主客观风险偏好与家庭资产选择——基于CHFS2017调查数据的实证分析

Subjective and objective risk preference and family asset selection:Empirical analysis based on CHFS2017 survey data

随着资本市场的快速发展,研究居民的风险偏好对家庭资产选择的影响对促进资产合理配置和实现社会福利效应有重要的意义。运用CHFS2017数据,分析主客观风险偏好对家庭资产选择的影响。研究结果显示:样本数据中大部分家庭主客观风险偏好不一致;主客观风险偏好对风险性资产具有显著影响,对于非风险性资产选择中主客观风险偏好影响出现差异;在区域性家庭资产选择中主客观风险偏好存在差异,西部地区的居民家庭相比于其他地区对风险性资产的风险偏好更弱,更倾向于选择房产;此外,互联网的使用对家庭资产选择影响非常显著。因此促进我国家庭资产合理配置需要改变居民的主客观风险偏好,可以在区域协调发展、互联网信息技术等方面进行改进。

With the rapid development of capital market,the research on the impact of risk performance in selecting the family sasets has important significance for promoting the rational allocation of assets and realize social welfare effect.CHFS2017 data is used to study the effect of subjective and objective risk preference choice of family assets.The empirical results show that the subjective and objective risk appetite for risky assets has a significant impact,effects on the subjective and objective risk appetite in the risky assets choice appeared different.There are differences in subjective and objective risk preferences in regional family asset selection.Compared with other regions,households in western China have weaker risk preferences for risky assets and are more inclined to choose real estate.In addition,the use of the Internet has a significant impact on the choice of household assets.