劳动收入、不确定风险与家庭金融资产选择

Labor Income,Uncertain Risks and the Selection of Family Financial Assets

根据2013年中国家庭金融调查数据,分别运用logit,tobit和oprobit模型检验劳动收入、不确定风险与家庭金融资产选择的关系。实证结果表明,家庭收入水平影响投资组合多样化,收入显著促进了储蓄与风险资产并存的家庭投资格局;中国家庭存在预防性储蓄动机,当收入不确定增加时,储蓄较风险投资增加更多;中国家庭在风险资产投资中存在谨慎动机,家庭进行风险资产投资时倾向于与无风险的储蓄资产组合;劳动收入显著促进中西部家庭投资组合多样化,而收入不确定风险显著促进东部家庭投资组合多样化;劳动收入及不确定风险通过增加家庭金融知识及风险偏好而促进家庭储蓄和风险资产投资。

According to the data of 2013 China Household Finance Survey,logit,tobit and oprobit models are used to examine the relationship between labor income,uncertain risk and the selection of household financial asset.The empirical results show that family income level affects the diversification of the portfolio,and income significantly promotes family investment pattern in which savings and risk assets coexist;Chinese families have the precautionary saving motives,and when income uncertainty increases,saving increases more than risk investment;Chinese families have cautious motives in venture capital investment.Households tend to combine risk-free savings assets when making investment in risky assets.Labor income significantly promotes diversification of family investment portfolios in the central and western regions in China,while income uncertainty risks significantly promote household portfolios in eastern China.Labor income and uncertain risks promote household savings and venture capital investments by increasing household financial knowledge and risk preference.