人口老龄化对家庭金融资产配置的影响——基于CHFS家庭调查数据的研究

Population Aging and Family Financial Asset Allocation:A Study Based on CHFS Database

我国已经全面进入人口老龄化阶段,家庭人口年龄结构随之发生改变。与此同时,我国家庭金融资产增速明显,资产种类不断多元化。笔者借助于中国家庭金融调查数据(CHFS)研究了中国家庭人口老龄化对家庭金融资产配置的影响,并从生命周期效应的角度考察了人口老龄化对家庭金融资产的影响途径。研究结果显示,我国家庭金融资产结构的确受到了家庭人口年龄结构的影响,但是对不同资产的影响并不一致。随着家庭户主年龄超过60岁,或者家庭超过60岁老龄人口比重增加,家庭参与风险资产投资的概率会显著下降,包括家庭投资股票和基金的概率都显著下降。进一步研究发现,人口老龄化会导致家庭无风险资产配置比重上升,风险资产配置比重下降,包括股票和基金配置的比重都呈现了显著下降的趋势。

China has already been in the stage of rapidly aging population. The structure of family demographic traits has changed accordingly. The growth of family financial assets in China has changed greatly,and the structure of family financial assets are diversified. Our empirical investigation is based on China Household Finance Survey（ CHFS）,we study the aging of China households＇ influence on family financial assets allocation,and examined from the perspective of life cycle to examine the effects of an aging population on family financial assets. The effects of age structure of population on financial assets structure exist in China,but they are not consistent with different assets. The research documents that with family heads over 60 years old or with the increase of the proportion of the elderly over 60 years old,the probability of family parti-cipation in risk asset investment will decrease,the proportion of risk-free asset allocation will rise,the proportion of risk asset allocation will decrease,and the proportion of stock and fund asset allocation shows a downward trend.