家庭金融资产配置的影响因素及决策分析研究

发布时间：2018-06-05 17:14

本文选题：家庭金融资产 + 资产配置　；参考：《哈尔滨工业大学》2012年硕士论文

【摘要】：随着居民收入水平的不断提高和金融工具的逐步多样化，家庭金融资产配置的空间也逐渐变大。家庭金融资产在整个经济系统中所占的比重的增大使得家庭金融资产在国民经济中的地位也越来越重要。与此同时，家庭金融也已成为一个与公司金融和资产定价同等重要的前沿研究领域。从微观角度看，研究家庭金融资产配置有利于提高家庭福利，对家庭进行理性的资产配置决策具有重大的指导意义。从宏观角度看，对家庭金融资产配置进行研究，可以了解家庭的投资偏好，对金融机构相关金融工具的创新和国家相关金融政策的制定具有一定的现实意义。由此可以看出对家庭金融资产配置进行深入研究具有重要的理论意义和现实意义。家庭金融资产配置是一个复杂的过程，以金融资产组合选择理论、消费—储蓄理论以及货币需求理论为研究基础，从三个层次展开对家庭金融资产配置的研究。首先，考虑到家庭金融资产配置影响因素的繁杂性，，将影响因素分为家庭内部和外部因素进行分析。其中家庭内部因素中分析了生命周期效应、教育程度以及财富效应的影响；外部因素中分析了社会互动和社会信任的影响。其次，在对影响因素分析的基础上，通过构建家庭金融资产配置决策的一般框架以解决家庭金融资产配置决策缺乏理性考虑的问题。将家庭金融资产配置决策分为基础阶段、实施阶段以及再平衡阶段三个阶段进行了分析。最后，鉴于决策过程中基础阶段和再平衡阶段都需要考虑家庭自身特征，并且根据所研究的五个因素进行实证分析。以发放问卷的形式，收集到227个样本，利用相关性分析初步验证了五个因素对家庭金融资产配置的影响关系。在此基础上，通过资产分配模型对家庭金融资产配置的影响因素进行多元回归分析。回归结果认为：家庭金融资产配置具有显著的生命周期效应，且影响作用最大；同时具有财富效应，这种财富效应主要是通过月收入来体现；社会互动程度能够增加证券类金融资产配置的深度。
[Abstract]:With the improvement of income level and the diversification of financial instruments, the space of household financial assets allocation becomes larger. The increasing proportion of household financial assets in the whole economic system makes the household financial assets more and more important in the national economy. At the same time, household finance has become an area of research that is as important as corporate finance and asset pricing. From the microcosmic point of view, the study of family financial asset allocation is beneficial to the improvement of family welfare, and has great guiding significance for the rational asset allocation decision of families. From the macro point of view, the study on the allocation of household financial assets can understand the investment preferences of households, and has a certain practical significance for the innovation of financial instruments related to financial institutions and the formulation of relevant national financial policies. Therefore, it is of great theoretical and practical significance to study the allocation of household financial assets. Household financial asset allocation is a complex process. Based on the theory of financial portfolio selection, consumption-saving theory and money demand theory, the research on household financial asset allocation is carried out from three levels. Firstly, considering the complexity of the influencing factors of household financial asset allocation, the factors are divided into internal and external factors. Among them, the influence of life cycle effect, education level and wealth effect is analyzed in the internal factors of the family, and the influence of social interaction and social trust is analyzed in the external factor. Secondly, on the basis of the analysis of the influencing factors, a general framework of household financial asset allocation decision is constructed to solve the problem that the household financial asset allocation decision lacks rational consideration. The household financial asset allocation decision is divided into three stages: the basic stage, the implementation stage and the rebalancing stage. Finally, in view of the fact that both the basic stage and the rebalancing stage in the decision-making process need to consider the family's own characteristics, the empirical analysis is carried out according to the five factors studied. In the form of questionnaire, 227 samples were collected, and the influence of five factors on household financial asset allocation was preliminarily verified by correlation analysis. On this basis, multivariate regression analysis is carried out on the influencing factors of household financial asset allocation through asset allocation model. The regression results show that: household financial asset allocation has significant life-cycle effect and has the greatest influence, and also has wealth effect, which is mainly reflected by monthly income. The degree of social interaction can increase the depth of the allocation of securities financial assets.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48

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