金融资产配置有效性对我国城市家庭高等教育投资决策的影响

The Influence of the Effectiveness of Financial Assets Allocations on the Higher Education Investment Decision of Urban Families in China

从家庭资产配置的角度出发,以夏普比率作为家庭资产配置有效性的度量指标,并提出夏普比率规模概念,认为高等教育投资行为会提升家庭资产组合的夏普比率规模而带来正面效用,但同时也会通过降低家庭当期的财富水平而带来负面效用.对家庭效用的具体形式进行假设后,采用Probit模型对CHIP2013年城镇居民调查数据进行分析,发现个体接受高等教育的意愿,与接受高等教育带来的家庭资产组合夏普比率规模的提升水平正相关,与即期财富水平的下降程度负相关.

From the perspective of family assets allocations,taking Sharp ratio as the measure of the effectiveness of family assets allocations and putting forward the concept of scale of Sharp ratio,it is believed that the action of higher education investment will increase the scale of Sharp ratio of the portfolio of family assets so as to make the positive effects,but also will have negative effects by reducing the level of family wealth in the current period.After assuming the specific form of household utility,Probit model is used to analyze the survey data of urban residents in CHIP 2013.It is found that the willingness of individuals to receive higher education is positively related to the improvement of the scale of sharp ratio of family assets,and negatively related to the decline of spot wealth.