城镇家庭金融资产配置的财富效应

The Wealth Effect of Financial Asset Allocation of Urban Households

随着经济的发展和国民财富的增加,家庭资产结构从单一的储蓄型资产转变为丰富多样的风险型金融资产,其配置金融资产的异质性导致了家庭资产选择和消费行为的差异。本文通过实证检验了城镇家庭金融资产配置及其财富效应,结果显示:城镇家庭风险性金融资产持有情况和高流动性金融资产持有情况对城镇家庭消费水平存在显著影响,而金融资产占比的影响不显著,金融资产占比、风险性金融资产持有情况和高流动性金融资产持有情况三个变量对城镇家庭消费结构的影响均不显著;分组情况下,影响高收入城镇家庭消费水平的因素主要是风险性金融资产持有情况和高流动性金融资产持有情况,而对于高收入城镇家庭消费结构、低收入城镇家庭消费水平和消费结构,城镇家庭金融资产配置维度的三个变量对其的影响均不显著。

The structure of household assets turns from single and savings-oriented to diversified and riskier by virtue of the development of economy and the increase of national wealth,and the heterogeneity of its allocation of financial assets leads to differences in portfolio selection and consumption of households.This paper empirically tests the financial asset allocation of urban households and its wealth effect.The results are as follows.The holding of urban households of risky financial assets or financial assets with highly liquidity has a significant impact on urban households’consumption levels,while the proportion of financial assets does not.None of the three variables,the proportion of financial assets,the holding of risky financial assets and the holding of high-liquid financial assets,has significant impact on the consumption structure of urban households.In terms of grouping cases,the holding of risky financial assets and the holding of high-liquid financial assets are the main factors in influencing the consumption of urban households with high income.For the consumption structure of high-income urban households,the consumption level and consumption structure of low-income urban households,none of the three variables in financial asset allocation of urban households has significant influence on them.