收入、人口年龄结构与居民家庭金融资产选择——基于CHFS(2011)的经验证据

Income, Population Age Structure and Household Financial Assets Selection——Empirical Evidence based on CHFS (2011)

本文利用2011年"中国家庭金融调查项目(CHFS)"所得数据,探讨了收入、人口年龄结构与居民家庭金融资产选择的关系。研究发现:第一,更高程度的老龄人口占比显著增强了居民对风险较低的银行储蓄、债券类金融资产的参与倾向;第二,老龄人口占比对居民选择银行储蓄的边际效应并非常数,还依赖于收入水平;第三,就风险类金融资产而言,老龄人口占比对居民家庭投资股票、基金的负向效应随收入的增加而增加。本文据此进一步提出了政策建议。

Using the data of CHFS in 2011, the paper studies the relationship between income, population age structure and household financial assets. The results are showed from three aspects. Firstly, higher degree of elderly population proportion in household strengthens residents participating in low risk financial as-sets, like bank deposits and bonds. Secondly, the marginal effect of the proportion of elderly population is not constant, but also depends on income level. Thirdly, as for the high risk financial assets, the negative relationship between the proportion of elderly population and shares or funds increases with the increase of income. Finally, this paper puts forward some corresponding policy recommendations.