老龄化背景下年龄对家庭金融资产配置效率的影响

The Impact of Age on Household Financial Asset Allocation Efficiency

老年人的经济来源主要有家庭、公共养老金和财产性收入三个方面。而家庭金融资产收入水平将决定未来老年人是否有足够的经济支持,其配置效率更决定了未来养老安全。利用2013年中国家庭金融资产调查数据,采用Tobit模型和中介效应模型,实证分析了户主年龄对中国居民家庭资产配置效率的影响,以及投资风险偏好的中介作用。研究发现家庭资产配置的效率受户主年龄影响,这种影响并非简单的线性或者"驼峰型"而是具有两个顶点的"双峰型"关系。投资风险偏好在其中呈现部分中介效应,并且中介作用会随着户主年龄的增加逐渐增大。本文旨在为优化家庭资产配置提出合理化建议,为未来的养老安全增加保障。

There are three main sources of income for the elderly:family,public pension and property income.The income level of family financial assets will determine whether the elderly have enough financial support in the future,and their allocation efficiency will also determine the future security of old-age care.Using the data of 2013 China Household Finance Survey,Tobit model and intermediary effect model,this paper empirically analyzed the impact of household age on the efficiency of household asset allocation in China,and the mesomeric role of investment risk preference.It is found that the efficiency of household asset allocation portfolio is influenced by the age of the head of household,which is not simply linear or "hump" but has a two-peak relationship.Investment risk preference has a partial mesomeric effect in the effect of age on asset allocation efficiency,and the mesomeric effect of investment risk preference will gradually increase with the increase of household head age.The purpose of this paper is to put forward reasonable suggestions for optimizing household asset allocation,and to increase security for the future pension.