高风险意味着高回报?——投资风险态度对居民家庭收入的影响

“Nothing Ventured,Nothing Gained”:The Effect of Risk Attitude on Income

利用2011年、2013年和2015年中国家庭金融调查(CHFS)的数据考察了投资风险偏好对居民收入的影响.研究表明,投资风险偏好显著提高居民的收入水平.当加入投资风险偏好的平方项后,投资风险偏好对收入的影响呈倒"U"型,即收入先增后减.进一步研究表明,投资风险偏好对居民收入的影响会存在女性高于男性、城镇大于农村、没有编制高于有编制、上市企业高于非上市企业的差异.另外,随着百分点的上升,投资风险偏好对收入的边际效应也随之上升.投资风险偏好通过提高个体股市参与度和创业选择的影响途径实现居民增收.

Based on China Household Finance Survey in 2011 , 2013 and 2015, we study the effect of risk preference on income. Results show that risk preference can significantly improve income. When adding the square of risk preference variable , we find that the effect of risk preference on income shows U-shaped , which means that income increased firstly and decreased later. Further study demonstrates that risk preference results in a discrepancies , woman has more income than man, people lived in city get more economic returns than those lived in countryside, employees working in public institutions are more beneficial than those in private institutions, and the worker gets more in listed firms than non-listed firms.In addition,with the quantile increasing , the marginal contribution of risk preference on income will also increase.This paper also finds that risk preference can increase income by participating in stock market and choosing to make a business. This study provides an empirical answer to reply the question-“high risk and high returns”.