金融可得性、金融市场参与和家庭资产选择 阅读全文
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Title | Financial Availability, Financial Market Participation and Household Portfolio Choice
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作者 | 尹志超 吴雨 甘犁 |
Author | ZhichaoYin Yu Wu and Li Gan |
作者单位 | 西南财经大学金融学院、中国家庭金融调查与研究中心 |
Organization | Southwestern University of Finance and Economics |
作者Email | yzc@swufe.edu.cn |
中文关键词 | 金融可得性 金融市场参与 资产选择 |
Key Words | Financial Availability; Financial Market Participation; Household Portfolio Choice |
内容提要 | 本文运用中国家庭金融调查(CHFS)数据,从正规金融市场和非正规金融市场两个方面,研究了金融可得性对家庭金融市场参与及资产配置的影响。对正规金融市场的研究发现,金融可得性增加会提高家庭正规金融市场参与,同时会促使家庭增加在正规金融市场上的风险资产配置。对非正规金融市场的研究发现,无论是家庭作为非正规金融市场参与的借入方(需求方)还是借出方(供给方),金融可得性提高都会降低家庭在非正规金融市场的参与,同时降低家庭在非正规金融市场的风险资产配置。因而,改善金融可得性对家庭参与正规金融市场有正向影响,并对非正规金融市场有抑制作用。 |
Abstract | Using China Household Finance Survey (CHFS) data, this paper investigates the impacts of financial availability on Chinese households’ financial market participation and portfolio choice both in the formal financial market and in the informal financial market. We find that the increase in the financial availability will enable households more actively to participate in the formal financial market and increase their risky asset holdings in the formal financial market. While in the informal financial market, households decrease their participation in the informal financial market and decrease their risky asset holdings in the informal financial market. In conclusion, the financial availability has a positive effect on households’ participation in the formal market and has a negative effect on it in the informal market. |
文章编号 | WP537 |
登载时间 | 2013-09-24 |
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