儒家文化与家庭风险资产配置——基于CGSS数据的实证研究

Confucianism and Household Risky Assets Allocation:An Empirical Study Based on CGSS

基于2015年CGSS(中国综合社会调查)数据,研究地区儒家文化对家庭风险偏好的影响。研究发现,儒家文化越强的地区,家庭配置风险资产的可能性越低,反映出儒家文化的保守属性。研究采用了两种指标来衡量家庭的风险偏好,以使结果更加可靠;在替换了儒家文化的衡量方法、或把儒家文化的测度从县级扩展到市级和省级、或使用工具变量法来进行实证检验之后,研究结论依然成立。另外,儒家文化会通过影响家庭对商业养老保险的购买来间接影响家庭的风险资产配置。因此,在儒家文化强的地区,政府更应注重发展风险资产市场,以引导居民做出更为合理的资产配置。

Based on the 2015 CGSS data,this paper studies the impact of regional Confucianism on household’s risk preference.The study reveals that the stronger the Confucianism,the lower the likelihood that household will allocate risky assets,reflecting the conservative nature of Confucianism.To make the results more reliable,this paper used two indices to measure household’s risk preference.For robustness check,we chose an alternative measurement of Confucianism and extended the regional measurement of Confucianism from the county level to the city level and then to the province level.Besides,the instrumental variable method is used for empirical test,and the conclusion is still valid.In addition,we also found that Confucianism indirectly affected the household’s risky assets allocation by affecting the household whether purchasing commercial pension insurance.In areas with strong Confucianism,the government should pay more attention to the development of risky asset markets,to guide residents to realize more reasonable asset allocation.