【摘要】：近年來，隨著國家宏觀經(jīng)濟的飛速發(fā)展，家庭居民的生活水平日益進步，關于家庭居民的金融性問題開始受到社會的關注，特別是負債及資產(chǎn)選擇情況如何分配成了困擾人們的一個問題，因而分析我國居民家庭的負債以及資產(chǎn)選擇情況，以及負債對于資產(chǎn)選擇情況的影響關系就顯得極具理論意義和現(xiàn)實意義。然而，現(xiàn)階段的關于家庭金融的研究主要側重于家庭的金融性資產(chǎn)的選擇方面，一般是根據(jù)調查數(shù)據(jù)結合家庭的特征進行回歸分析，而關于家庭負債方面的研究卻相對較少。在過去的時間中，由于家庭負債相對較低，因而單純的研究家庭特征對家庭金融性資產(chǎn)的影響其結果相對沒有太多偏差，但隨著我國居民家庭的負債情況發(fā)生變化，負債對于家庭金融的重要性明顯提升，此時單純的研究家庭特征就顯得有失偏頗。同時，筆者認為家庭的負債會影響到家庭的資產(chǎn)選擇情況，其兩者之間存在著相互影響的關系。而目前國內對于家庭負債與其資產(chǎn)選擇的關系研究的文章還不多�；谝陨显颍疚牧⒆阌谖覈彝サ慕鹑谛蕴卣�，，分析家庭負債情況與資產(chǎn)配置情況，并重點研究家庭的住房抵押貸款對家庭的資產(chǎn)選擇情況的影響問題。 本論文的研究主要可以分為三大部分：第一部分是理論分析部分。理論分析部分主要包括導言、文獻綜述和模型的設計。本論文通過導言提出本文的研究背景、意義和主要研究思路。理論綜述回顧了前人對于住房抵押貸款的研究、對于信用卡消費問題以及信用卡與持有資產(chǎn)關系問題的研究、對于家庭金融資產(chǎn)選擇的研究等，分析負債對于資產(chǎn)選擇的影響，以及如何合理的配置負債與資產(chǎn)選擇的關系問題。通過對于前人的研究成果的總結和歸納，在此基礎上本文提出了研究的主要模型設計；第二部分是實證研究部分。在第一部分模型設計的基礎上，本文選用CHFS數(shù)據(jù)進行了實證分析。本部分首先從我國家庭的負債情況與資產(chǎn)配置情況入手，分析了居民家庭金融的特征、家庭的負債情況以及家庭的風險性資產(chǎn)與安全性資產(chǎn)的情況，之后介紹實證研究時所需要的數(shù)據(jù)以及研究方法，通過分析家庭的負債特別是家庭的住房抵押貸款對于家庭的資產(chǎn)選擇的影響，得出家庭持有負債會使得家庭更多的參與到風險性資產(chǎn)的選擇上，同時傾向于持有更少的債券類安全性資產(chǎn)，此結果與家庭特征中的描述結果相一致。再后考慮了研究結果的內生性問題，通過實證研究，排除了家庭的財富影響以及家庭對于投資知識的匱乏的影響的干擾。第三部分是結論部分。在這一部分，本論文對理論分析部分和實證研究部分所涉及到的研究結果進行了歸納和總結，并提出了相應的政策建議。 在已有研究的基礎上，論文可能有以下創(chuàng)新：第一，現(xiàn)有的研究成果主要集中在對于我國家庭金融資產(chǎn)的選擇實證方面或者負債的結構方面，而對于兩者的相互關系的考慮較少，缺乏對于消費信貸的考慮，而對于家庭的負債情況對家庭資產(chǎn)選擇的影響方面的研究更少，故而本文對此進行了補充。第二，在分析家庭金融的選擇結構方面，立足于負債利率高于債券類安全性固定收益資產(chǎn)的事實，分析了家庭的投資合理性問題，給家庭資產(chǎn)與負債的關系的合理性提供一定程度的參考。第三，在實證研究方面，將負債的提前償還問題與投資問題進行了對比研究，研究家庭的資產(chǎn)選擇問題，更加完備了家庭的資產(chǎn)選擇情況。
[Abstract]:In recent years, with the rapid development of the national macro-economy, the living standard of the household residents has been increasing, and the financial problems about the residents of the family have begun to be paid attention to by the society, especially how the debt and the choice of assets have been allocated to a problem that puzzles people, Therefore, it is of great theoretical and practical significance to analyze the liabilities of our families and the choice of assets, as well as the relationship between the liability and the choice of assets. However, the research on family finance at the present stage mainly focuses on the choice of family financial assets, and it is generally based on the analysis of the characteristics of the households according to the survey data, while the research on family liabilities is relatively small. In the past few years, since the household debt is relatively low, the simple study of family characteristics has relatively little influence on the household financial assets, but with the change of the debt situation of our families, the importance of debt to the family finance is obviously improved. At this time, the simple study of family characteristics appears to be biased. At the same time, the author holds that the family's liabilities affect the family's choice of assets, and there is a mutual influence between them. At present, there are still many articles on the relationship between domestic debt and its asset selection. Based on the above reasons, this paper is based on the financial characteristics of our family, analyzes the family debt situation and the asset allocation situation, and focuses on studying the influence of home mortgage loan on the family's asset selection. The research of this thesis can be divided into three parts: the first part is the theoretical analysis Part. Theoretical analysis mainly includes introduction, literature review and model. This paper presents the background, significance and main research of this thesis through introduction. The paper reviews the previous researches on housing mortgage loan, the research on the problem of credit card consumption and the relationship between credit card and holding assets, the research on the choice of family financial assets, etc. Influence, and how to reasonably configure the relationship between liability and asset selection In this paper, the main model design of the research is put forward, and the second part is the empirical research. Part. Based on the first part of the model design, this paper chooses CHFS data. This part starts with the debt situation and the asset allocation situation of our country, analyzes the characteristics of the family finance, the debt situation of the family and the situation of the risky assets and security assets of the family, then introduces the data needed in the empirical research and the research. Methods: By analyzing the influence of family's debt, especially the home mortgage loan on the family's choice of assets, it is concluded that the family holding debt will make the family more involved in the choice of risky assets, and at the same time tend to hold less bond security Assets, this result, and the results of the description in the home feature In addition, the internal problems of the research results are taken into account. Through the empirical study, the influence of the wealth of the family and the influence of the family on the lack of investment knowledge are excluded. Interference. Part 3 is the conclusion Part. In this part, this paper summarizes and summarizes the research results involved in the theoretical analysis and the empirical research, and puts forward the corresponding policy. On the basis of existing research, the paper may have the following innovations: firstly, the existing research results mainly focus on the empirical aspects of the choice of financial assets in our country or the structure of the liabilities, and the relationship between them is related to each other. There are fewer considerations, lack of consideration for consumer credit, and less research on the impact of household debt situations on family asset selection, so this article Secondly, based on the fact that the debt interest rate is higher than the fixed income asset of the bond type in the aspect of analyzing the choice structure of the family finance, the rationality of the family's investment rationality is analyzed, and the rationality of the relationship between the household assets and the debt is provided. Third, in the aspect of empirical research, the problem of early repayment of debt and investment problem are compared and studied, the problem of family's choice of assets is studied, and the family's capital is more complete.
【學位授予單位】：浙江財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F126.1

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