老龄化与居民金融资产选择——微观分析视角

Population Aging and residents' Financial Assets Choices-based on the microscopic analysis' perspective

利用2011年"中国家庭金融调查(CHFS)"数据,从家庭层面考察老龄化对居民投资决策的影响,描述性统计表明:较之中青年居民,老龄居民的投资渠道逐步趋于单一化,其资产选择更倾向于安全资产,银行存款是其主要投资渠道。实证研究发现:更高程度的老龄人口比显著减弱了家庭对风险资本市场(包括股票、基金市场)的参与倾向;随着年龄的递增,老龄居民对股票、基金以及风险资产的参与概率逐步降低,其显著性逐步增强;进一步研究表明,以老龄人口比和老龄居民年龄阶段虚拟变量反映的家庭老龄化水平,对居民风险资产投资深度有着显著的负面影响,老龄居民不仅更少可能涉足风险资本市场,而且即便进入市场其参与程度也更低。

Using the data of China household finance survey in 2011, this paper surveys population aging affect on residents＇ invest- ment decision at the household level. Descriptive statistics show the elderly resident tend to have a more singular invest- ment channels and safer assets, bank deposits is their main financial assets choice. The empirical result reveal that higher degree of elderly population proportion weaken significantly the family＇ venture capital market participation tendency. As increasing of age, the participation probability of elderly residents for stock, funds and risk assets gradually reduce, the significant gradually increase. Further study shows that family＇ aging level has significantly negative impact on the depth of residents＇ risk assets investment. Elderly residents not only less likely involve in venture capital market, even if enter the market, their participation rate is lower.