外商直接投资、金融知识与家庭金融资产配置--基于CHFS数据的实证分析

Foreign Direct Investment,Financial Knowledge and Household Financial Asset Allocation

使用2017年中国家庭金融调查(CHFS)数据,以家庭风险资产占金融资产的比重描述家庭金融资产配置的情况,利用Heckman两步法研究中国家庭金融资产配置的差异,并进一步研究中国东部与中西部的地区差异。研究发现,增加外商直接投资与提升家庭的金融知识水平会显著地促进家庭参与金融市场,并显著地提高家庭风险资产占金融资产的比重。同时还发现,随着家庭资产的积累、户主受教育水平的提高和风险偏好的增加或是家庭中有成员从事金融业、居住在城区等都会推动家庭参与金融市场并提高风险资产的比重,东部地区家庭更倾向于参加金融市场。

By using the 2017 China Household Finance Survey data,the paper describes the household financial asset allocation by the proportion of household risk assets in financial assets,and uses the Heckman two-step method to research the differences in household financial asset allocation in China,then discusses the regional differences between eastern and midwestern of China.It is found that increasing foreign direct investment and improving family financial knowledge will significantly promote family participation in the financial market,and significantly increase the proportion of family risk assets in financial assets.At the same time,it is found that with the accumulation of family assets,the improv-ment of the educational level of the head of household and the increase of risk preference,or family members engaged in financial industry and living in urban areas,families will participate in the financial market and increase the proportion of risk assets.