背景风险对中国家庭风险金融资产的影响--基于CHFS微观数据的实证分析

摘要

In this paper, for the extension of the classical portfolio theory, the author made a discussion on the influencing factors of family risk assets allocation, which focused on analyzing the importance in the labor income risk, physical condition and commercial and real estate investment based on the prospective of background risk. He used the CHFS data from the Southwestern University of Finance and Economics to make the empirical research. The result showed that:the labor income risk of family financial managers played the reverse role in hold percentage of financial risks assets. On the contrary, physical condition and health secure level played the positive role. Commercial and real estate investment showed the performance of Crowding Effect on the risk financial assets. Furthermore, the wealth and income effects existed in family risk asset allocation obviously, credit constraints and subjective well beings were not obvious.%以经典资产组合理论为延伸，探讨中国家庭风险金融资产配置的影响因素，着重基于背景风险的视角，分析劳动收入风险、健康状况、商业及房产投资在其中的重要作用，并且利用西南财经大学中国家庭金融调查（CHFS）的数据进行实证研究。研究发现：家庭理财者的劳动收入风险对风险金融资产的持有比例起反向作用，相反健康状况和健康保障水平对风险金融资产的持有比例起正向作用，而商业及房产投资对风险金融资产表现为“挤出效应”。此外，家庭风险资产配置中存在显著的财富效应和收入效应，信贷约束、主观幸福感等因素并不显著。