存款，或者過于激進(jìn)大部分的投于股市都是金融資產(chǎn)配置結(jié)構(gòu)不合理的表現(xiàn)。因此，有必要針對(duì)居民家庭理財(cái)做出研究。 關(guān)于家庭財(cái)富管理的研究，有很多文獻(xiàn)從不同的方向做出研究，消費(fèi)需求理論、生命周期理論、投資組合優(yōu)化理論等都是前人努力的結(jié)果。通過對(duì)這些理論學(xué)習(xí)之后發(fā)現(xiàn)，家庭理財(cái)其實(shí)主要致力于解決兩大問題，一是資產(chǎn)的保值增值，二是如何規(guī)劃資產(chǎn)使其滿足于家庭生活各個(gè)階段的不同需要，這兩個(gè)問題最終都將通過資產(chǎn)的不同配置方案來解決。 本文首先分析目前居民家庭理財(cái)投資現(xiàn)狀，收集數(shù)據(jù)，計(jì)算金融資產(chǎn)總量、增量和金融相關(guān)率三大指標(biāo)。金融資產(chǎn)整體數(shù)量的增長(zhǎng)說明我國(guó)居民家庭投資于金融市場(chǎng)的財(cái)富規(guī)模在不斷擴(kuò)大。增量結(jié)構(gòu)的變化說明居民家庭金融資產(chǎn)配置趨于多樣化，但是資產(chǎn)配置結(jié)構(gòu)上仍然存在一些問題。金融相關(guān)率的不斷增長(zhǎng)說明居民家庭涉入金融市場(chǎng)越來越深，越來越多的參與金融市場(chǎng)投資。雖然我國(guó)金融市場(chǎng)在不斷的完善，，投資者投資渠道過窄的問題一直存在，地下金融市場(chǎng)仍然廣泛存在就是一個(gè)很好的證明。 分析居民家庭理財(cái)現(xiàn)狀之后，本文運(yùn)用證券投資組合當(dāng)中多目標(biāo)投資組合理論來解決居民家庭資產(chǎn)結(jié)構(gòu)配置的問題。多目標(biāo)投資組合理論是指含有兩個(gè)及兩個(gè)以上目標(biāo)的投資組合理論。本文在均值方差模型的基礎(chǔ)之上加入一個(gè)市場(chǎng)樂觀程度系數(shù)構(gòu)建新的投資組合模型，投資者可以根據(jù)自己對(duì)市場(chǎng)的判斷來做出資產(chǎn)配置的投資決策，并且本文最后計(jì)算了三種類型投資者分別在對(duì)市場(chǎng)預(yù)期的三種不同判斷下的九種情況下的投資策略。本文還提出了一些促使居民家庭投資者能夠并且愿意優(yōu)化其金融資產(chǎn)結(jié)構(gòu)的相關(guān)建議。
[Abstract]:Since the reform and opening up in the late 1970s, China's society and economy have developed rapidly, and various economic indicators are constantly breaking the historical record. At the same time of economic development, the wealth of residents in our country is also constantly accumulating, and the accumulation of wealth makes the awareness of financial management of residents constantly strengthened. As we all know, if assets remain in their hands, inflation will devalue them with the development of society. And how to preserve wealth, ensure the value of wealth to maintain and increase, is the source of financial awareness. In order to adapt to the rapid development of China's economy, China's financial markets are also constantly changing. Stocks, bonds, bank financial products and so on, people are no longer satisfied with the interest income from bank deposits. More and more rich families begin to pay attention to financial products such as funds, stocks, bonds, and so on, in order to maintain the value of their assets. Household financial management also began to pay attention to the diversification of financial assets investment. But most households lack a professional knowledge of managing money, are too conservative to invest entirely in bank deposits, or are too radical to invest most of their money in the stock market as a sign that the financial asset allocation structure is irrational. Therefore, it is necessary to make research on household finance. On the research of household wealth management, there are a lot of literature from different directions to do research, consumer demand theory, life cycle theory, portfolio optimization theory are the results of previous efforts. After studying these theories, it is found that family finance is mainly devoted to solving two major problems, one is how to maintain and increase the value of assets, the other is how to plan assets to satisfy the different needs of each stage of family life. These two problems will eventually be resolved through different asset allocation schemes. This paper first analyzes the current situation of household financial investment, collects data, calculates the total amount of financial assets, increment and financial correlation rate. The increase of the total number of financial assets indicates that the wealth scale of household investment in financial market is expanding. The change of incremental structure indicates that household financial asset allocation tends to be diversified, but there are still some problems in asset allocation structure. The increasing rate of financial correlation indicates that households are more and more involved in financial market investment. Although the financial market in our country is constantly improving and the problem of too narrow investment channels for investors has always existed, it is a good proof that the underground financial market still exists widely. After analyzing the present situation of household financial management, this paper applies the multi-objective portfolio theory to solve the problem of household asset structure allocation. Multi-objective portfolio theory refers to the portfolio theory with two or more objectives. In this paper, a new portfolio model is constructed based on the mean variance model, which is based on the market optimism coefficient. The investors can make the investment decision of asset allocation according to their own judgment of the market. Finally, the paper calculates the investment strategies of three types of investors under nine different judgments of market expectations. This paper also puts forward some suggestions to encourage household investors to optimize their financial asset structure.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：TS976.15;F832.2

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