美国个人股票持有结构分析

The Structural Analysis of the U.S.Personal Sector Stock Holding

二战后,美国个人的金融资产结构发生了显著变化,直接持有股票的比重降低而机构性资产的份额大幅度上升。从微观家户层面角度,美国家庭的直接股票持有与家庭收入呈明显的正向关系,低收入家庭群体直接持股比例低,而收入越高的家庭群体直接持股的比例也越高。基于美联储的消费者金融调查数据,我们从户主年龄、户主受教育程度、户主就业状况以及住房状况等方面详细分析了美国的家庭收入分布状况与直接持有股票状况,也印证了上述结论。借鉴美国的发展经验,笔者对我国个人金融资产结构的改善提出若干建议。

Since the end of the World War II, the structure of financial assets in the U.S. personal sector has transformed greatly, as the share of direct stock holding has lowered and the share of institutional assets holding has steadily increased. At the micro-level of families, the direct stock holding is positively related with the family income, that is, the family group with lower income has the lower rate stock holding, while the family group with higher income has the higher rate of stock holding. This paper uses the data from the Federal Reserve to analyze the U.S. family income distribution with directly stock holding status, and put forward some proposals for the improvement of personal financial assets structure in China based on the U.S. experience.