亲子利他性与中国农村家庭资产选择

Parent- child Altruism and Asset Allocation of China's Rural Families

采用中国农村2007~2011年的省级面板数据,研究农村家庭父母的"非理性"因素亲子利他性对家庭资产选择的影响。研究发现,亲子利他性能够影响农村家庭参与金融市场的行为,同时对选择储蓄、投资、保险、住房、借贷五种资产配置的影响存在差异,亲子利他性会显著增加农村家庭的储蓄规模,会减少自身住房需求的支出,以保障子女未来获得足够的资金用于教育等需求。进一步研究发现,农村家庭中所表现出来的先天的亲子利他性受到后天教育的影响十分有限,这表明"非理性"因素亲子利他性对家庭资产选择具有重要作用。

By using the provincial panel data of China's rural areas from 2007 to 2011,the paper studies the influence of ' irrational' parent- child altruism on the asset allocation of the rural families. Research shows that parent- child altruism influences the behaviors of the rural families in participating financial market. Meanwhile,it has different impacts on asset allocation of the families in choosing saving,investment,insurance,houses,and loans. The altruism significantly increases savings of rural families,and reduces expenditures on house demands to guarantee that they have enough money to be used in children education in the future. Further analysis indicates that the influence of education on altruism in asset allocation is limited. This indicates that altruism plays an important role in asset allocation of rural family.