人口流动对家庭风险金融资产配置的影响——基于CHFS数据的实证研究

The Impact of immigration on Household Risk Financial Asset Allocation-Empirical Research Based on CHFS Data

改革开放以来,中国经历了大规模的人口迁移,形成了庞大的流动人口群体,对经济社会各个领域产生了深刻的影响,也在一定程度上改变了居民的家庭金融资产配置结构。利用中国家庭金融调查(CHFS)2017和2019年两期数据,实证分析了人口流动对家庭风险金融资产配置的影响。研究发现:人口流动对家庭风险金融资产配置具有显著的正向促进效应,在使用工具变量法处理内生性问题和一系列稳健性检验之后结论依然成立。进一步研究发现,人口流动对50岁以上的户主家庭和城市居民家庭的风险金融资产配置促进作用更大;同时,人口流动通过影响家庭的社会互动和风险偏好,进而提升家庭的风险金融资产配置水平。鉴于已有文献鲜有从人口流动视角研究家庭风险金融资产配置问题,研究结论丰富了相关文献,同时也为政府相关部门优化人口流动机制、拓宽居民投资渠道提供了理论依据。

Since the reform and opening-up,China has experienced large-scale population immigration and formed a huge floating population group,which has had a profound impact on economy and society,and also changed the household financial asset allocation structure of residents.Based on the data of China Household Finance Survey(CHFS)in 2017 and 2019,this paper empirically analyzes the impact of immigration on household risky financial asset allocation.It is found that population flow has a significant positive promoting effect on household investment in risky financial assets,and the conclusion is still valid after using instrumental variable method to deal with endogenous problems and a series of robustness tests.Further research shows that population mobility has a greater effect on the allocation of risky financial assets allocation in households headed by people over 50 years old and in urban households.At the same time,population flow promotes the allocation of risky financial assets of households by influencing their social interaction and risk preference.In view of the fact that there are few existing literatures on household risk financial asset allocation from the perspective of population flow,the research conclusions enrich the relevant literatures,and provides a theoretical basis for relevant government departments to optimize the environment of population migration and broaden residents’financing channels.