夹心层家庭结构和家庭资产选择——基于城镇家庭微观数据的实证研究

Sandwich Generation Family Structure and Household Portfolio Choice:Empirical Study Based on Micro-data of China's City and Town Households

文章基于中国居民家庭微观调查数据,研究了夹心层家庭的股票市场参与以及风险资产选择情况。研究结果表明,在中国家庭中"上有老下有小"的夹心层家庭,与其他类型家庭相比确实有独特的投资行为特征,夹心层家庭更多地参与到股票市场,而且这部分家庭的资产组合中股票及风险资产在金融资产中的比重相对较大;家庭在预期支出上的不同,能在一定程度上解释夹心层家庭资产选择行为;而具备更长财务规划期限的夹心层家庭,则更倾向于投资风险资产;相对于家中的老人因素,子女因素在影响夹心层家庭的资产选择行为中占据主导;家庭主要经济活动参与人年龄因素与家庭的股票市场参与表现出"驼峰型"的变化关系,而这种影响可能与家庭结构有关。

Based on the micro-data survey of Chinese households, this paper studies sandwich households＇participation in stock market and their portfolio choices in risk assets. The research result shows that among Chinese families, the sandwich gen-eration families with ＂ aging parents and young children＂ conduct different and unique investment behaviors compared with other types of families. They are more likely to participate in stock market and give more weight to stocks and risky assets in their fi-nancial asset portfolios. The differences in the household expected expenditure can partly explain the behavior of portfolio choice in sandwich generation households. Those sandwich generation households with long-term financial planning tend to hold more risky assets. Comparatively speaking, children factor other than aging parents factor is dominant in affecting household portfolio choice. There is a hump-shape relationship between the age of household participants in the main economic activities and the household participation in stock market. Such phenomenon may relate to family structure.