摘要
本文利用中国人民银行于1992年开始发布的资金流量金融表中的住户部门流量金融资产年度数据,从宏观的、金融资产选择视角对1992～2006年期间中国家庭部门流量金融资产配置的特点和影响因素进行了理论阐释与实证分析。描述性统计分析表明,中国家庭部门的金融资产流量总额总体上具有不断上升的趋势,结构上呈现日益多样化,存款比重高,保险比例上升快,股票比例不如国债比例高。建立在理论模型基础上的计量分析结果则揭示出中国家庭部门的金融资产选择行为具有对收入和部分金融资产风险敏感,但对各类金融资产收益不敏感的特点。基于此,本文提出了进一步提高居民收入和完善社会保障体系及资本市场,为居民家庭获得更多金融投资财产性收入创造更多有利条件的政策建议。
This paper theoretically and empirically analyzes the financial assets allocation behavior of Chinese household sector over the period 1992 - 2006 based on the data of flow of funds table published by the PBOC. The analysis of descriptive statistics indicates that the size of financial assets of household sector is increasing and the structure becomes diversified. The structure is characterized by the high proportion of deposits, increasing ratio of insurance reserves and lower ratio of stock as well as government bond. The empirical analysis shows that Chinese household sector＇s portfolio choice is significant to the income and risk of some financial assets and is not significant to the return of financial assets. Finally this paper provides some policy suggestions including increasing household disposable income and perfecting social security system as well as capital market.
出处
《金融研究》
CSSCI
北大核心
2010年第3期24-33,共10页
Journal of Financial Research
基金
日本学术振兴会基金项目(项目编号:20.08012)
教育部人文社科规划基金项目(09YJA790122)
关键词
家庭部门
金融资产配置
金融资产选择
资金流量
household sector
financial assets allocation
portfolios selection
flow of funds
