本文選題：家庭金融資產 + 經濟預期�。� 參考：《湘潭大學》2017年碩士論文

【摘要】：隨著社會的發(fā)展時代不停的進步,中國居民的收入不斷地提高,相對應的中國居民家庭金融資產也在不斷的提高,這是中國社會進步經濟發(fā)展所帶來的紅利。中國家庭在滿足日常生活的情況下可支配資金越來越多,投資需求旺盛,金融資產成為了十分不錯的一個選擇,家庭的資金向金融資產市場不斷的涌入。經濟的快速發(fā)展,實體經濟向著資金聚集化的方向不斷發(fā)展,實體經濟的資金缺口也越來越大,而家庭資金向金融資產市場的涌入,很好的解決的實體經濟資金匱乏的局面,更好的帶動了經濟的發(fā)展。研究共選取影響家庭金融資產選擇的因素為變量進行實證研究,分別為文化程度、年齡、性別、家庭規(guī)模與家庭收入、農村或城市、婚姻情況、喜好風險、未來預期、地域。在以往的研究中看,人都是有理性的,投資者會根據自己的理性判斷以及推測,根據生命周期假說,投資者以自己一輩子的總收入為依據做出投資的方向。未來宏觀經濟的變化跟萬千家庭未來的收入水平是緊密相連的。在投資研究中排除未來宏觀經濟形勢的變化來研究投資者投資行為必然是不準確的。因此本文把對未來經濟的預期考慮了進來。研究發(fā)現:(1)我國家庭資產選擇總體呈現出偏好穩(wěn)健型資產的特征,風險資產參與率和參與深度較低。(2)結構視角下,收入水平高的家庭更偏好風險資產,風險資產參與程度高,收入水平低的家庭則更傾向于無風險資產;年齡對家庭金融資產參與呈先上升后下降的倒“U”型狀;教育程度越高的家庭風險資產參與廣度和深度均更高,對風險資產的偏好程度更高;城鎮(zhèn)家庭金融資產組合比農村家庭更具有多樣性;東中西部家庭金融資產持有東部最高、中部其次、西部最低。(3)實證分析結果顯示家庭收入、教育程度能夠有效的促進家庭參與金融市場,提高風險資產的參與廣度和參與深度。(4)家庭金融資產選擇行為存在明顯的年齡效應擠出效應,隨著年齡的增長風險投資呈先上升后下降的倒“U”型狀,年齡效應明顯;(5)預期會阻礙家庭金融資產選擇行為。與對未來經濟一直保持穩(wěn)定預期的家庭對比分析,對經濟有積極態(tài)度和消極態(tài)度的家庭能夠參股的幾率在不斷下降,而股票資產的比重也在不斷的下降,可見對經濟的穩(wěn)定對股市參與率有積極的影響�；谘芯拷Y論,為了積極引導家庭參與金融市場,促進金融市場的發(fā)展,提出了相關建議。
[Abstract]:With the development of the society, the income of Chinese residents is increasing, and the financial assets of Chinese households are also increasing, which is the dividend brought by the economic development of China's social progress. Chinese families have more and more disposable funds under the circumstances of satisfying their daily life, and the investment demand is exuberant. The financial assets have become a very good choice, and the family funds are constantly pouring into the financial assets market. With the rapid development of the economy, the real economy continues to develop towards the direction of capital agglomeration, and the fund gap of the real economy is growing. However, the influx of household funds into the financial assets market can solve the problem of lack of real economic funds. Better drive the development of the economy. The factors that affect the choice of family financial assets are selected as the variables for empirical research, which are education level, age, sex, family size and family income, rural or urban, marriage, love risk, future expectation, region. In previous studies, people are rational, investors will judge and speculate according to their own rational, according to the life cycle hypothesis, investors based on their total income to make investment direction. Future macroeconomic changes are closely linked to the future income levels of thousands of households. It is not accurate to study investor's investment behavior by excluding the change of future macroeconomic situation in investment research. So this paper takes into account the expectation of the future economy. It is found that the household asset selection in China is characterized by a preference for stable assets, and the participation rate of venture assets and the depth of participation are lower. Under the structural perspective, households with higher income levels prefer venture assets and participate in risk assets with a high degree of participation. Households with lower income levels were more likely to have risk-free assets; age participation in household financial assets increased first and then declined; households with higher levels of education were more involved in risky assets in both breadth and depth. The financial assets portfolio of urban households is more diverse than that of rural households; the eastern, western and central regions hold the highest financial assets in the east, followed by the lowest in the west.) the empirical results show that the household income is the highest in the east, second in the central part, and the lowest in the west. Education level can effectively promote the participation of households in financial markets, and improve the participation of risky assets in breadth and depth of participation. 4) there is a significant age effect crowding out effect on the choice of household financial assets. With the increase of the age, the risk investment shows the "U" shape of rising first and then decreasing, and the age effect is obviously 5%) it is expected that the choice of financial assets will be hindered by the age effect. Compared with households that have maintained stable expectations for the future economy, the probability that households with positive and negative attitudes towards the economy can participate in the stock market is declining, and the proportion of stock assets is also declining. This shows that the stability of the economy has a positive impact on the stock market participation rate. Based on the conclusions of the study, some suggestions are put forward in order to actively guide families to participate in financial markets and promote the development of financial markets.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832

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