中国居民风险厌恶系数测定及影响因素分析——基于中国居民投资行为数据的实证研究

On the Measuring of Coefficient of Risk Aversion of the Chinese Residents and Factor Analysis

本文通过问卷调查的形式,采集中国居民投资行为的第一手数据,并基于此建立中国居民风险厌恶系数的估测模型,从中国居民客观风险承受能力及居民主观风险偏好态度两个角度分析影响该系数的各个因素,其中前者主要指人口统计学要素和居民财富状况两大方面。本文建议中国理论界在处理资产配置优化问题时、金融机构在开发产品、推介理财产品时以及金融监管当局在开展投资者教育、设立投资准入门槛时皆应考虑居民的社会属性及财富情况,以反映中国国情。

The paper collects firsthand data about the Chinese residents＇ investment behavior through survey, es- tablish models on measuring their coefficients of risk aversion, and analyze differences in risk aversion from the perspective of individual＇s risk-bearing capability and his/her subjective attitudes towards risks, in which the former perspective is mainly reflected by his/her demographic features and wealth. Based on the results, the authors advice that economists, financial institutions and regulators should all take people＇s demographic fea- tures and Wealth into account when doing researches, developing and introducing financial products, educating investors and instituting regulations respectively.