主观幸福感与农户家庭金融资产选择的实证研究

Empirical Analysis of Subjective Well-being and Allocation of Financial Asset of Rural Household in China

笔者运用2013年中国家庭金融微观调查数据研究了农户主观幸福感的决定因素及幸福效应对农户家庭金融资产选择的影响。结果显示,家庭人口统计特征和收入是影响农户主观幸福感的重要因素。此外,主观幸福感的提升,一方面对家庭储蓄参与概率影响为负,对商业保险参与概率的影响为正,但与股票的关系不显著;另一方面对于储蓄持有比重的影响为负,对商业保险持有比重的影响不显著,而与股票的持有比重也显著为负。进一步机制作用检验结果发现,主观幸福感能够与风险偏好和创业行为产生交互作用,以此影响农户家庭金融资产参与概率和持有比重。其学术贡献主要体现在:一是为农户的家庭金融行为相关研究提供了有益的补充;二是从"忽视变量"角度将"幸福效应"的经济研究范畴扩展到资产选择领域,丰富了家庭金融的研究视角;三是在新常态经济发展背景下为全面揭示幸福感提升与家庭金融行为决策机制所蕴含的理论和实践价值的探讨提供了经验证据。

Based on CHFS2013, this article empirically analyzed the impact of subjective well-being on the financial asset allocation of rural household in China. The results find that demographic variables and in- come are important factors affecting the subjective well-being of rural household. On the one hand, the results indicated that subjective well-being is negatively related to the participation of saving, but is positively related to the participation of insurance, and has no impact on stock participation. On the other hand, the improve- ment of subjective well-being shows a negatively impact on the allocation of financial assets. Furthermore, the results also indicated that the risk attitude and entrepreneurship motivation might interact with subjective well- being and play important roles in rural household＇s financial asset allocation. The academic contribution of this paper is mainly reflected as follows ： first, it provides a useful supplement for the rural household financial be- havior research; second, this paper expands the economic research scope of ＂happiness effect＂ into the field of asset selection from the perspective of ＂neglecting variable＂, which enriches the theory of household fi- nance; third, it provides empirical evidence for exploring the theoretical and practical value of declsion-mak- ing mechanism for the promotion of subjective well-being and household financial behavior in the context of the new normal economic development.