独生子女的资产配置——基于信任和风险态度的预期及检验

The Only-Child's Portfolio Allocation in China:Expectations and an Empirical Investigation Based on Trust and Risk Attitudes

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归属学者：

陈刚

归属院系：

经济学院（数字经济学院）

作者：

陈刚

摘要：

中国曾经实行了30多年的独生子女政策,因此对独生子女成年之后的行为进行研究,具有重要的现实意义。在中国的"独生子女一代"逐渐成年并进入劳动力市场,成为社会各个领域的中坚力量的社会背景下,独生子女政策所产生的长期经济影响可能是影响中国经济发展的关键。文章使用2010年中国家庭追踪调查(CFPS2010)和2011年中国家庭金融调查(CHFS2011)数据,实证评估了独生子女的资产配置行为,以揭示中国的独生子女政策对中国金融市场发展产生的深远影响。研究发现:(1)相比非独生子女,独生子女在资产配置活动中更加规避风险资产,具体表现为户主是独生子女的家庭,其投资股票的概率和持有股票的市值,都显著地低于户主是非独生子女的家庭。(2)独生子女之所以比非独生子女更规避风险资产,可能主要是源于缺乏兄弟姐妹的社会互动和资源稀释,使得独生子女比非独生子女更加不信任他人和更厌恶风险。(3)机制检验证实,户主的信任和风险偏好都显著提高了家庭投资股票的概率和持有股票的市值,且独生子女的确比非独生子女更加不信任他人,但却没有证据表明独生子女与非独生子女的风险态度存在显著的差异。上述结论意味着,独生子女更加规避风险资产的行为特征将对金融产品的市场结构造成显著冲击,因此相关政府部门需要密切关注和重视其中可能隐含的潜在风险和经济影响。

语种：

中文

出版日期：

2019-03-01

学科：

金融学

收录：

CSSCI; 中国科技核心期刊

提交日期：

2019-03-16

引用参考：

陈刚. 独生子女的资产配置——基于信任和风险态度的预期及检验[J]. 财经研究,2019(03):34-46.

全文附件授权许可：

知识共享许可协议-署名

  • dc.title
  • 独生子女的资产配置——基于信任和风险态度的预期及检验
  • dc.contributor.author
  • 陈刚
  • dc.contributor.author
  • Chen Gang;School of Economics, Southwest University of Political Science and Law
  • dc.contributor.affiliation
  • 西南政法大学经济学院;
  • dc.publisher
  • 财经研究
  • dc.publisher
  • Journal of Finance and Economics
  • dc.identifier.year
  • 2019
  • dc.identifier.issue
  • 03
  • dc.identifier.volume
  • v.45;No.448
  • dc.identifier.page
  • 34-46
  • dc.date.issued
  • 2019-03-01
  • dc.language.iso
  • 中文
  • dc.subject
  • 独生子女;资产配置;信任;风险态度
  • dc.subject
  • only-child;portfolio allocation;trust;risk attitude
  • dc.description.abstract
  • 中国曾经实行了30多年的独生子女政策,因此对独生子女成年之后的行为进行研究,具有重要的现实意义。在中国的"独生子女一代"逐渐成年并进入劳动力市场,成为社会各个领域的中坚力量的社会背景下,独生子女政策所产生的长期经济影响可能是影响中国经济发展的关键。文章使用2010年中国家庭追踪调查(CFPS2010)和2011年中国家庭金融调查(CHFS2011)数据,实证评估了独生子女的资产配置行为,以揭示中国的独生子女政策对中国金融市场发展产生的深远影响。研究发现:(1)相比非独生子女,独生子女在资产配置活动中更加规避风险资产,具体表现为户主是独生子女的家庭,其投资股票的概率和持有股票的市值,都显著地低于户主是非独生子女的家庭。(2)独生子女之所以比非独生子女更规避风险资产,可能主要是源于缺乏兄弟姐妹的社会互动和资源稀释,使得独生子女比非独生子女更加不信任他人和更厌恶风险。(3)机制检验证实,户主的信任和风险偏好都显著提高了家庭投资股票的概率和持有股票的市值,且独生子女的确比非独生子女更加不信任他人,但却没有证据表明独生子女与非独生子女的风险态度存在显著的差异。上述结论意味着,独生子女更加规避风险资产的行为特征将对金融产品的市场结构造成显著冲击,因此相关政府部门需要密切关注和重视其中可能隐含的潜在风险和经济影响。
  • dc.description.abstract
  • Over the past 30 years,China has implemented a radical one-child policy for a couple to control overpopulation growth. Although China abolished the one-child policy in 2015 and replaced it with a comprehensive two-child policy,the massive one-child generation,which born during the one-child policy,has grown into adulthood and become a pillar of society in all spheres. So how will the only-child in adulthood allocate portfolio,and whether there is a difference between the portfolio of the only child and the non-onlychild?These problems have become an important part of clarifying the assets of Chinese householders' portfolio allocation. Based on the CFPS2010 and CHFS2011 data,this paper investigates the only-child's portfolio allocation and finds that:householders headed by the only-child are significantly less likely to invest in stocks and hold a market value than householders headed by the non-only-child,and it is still valid after the instrumental variable method is used to overcome the endogenous bias. This means that the only-child is more risk-averse than the non-only-child in portfolio allocation. The main causes may be that,because of lacking social interaction and resource dilution from siblings,the only-child is more averse to risks and tends to trust others less than the non-only-child. Furthermore,the empirical test finds that householders' trust and risk preference significantly improve risky asset market participation,and it is proved that the only-child trusts others significantly less than the non-only-child,but there is no significant difference between the only-child and the non-only-child in risk attitudes. This paper may be the first literature to investigate the only-child's portfolio allocation,which not only enriches the research on Chinese householders' portfolio allocation,moreover,but also greatly supplements the literature on the socioeconomic impact of China's one-child policy. At the policy level,the only-child is more risk-averse,which means that micro-financial enterprises may need to pay attention to the portfolio allocation of the only-child,and target at innovative and marketing financial products to meet the needs of the onlychild. At the same time,with the large-scale only-child growing up,their behavioral characteristics of more risk-averse may have a significant impact on the market structure of financial products. Therefore,policy authorities may also need to pay close attention to risks which are implied in the changes of the financial structure,as well as its impact on macroeconomic policies.
  • dc.description.sponsorship
  • 第五批重庆市高校优秀人才支持计划项目“独生子女政策的长期社会经济影响研究”
  • dc.identifier.CN
  • 31-1012/F
  • dc.identifier.issn
  • 1001-9952
  • dc.identifier.if
  • 2.442
  • dc.subject.discipline
  • F832.2
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