房屋拆迁与家庭金融风险资产投资

House Demolition and Household Investment of Financial Risk Assets

文章基于心理账户和资源保存理论,利用2011年中国家庭金融调查数据,考察了房屋拆迁对家庭金融风险资产投资的影响及其机制。研究结果表明,房屋拆迁显著增强了家庭投资金融风险资产的意愿,提高了家庭在金融风险资产上的投资比重。财富损失预期在房屋拆迁影响家庭金融风险资产投资中起了显著的中介作用,而这一中介效应受到社会保险的正向调节。文章从经济学、管理学和心理学相融合的视角进行分析,为人类经济行为和结果提供了新见解;同时,研究结论对拓宽居民家庭投资渠道、深化金融体制改革和促进经济增长具有重要的参考价值和指导意义。

Family finance is becoming the focus of people＇s attention. Family financial market participation,family asset selection and influencing factors are core issues of family financial research center. Although compared with the past,the current rate of household participation in financial market in our country has been raised,from the current status of financial market,there are still some problems in the household investment of financial risk assets like the low proportion of investment and the low market participation rate.Therefore,under current background conditions that current financial market and financial product development in our country are still unable to meet the diverse and multilevel needs of families,this paper studies the investment of household financial assets,especially the investment of family financial risk assets. It is helpful to the design of new financial products,market orientation and target population setting as for the nation and enterprises,and then the optimization of the household financial asset portfolio.In recent years,with the improvement of the availability of micro-data,more and more scholars have paid their attention to the factors that affect the investment decision-making behavior of family financial risk assets. In this respect,some scholars have revealed the impacts of income,education level,health status,social insurance and social interaction through micro-empirical research. However,according to existing related research,few scholars pay attention to the influence and influence mechanism of money from different sources on the investment decision-making behavior of family financial risk assets. This paper seeks to fill up this gap and provides new micro-empirical evidence in this area.House demolition has always been a hot issue as for the public and the academic community. House demolition in China is usually accompanied by rich demolition compensation. From a perspective of mental account,demolition compensation and wage income earned by families through hard work are two types of money with different sources,that is,the first one belongs to windfall income,and the last one fixed income. Therefore,this paper chooses the impact of house demolition on investment decision-making behavior of family financial risk assets and its impact mechanism as the research topics. First of all,this paper distinguishes the family money sources based on house demolition. Next,on the basis of indepth theoretical analysis,rigorous empirical research has been carried out to verify the impact of house demolition on the investment decision-making behavior of family financial risk assets and its impact mechanism,and then the impact of money from different sources on the investment decision-making behavior of family financial risk assets and its impact mechanism are revealed.The robust research results show that house demolition can significantly affect household financial risk asset investment,and this impact is reflected not only at the breadth level,but also at the depth level,that is,house demolition significantly increases the family financial risk asset investment willingness and investment proportion. The intrinsic reason lies in that the expected loss of wealth is a mediator,that is,house demolition through the expected loss of wealth affects the family financial risk assets investment.However,the mediating effect is moderated by social insurance,that is,social insurance strengthens the intermediary effect of the expected loss of wealth,and further the impact of house demolition on household financial risk asset investment. The above results also indirectly show that money from different sources has a significant impact on household financial risk asset investment decisions through the expected loss of wealth,and social insurance strengthens the impact.This paper reveals how money from different sources affects the allocation of financial assets in households for the first time. It provides a new insight for human economic behavior and results,which is a further advance of the existing research,and helps to deepen the understanding of household financial venture capital investment decisions,having a strong theoretical vanguard. At the same time,the discovery in this paper provides important reference value and guiding significance for formulating financial investment policies or market strategies,deepens financial system reform and promotes economic growth.