信贷约束、风险态度与家庭资产选择

Credit Constraints,Risk Attitude and Household Asset Choice

本文运用中国家庭金融调查数据(CHFS),从信贷约束与风险态度两个方面研究其对家庭资产的配置影响。研究发现,在控制其他因素的情况下,家庭信贷约束会增加家庭风险厌恶程度。受到信贷约束的家庭,其房产持有概率和房产市值均显著下降;股票持有概率会显著下降,但对其持有股票市值的影响并不显著;购买商业保险的概率偏低。家庭风险态度对家庭房产选择的影响不显著;对股票资产的持有概率和持有量均产生负向影响;对商业保险资产的持有则产生显著正向影响。

This paper studies the effect of credit constraints and risk attitudes on the household portfolio behavior,by using the data from China Household Finance Survey in 2011. It finds that the household credit constraints could increase the degree of risk aversion without other factors controlling. In the families with credit constraints,The holding probability and market value of household asset will significantly decrease. To be specific,confronted with credit constraints,household tend to hold less housing,coupled with stock and insurance. While for risk aversion household,there＇s an inevitable trend of holding less housing and stock,more life insurance.