睡眠质量对家庭风险性资产配置的影响

The Effect of Sleep Quality on Household Risky Financial Asset Allocation

文章采用2016年和2018年中国家庭追踪调查(CFPS)面板数据,讨论了睡眠质量对家庭持有风险性金融资产广度和深度的作用特征。研究发现,睡眠质量对家庭风险性金融资产选择的广度和深度产生了显著的正向影响。在对不同职业群体和2012年CFPS数据进行估计后,仍得到一致的结论。文章进一步对影响机制研究发现,睡眠质量会通过收入水平、健康状况与认知能力对家庭风险性金融资产配置产生影响。神经质人格与睡眠质量的交互作用和家庭风险性金融资产配置也显著相关。此外,睡眠质量对家庭风险性金融资产投资的影响存在异质性,这一影响在城市地区、女性为财务决策者和高受教育水平的家庭中更为显著。

This article discusses the effect of sleep quality on the breadth and depth of risky financial assets held by households by using thepanel data in2016 and 2018 of China Family Panel Studies(CFPS).The study found that sleep quality had a significantly positive effect on the breadth and depth of family financial asset selection,and the results were consistent even after estimates of different occupational groups and 2012 CFPS data.The article further studied the mechanism of the effect and found that sleep quality can affect the allocation of risky financial assets in a family by changing income level,health status and cognitive ability.The interaction between neuroticism and sleep quality was al⁃so significantly correlated with the allocation of risky financial assets in the family.In addition,the effects of sleep qual⁃ity on household investment in risky financial assets were heterogeneous,and the effects were more significant among families in urban areas,where women were financial decision makers,and high educational levels.