城乡差异视域下我国家庭金融资产配置异质性研究

Research on the Heterogeneity of China’s Household Financial Asset Allocation from the Perspective of Urban-rural Differences

本文基于2014年中国家庭追踪调查(CFPS)的数据,运用SEM模型分别对城乡地区的家庭金融资产配置行为及影响因素进行了分析。结果显示:城市居民家庭配置的金融资产,无论是绝对值,还是配置比例上都远远高于农村家庭,体现出明显的异质性。进一步研究发现,人口统计、主观心理和家庭经济三类因素对于家庭金融资产配置的影响大小和影响方向有所不同,在城乡家庭中也存在明显的差异。此外,家庭经济因素对城市居民家庭的金融资产配置影响最大,而对农村居民家庭投资决策影响最大的是人口统计因素。最后,提出了完善收入分配制度、加强投资者金融教育等政策建议。

Based on the data of the Chinese household tracking survey (CFPS) in 2014, this paper USES the SEM model to analyze the household financial asset allocation behavior and its influencing factors in urban and rural areas. The results show that the financial assets allocated by urban households are much higher than those of rural households in both absolute value and proportion, which shows obvious heterogeneity. Further research shows that the three kinds of factors, including demography, subjective psychology and family economy, have different influence sizes and directions on the allocation of family financial assets, and there are obvious differences between urban and rural families. In addition, household economic factors have the greatest impact on the financial asset allocation of urban households, while the demographic factors have the greatest impact on the investment decisions of rural households. Finally, the paper puts forward some policy Suggestions on perfecting income distribution system and strengthening financial education for investors.