中国居民家庭杠杆率对风险金融资产投资选择的影响

Impact of Household leverage on Risky Financial Asset Investment in China

近些年中国居民家庭杠杆率呈现不断快速攀升的趋势,杠杆率的上升会直接影响家庭风险金融资产投资等行为决策,基于2017年中国家庭金融调查数据(CHFS),运用Probit模型、Tobit模型实证研究家庭杠杆率对风险金融资产投资选择影响。研究表明:杠杆率越高的家庭参与金融市场的可能性越小;对已经参与金融市场的家庭,杠杆率越高对风险金融资产的投资率也会上升。当从风险态度角度对其内在机制进一步研究发现,家庭投资者风险厌恶程度较高时杠杆率对金融市场参与的负向影响才会起作用,而家庭杠杆率对风险金融资产投资率的正向影响只在参与者风险厌恶程度较低时才起作用。

Since 2008, the household leverage ratio of Chinese residents has shown a rising trend, and the rise of leverage ratio will directly affect the behavioral decisions such as household venture financial asset investment.Based on the 2017 China Household Financial survey data(CHFS), Probit model and Tobit model are used to empirically study the impact of household leverage ratio on the investment choice of venture financial assets. The research shows that the households with higher leverage ratio are less likely to participate in the financial market;For families that have participated in the financial market, the higher the leverage ratio, the higher the investment rate in risky financial assets. When the internal mechanism is further studied from the perspective of risk attitude,it is found that the negative impact of leverage on financial market participation will play a role when the degree of risk aversion of family investors is high, while the positive impact of family leverage on the investment rate of risky financial assets will only play a role when the degree of risk aversion of participants is low.