人格特征与家庭金融资产选择——来自CFPS数据的经验证据

Personality characteristics and family financial assets selection——Empirical data from CFPS

利用中国家庭追踪调查数据(CFPS),研究了"大五"人格特征对家庭金融市场参与和家庭金融资产选择的影响。研究发现,仅户主开放性人格特征的增强会推动家庭参与金融市场,并提高家庭风险金融资产尤其是股票资产占家庭金融资产的比重。进一步发现,户主开放性人格特征缺乏会制约高收入家庭参与金融市场,这在一定程度上解释了高收入家庭"有限参与"之谜;同时,已婚家庭户主配偶会影响户主开放性人格特征进而影响家庭资产选择。本文的政策含义有:相关部门及个体应重视开放性人格特征的影响力并加强引导。

Using the Chinese family tracking survey data(CFPS),the paper analyzes the impact of the"Big Five"personality characteristics on family financial market participation and family financial asset selection.The study found that only the increase in open personality traits of household heads will promote family participation in financial markets and increase the proportion of household risk financial assets,especially stock assets,to household financial assets.It is further found that the lack of open personality characteristics of heads of households restricts the participation of high-income families in the financial market.This explains to some extent the mystery of"limited participation"among high-income families.At the same time,married family head spouses will affect the open personality characteristics of heads of households.Affect the choice of family assets.To this end,relevant departments and individuals should pay attention to the influence of open personality traits and strengthen guidance.