社会互动与家庭金融资产配置

Social Interaction and Household Financial Asset Allocation

运用中国家庭金融调查(CHFS)数据,研究社会互动与家庭金融资产配置之间的关系。研究发现,适当增强社会互动会促进家庭更多地参与风险金融市场,增加投资风险资产的比例,提高金融资产的分散化程度,优化资产的配置效率。但当社会互动达到一定程度后,过度的社会互动则会抑制家庭参与风险市场,减少风险资产的投资比重,降低金融资产的分散化程度以及资产配置的有效性。因此,家庭需要建立适度而高质量的社会互动,这有助于家庭获得更多的外部资源,缓解信息不对称,降低交易成本,从而优化家庭金融资产配置。

This paper studies the relationship between social interaction and household financial asset allocation by using the data from the China Household Finance Survey.It is found that an appropriate enhancement in social interaction will promote families’more participation in risky financial markets,that is,increase the scale of venture assets,improve the diversification of investment in financial assets,and optimize the efficiency of asset allocation.However,excessive social interaction brings about negative effects and causes opposite results.Therefore,families need to establish moderate and high-quality social interactions,which helps families to obtain more external resources,alleviate information asymmetry,and reduce transaction costs,thereby optimizing household financial asset allocation.