中国居民家庭负债对其资产选择的影响研究

发布时间：2018-10-22 17:46

【摘要】：近年来，随着国家宏观经济的飞速发展，家庭居民的生活水平日益进步，关于家庭居民的金融性问题开始受到社会的关注，特别是负债及资产选择情况如何分配成了困扰人们的一个问题，因而分析我国居民家庭的负债以及资产选择情况，以及负债对于资产选择情况的影响关系就显得极具理论意义和现实意义。然而，现阶段的关于家庭金融的研究主要侧重于家庭的金融性资产的选择方面，一般是根据调查数据结合家庭的特征进行回归分析，而关于家庭负债方面的研究却相对较少。在过去的时间中，由于家庭负债相对较低，因而单纯的研究家庭特征对家庭金融性资产的影响其结果相对没有太多偏差，但随着我国居民家庭的负债情况发生变化，负债对于家庭金融的重要性明显提升，此时单纯的研究家庭特征就显得有失偏颇。同时，笔者认为家庭的负债会影响到家庭的资产选择情况，其两者之间存在着相互影响的关系。而目前国内对于家庭负债与其资产选择的关系研究的文章还不多。基于以上原因，本文立足于我国家庭的金融性特征，，分析家庭负债情况与资产配置情况，并重点研究家庭的住房抵押贷款对家庭的资产选择情况的影响问题。本论文的研究主要可以分为三大部分：第一部分是理论分析部分。理论分析部分主要包括导言、文献综述和模型的设计。本论文通过导言提出本文的研究背景、意义和主要研究思路。理论综述回顾了前人对于住房抵押贷款的研究、对于信用卡消费问题以及信用卡与持有资产关系问题的研究、对于家庭金融资产选择的研究等，分析负债对于资产选择的影响，以及如何合理的配置负债与资产选择的关系问题。通过对于前人的研究成果的总结和归纳，在此基础上本文提出了研究的主要模型设计；第二部分是实证研究部分。在第一部分模型设计的基础上，本文选用CHFS数据进行了实证分析。本部分首先从我国家庭的负债情况与资产配置情况入手，分析了居民家庭金融的特征、家庭的负债情况以及家庭的风险性资产与安全性资产的情况，之后介绍实证研究时所需要的数据以及研究方法，通过分析家庭的负债特别是家庭的住房抵押贷款对于家庭的资产选择的影响，得出家庭持有负债会使得家庭更多的参与到风险性资产的选择上，同时倾向于持有更少的债券类安全性资产，此结果与家庭特征中的描述结果相一致。再后考虑了研究结果的内生性问题，通过实证研究，排除了家庭的财富影响以及家庭对于投资知识的匮乏的影响的干扰。第三部分是结论部分。在这一部分，本论文对理论分析部分和实证研究部分所涉及到的研究结果进行了归纳和总结，并提出了相应的政策建议。在已有研究的基础上，论文可能有以下创新：第一，现有的研究成果主要集中在对于我国家庭金融资产的选择实证方面或者负债的结构方面，而对于两者的相互关系的考虑较少，缺乏对于消费信贷的考虑，而对于家庭的负债情况对家庭资产选择的影响方面的研究更少，故而本文对此进行了补充。第二，在分析家庭金融的选择结构方面，立足于负债利率高于债券类安全性固定收益资产的事实，分析了家庭的投资合理性问题，给家庭资产与负债的关系的合理性提供一定程度的参考。第三，在实证研究方面，将负债的提前偿还问题与投资问题进行了对比研究，研究家庭的资产选择问题，更加完备了家庭的资产选择情况。
[Abstract]:In recent years, with the rapid development of the national macro-economy, the living standard of the household residents has been increasing, and the financial problems about the residents of the family have begun to be paid attention to by the society, especially how the debt and the choice of assets have been allocated to a problem that puzzles people, Therefore, it is of great theoretical and practical significance to analyze the liabilities of our families and the choice of assets, as well as the relationship between the liability and the choice of assets. However, the research on family finance at the present stage mainly focuses on the choice of family financial assets, and it is generally based on the analysis of the characteristics of the households according to the survey data, while the research on family liabilities is relatively small. In the past few years, since the household debt is relatively low, the simple study of family characteristics has relatively little influence on the household financial assets, but with the change of the debt situation of our families, the importance of debt to the family finance is obviously improved. At this time, the simple study of family characteristics appears to be biased. At the same time, the author holds that the family's liabilities affect the family's choice of assets, and there is a mutual influence between them. At present, there are still many articles on the relationship between domestic debt and its asset selection. Based on the above reasons, this paper is based on the financial characteristics of our family, analyzes the family debt situation and the asset allocation situation, and focuses on studying the influence of home mortgage loan on the family's asset selection. The research of this thesis can be divided into three parts: the first part is the theoretical analysis Part. Theoretical analysis mainly includes introduction, literature review and model. This paper presents the background, significance and main research of this thesis through introduction. The paper reviews the previous researches on housing mortgage loan, the research on the problem of credit card consumption and the relationship between credit card and holding assets, the research on the choice of family financial assets, etc. Influence, and how to reasonably configure the relationship between liability and asset selection In this paper, the main model design of the research is put forward, and the second part is the empirical research. Part. Based on the first part of the model design, this paper chooses CHFS data. This part starts with the debt situation and the asset allocation situation of our country, analyzes the characteristics of the family finance, the debt situation of the family and the situation of the risky assets and security assets of the family, then introduces the data needed in the empirical research and the research. Methods: By analyzing the influence of family's debt, especially the home mortgage loan on the family's choice of assets, it is concluded that the family holding debt will make the family more involved in the choice of risky assets, and at the same time tend to hold less bond security Assets, this result, and the results of the description in the home feature In addition, the internal problems of the research results are taken into account. Through the empirical study, the influence of the wealth of the family and the influence of the family on the lack of investment knowledge are excluded. Interference. Part 3 is the conclusion Part. In this part, this paper summarizes and summarizes the research results involved in the theoretical analysis and the empirical research, and puts forward the corresponding policy. On the basis of existing research, the paper may have the following innovations: firstly, the existing research results mainly focus on the empirical aspects of the choice of financial assets in our country or the structure of the liabilities, and the relationship between them is related to each other. There are fewer considerations, lack of consideration for consumer credit, and less research on the impact of household debt situations on family asset selection, so this article Secondly, based on the fact that the debt interest rate is higher than the fixed income asset of the bond type in the aspect of analyzing the choice structure of the family finance, the rationality of the family's investment rationality is analyzed, and the rationality of the relationship between the household assets and the debt is provided. Third, in the aspect of empirical research, the problem of early repayment of debt and investment problem are compared and studied, the problem of family's choice of assets is studied, and the family's capital is more complete.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F126.1

【参考文献】