认知能力与中老年家庭金融资产配置

Cognitive Abilities and Household Portfolio Choice

本文采用中国健康与养老追踪调查2011—2013年数据,运用工具变量方法,研究户主认知能力对城镇中老年家庭金融资产配置的影响及内在影响机制。研究发现,户主认知能力对家庭金融资产总额、风险资产投资参与均有显著的正向影响,对家庭风险资产占金融资产的比重有边际显著的正向影响。在作用机制方面,认知能力的主要影响渠道是降低参与风险资产市场的信息成本,并且在一定程度上也存在改变风险感知这一影响渠道。

We investigate the effect of cognitive abilities on household portfolio choice in middle-old aged households,using IV-Probit and IV-Tobit methods to correct for the endogenous nature of cognitive abilities.The results indicate that the cognitive abilities of household head have a significantly positive influence on the amount of household financial assets and risky financial market participation.However,the positive influence on risky financial market participation and allocation is mainly concentrated in the households with higher income,higher education and better health.We show that decreasing the cost of processing information is the main channel.But to some extent,the perception of risk may be another potential channel.