投资理性、居民金融资产选择与储蓄大搬家

Toward Investment Rationality,Households' Financial Asset Selection and Large Scale Savings Transfer

本文通过一个加入交易成本的两期资产选择模型,对目前城镇居民储蓄迅速搬家股市而农村居民几乎不持有风险资产这两种并存现象的巨大反差提供了一个较为合理的解释。研究发现当持有风险资产存在成本时,财富水平的高低和交易成本的大小是居民决定是否持有一定数量风险资产的重要因素。二元经济结构下的城乡收入差距显著,财富分布极不均等,交易成本的不对称是阻碍农村居民投资风险资产的主要原因。在众多影响风险资产持有水平的因素中,高风险升水所带来的财富效应主导了其它因素的影响。

This paper proposes a two-period portfolio selection model with a transaction cost to explain the phenomenon of rapid large scale bank savings transfer to stock market in the urban and a substantial number of non-risky assets holders in the rural.With a transaction cost we find the wealth level and the cost magnitude are important determinants for risky assets holding proportion.Urban and rural households' income and wealth disparity,transaction cost asymmetry are the main barrier for rural households to hold risky assets.The large scale savings transfer is urban households' rational choice to increase their income.The wealth effect of high risk premium dominates other factors in determining the level of risky assets holding.