年龄结构与家庭金融配置风险——基于中国家庭金融调查数据的实证研究

Age Structure and Household Financial Allocation Risk:An Empirical Study Based on China's Household Finance Survey Data

基于中国城市居民家庭的消费金融调研数据,研究老龄化结构对中国城镇家庭金融资产配置和金融资产风险管理行为的差异性影响。实证结果发现,城镇家庭的金融资产配置与老龄化程度呈现出“U”型的非线性关系。特别地,老龄家庭对银行储蓄的持有强度相对较低,而对风险依次提升的债券、股票和基金类金融资产的消费需求更加敏感。进一步的机制检验表明,风险偏好程度高的老龄家庭对股票和基金类风险资产更加敏感;高学历的老龄家庭会更自信,且更倾向于配置高风险资产;富有的老龄家庭风险承受力更高,对高风险资产配置的需求更为强烈。最后,发现老龄家庭在资产配置的风险分散方面表现欠佳。基于实证研究结论,从政策启示和金融风险管理的角度来看,金融风险防控工作应当着重关注人口老龄化背景下系统风险的变化趋势。同时,应当进行有效的风险金融资产规制,并且通过提供一定的关于投资理财知识的普及活动与培训服务,提高金融消费者特别是老龄金融消费者的知识素养,从而更有效地防控金融风险。

This paper investigates impacts of aging structure ondifference of household financial asset allocation and financial assets risk management by using China's urban household financing consumption database.Empirical results show that the household financial asset allocation of urban China presents a“U”nonlinear relationship with aging degree.Particularly,aging households chooses less bank savings,while they are more sensitive to bonds,stocks and funds accordingly.Further mechanisms tests show that risk preferred older households are more sensitive on holding risky assets such as stock and funds.High education aging households are more confident on choosing high risk financial assets.Moreover,rich households can afford risk and demand more on financial assets.Finally,the paper finds out that the diversifying effect of choosing financial assets is weak for aging households.The policy implications tell that China's households perform a high-speed in reaching the aging society,the financial risk management should pay attention to the systematic risk of aging background.Meanwhile,the regulation on risk financial assets management is necessary,and the consumer knowledge education and training are good methods to decrease financial risks.