金融脆弱性如何影响资产配置——基于中国家庭的微观证据

How does Financial Vulnerability Affects Asset Allocation?Evidence from Household Survey Data in China

近年来,家庭金融脆弱性的提高可能引发的系统性金融风险问题引起了多方关注,但较少文献关注金融脆弱性对家庭微观经济金融行为造成的影响。基于此,本文使用2013年和2015年中国家庭金融调查数据(CHFS),深入研究了家庭金融脆弱性与风险金融资产配置的关系,研究结论表明:(1)家庭金融脆弱性不仅会抑制同期风险金融投资,而且对长期风险金融投资也有持续负面的影响;(2)风险态度和流动性约束是金融脆弱性产生影响的机制,其中风险态度表现为遮掩效应而信贷约束则表现为中介效应,即金融脆弱性主要通过增加家庭面临的流动性约束,进而对风险金融投资产生负面影响。

Recently,the problem of systemic financial risk caused by the increase of household financial vulnerability has aroused many concerns,but few literatures focus on the impact of financial vulnerability on household micro economic financial behavior.Based on this,this paper uses the data of China Household Finance Survey Data(CHFS)in 2013 and 2015 to deeply study the relationship between household financial vulnerability and risky financial asset allocation,the results show that:(1)Household financial vulnerability will not only inhibit the risky financial investment in the same period,but also have a sustained negative impact on the long-term risky financial investment;(2)Risk attitude and liquidity constraint are the mechanisms that affect financial vulnerability.Risk attitude is a suppressing effect,while credit constraint is a mediating effect.That is,financial vulnerability has a negative impact on risky financial investment mainly by increasing the liquidity constraints faced by households.