农村家庭风险金融资产选择与消费行为--基于CFPS的微观研究

Risk Financial Asset Selection and Consumption Behavior of Rural Household--A Microcosmic Study Based on CFPS Data

基于投资决策视角,利用2018年中国家庭追踪调查数据(CFPS),从是否参与和参与深度两个层次,对农村家庭的风险金融资产选择与消费支出的关系进行了微观研究。结果表明,农村家庭投资于风险金融资产能够显著提高其消费水平,其消费支出与风险金融资产投资的规模和比例正相关。通过比较耐用品和非耐用品消费的影响,发现风险金融资产配置行为与状态对前者的影响要显著高于后者。本文的研究为我国的扩大内需战略的实施提供了新的政策思路,即可以通过深化农村金融改革,促进农村家庭金融资产的合理配置来激发农村市场的消费潜力。

Based on the perspective of financial decision-making,using the data from CFPS in 2018,this paper analyzes the relationship between the choice of risky financial assets and consumption expenditure of rural households.The results show that rural households investing in risky financial assets can significantly increase their consumption levels,and their consumption expenditures are positively related to the size and proportion of investment in risky financial assets.By comparing the impact of durable and non-durable consumption,it is found that risky financial asset allocation behavior and status have a significantly higher impact on the former than on the latter.The research in this paper provides new policy ideas for the implementation of China's strategy to expand domestic demand,i.e.,the consumption potential of rural markets can be stimulated by deepening rural financial reforms and promoting the rational allocation of rural households'financial assets.