生活满意度与家庭金融资产选择

The Impacts of Life Satisfaction on Household's Financial Asset Allocation

家庭金融日益成为金融学领域的重要分支。在这一分支中,客观因素对家庭金融行为的影响已经得到了很多研究,但关于主观因素的影响相对缺乏。利用中国家庭追踪调查(CFPS)数据,本文首次研究了家庭生活满意度这一主观因素对其金融资产选择行为的影响。由于生活满意度变量的内生性较强,本文采用工具变量法作为识别策略,得到了较为可信的结果。研究发现:最了解家庭财务状况的家庭成员生活满意度越强,家庭选择投资股票、基金和金融衍生品等风险性资产的概率越低;同时,家庭金融资产结构中,股票和风险性资产在金融资产中所占比例也越低。在更换了其他工具变量后,上述结果依然稳健。因此,金融机构可以根据客户的生活满意度进行差别化的产品营销,推荐风险较低(高)的金融产品给生活满意度比较高(低)的客户,以提高营销成功的概率。

Household Finance is becoming an influential discipline of finance. While there are abundant studies about objective factors that may affect households＇ financial behavior, little is known about those sub- jective factors. Based on the data collected by the 2012 CFPS survey, this paper investigates the effects of life satisfaction on household＇s financial asset allocation. We use the instrumental variable （IV） method to deal with the endogeneity issue. It is shown in our regression that with higher life satisfaction, people will have low- er probability of investing in stocks and risky assets, and lower proportion of assets investing in stocks and risky assets. Our findings are still robust when trying other instrumental variables. As a result, financial institu- tions may make their marketing decision depending on their customer＇s life satisfaction, in order to get a high- er performance