居民风险偏好水平对家庭资产结构的影响——基于中国家庭问卷调查数据的实证研究

Impact of Resident's Risk Attitude on Household Asset Structure—An Empirical Study Based on the Survey Data on Chinese Household

本文实证检验了居民风险偏好对于家庭资产结构风险性和分散性的影响。结果表明,居民风险偏好水平越高,配置于风险金融资产的比例越高,但同时所持资产结构也越分散。进一步研究发现,居民风险偏好水平越低,越倾向于只持有无风险资产,这是造成居民风险偏好水平与资产结构分散程度正相关的主要原因。此外,收入越低、健康状况越糟、风险偏好水平越低的居民投资者持有只含有无风险资产投资组合的概率越大。

The paper examines the impact of resident＇s risk attitude on the risk degree and diversification of the household portfolio. It shows that the relationship between resident risk preference and the weight of the risky financial asset is positive, and it is the same with the risk preference and the portfolio diversification. Moreover, the residents are inclined to hold portfolio consist of only risk free assets when they are more risk averse, which can explain the positive relation between residcnt＇s risk preference and portfolio diversification. Lastly, residents of low risk preference with lower income and worse health are more inclined to hold risk free portfolio, compared to those with higher income and better health.