【摘要】：社會(huì)保障因素會(huì)改變居民對(duì)未來的預(yù)期,從而對(duì)其資產(chǎn)配置決策有著重要的影響。在相關(guān)文獻(xiàn)綜述的基礎(chǔ)上,以跨期的消費(fèi)和投資資產(chǎn)組合理論為基礎(chǔ),將社會(huì)保障因素和預(yù)防性儲(chǔ)蓄因素融入現(xiàn)有資產(chǎn)配置模型框架中,并對(duì)兩期模型進(jìn)行求解和分析。實(shí)證結(jié)果表明,未來消費(fèi)預(yù)期是居民進(jìn)行預(yù)防性儲(chǔ)蓄行為的格蘭杰原因。本文主要的創(chuàng)新點(diǎn)在于,建立了考慮社會(huì)保障的資產(chǎn)配置模型,闡述了個(gè)人資產(chǎn)配置與社會(huì)保障水平之間的內(nèi)在數(shù)量關(guān)系。
[Abstract]:Social security factors will change residents' expectations for the future and thus have an important impact on their asset allocation decisions. Based on the theory of intertemporal consumption and investment portfolio, the social security factor and precautionary saving factor are integrated into the existing asset allocation model framework, and the two-period model is solved and analyzed. The empirical results show that future consumption expectation is the Granger cause of residents' precautionary saving behavior. The main innovation of this paper is that the asset allocation model considering social security is established and the internal quantitative relationship between individual asset allocation and social security level is expounded.
【作者單位】： 復(fù)旦大學(xué)管理學(xué)院;清華大學(xué)經(jīng)濟(jì)管理學(xué)院;
【基金】：教育部人文社會(huì)科學(xué)青年基金資助項(xiàng)目(12YJC840065)
【分類號(hào)】：D632.1

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 周晉;勞蘭s，

本文編號(hào)：2239348