背景风险与居民风险金融资产投资

Background Risk and Investors' Participation in Risky Financial Assets

运用2006年中国9城市"投资者行为调查"数据,本文首次实证探测劳动收入风险对居民风险金融资产投资的影响,并系统考察背景风险等因素的影响。研究表明:劳动收入风险高及拥有商业或房产投资的居民风险金融资产投资概率更低;享有医疗社会保险或购买了商业健康保险的居民的投资概率更高;居民的健康状况和风险规避程度对其投资概率没有显著影响。本文的实证发现具有丰富的政策含义。

Utilizing an individual investor survey in 9 cities in China in 2006, this paper studies the effect of labor income risk on investors＇ participation in risky financial assets for the first time, and explores the effects of background risks and a range of other factors extensively. Results obtained include that labor income risk, business investment, and real estate investment reduce investors＇ participation in risky financial assets. Health status exerts insignificant effect, whereas medical social security or commercial health insurance promotes investors＇ participation. Risk aversion is statistically insignificant. Our findings provide some policy implications.