家庭人口结构与风险资产选择——基于2013年CHFS的实证研究

Household Demographic Structure and Portfolio Choice——Evidence from China Household Finance Survey of 2013

家庭人口结构影响风险资产选择的机制在于，成年个体将抚养子女视为一种“投资”行为，他们为了给子女创造良好的环境，更愿意奋斗和承担风险；相反，赡养老人是一种“回报”行为．这使成年个体更不愿意承担风险而选择较稳定的工作。成年个体在抚养子女和赡养老人上的不同动机会影响风险偏好，进而影响风险资产选择。本文利用2013年中国家庭金融调查数据（CHFS），研究发现家庭内老年人口占比的上升会降低金融市场参与以及风险资产配置比重．而少儿人口占比的上升会提高金融市场参与以及风险资产配置比重．并且本文验证了风险偏好这一影响渠道。此外，本文发现这种影响主要体现在城市地区和高收入家庭．并且有儿子家庭的风险资产选择程度更低。本文所得结论有助于找到提高居民参与金融市场意愿的对策．从而降低储蓄率。

The theoretic mechanism of the impact of household demographic structure on the portfolio choice is that adults regard child-rearing as an investment so they are more willing to struggle and take risks in order to create a good envi- ronment for children. However, adults regard support for the elderly as a returning action so they are less willing to take risks and more likely to choose a stable job. The different kinds of motives in child-rearing and support for the elderly will have different effects on the risk preference, and then on the portfolio choice. Using data of China Household Finance Survey （CHFS） of ：2013, we find that a higher aging population proportion of the household would both decrease the financial market participation and the allocation in the risk assets, whereas a higher underage population proportion of the household would both increase the financial market participation and the allocation in the risk assets. We then test the influence channel of risk preference. Furthermore, we find that these effects mainly existed in the urban area and the high-income families, and families with sons would have a lower level of financial market participation and the allocation in the risk assets. The paper contributes to find responses to raise resident＇s intention to participate in the financial markets, thus reducing the high saving rate trend in China.