北京市居民家庭金融資產(chǎn)投資影響因素分析

摘要

    本文從北京市居民家庭金融資產(chǎn)投資的影響因素入手，對居民家庭的可支配收入、消費支出和風(fēng)險這三個宏觀影響因素進(jìn)行了重點分析。通過回歸分析，研究了收入和消費對金融資產(chǎn)投資的影響，并采用鄒氏檢驗法確定了2002年前后北京市居民家庭收入、消費與金融資產(chǎn)投資之間的關(guān)系發(fā)生了結(jié)構(gòu)性變化；同時通過計量模型研究了不同收入水平對金融資產(chǎn)投資的不同影響，并從平均傾向和邊際傾向的角度分析了家庭消費和金融資產(chǎn)投資的關(guān)系；繼而研究了金融資產(chǎn)投資的平均風(fēng)險投資傾向和邊際風(fēng)險投資傾向；最后分析了家庭收入、消費增長率與金融資產(chǎn)投資增長率的關(guān)系。研究發(fā)現(xiàn)，家庭金融資產(chǎn)投資與收入正相關(guān)，與消費負(fù)相關(guān)，而且不同收入水平對家庭金融資產(chǎn)投資的影響差異也很大；而風(fēng)險因素研究發(fā)現(xiàn)，北京市居民家庭金融資產(chǎn)投資比較保守，重安全輕收益的投資意識仍然較強，這導(dǎo)致了家庭投資效率低下。從增長率的角度來看，家庭收入的增長速度對金融資產(chǎn)投資的增長速度有促進(jìn)作用，而消費的增長速度卻有抑制作用。

關(guān)鍵詞：金融資產(chǎn)投資  可支配收入  消費支出  風(fēng)險

ABSTRACT

    The analysis of three macroscopic factors, the disposable income, the consumption expenditure and the risk, has been done, starting from the influence factors of the investment of the financial assets of the families of Beijing. According to the regression analysis, the influence of the income and consumption on the investment of the financial assets has been studied, and the relationship between the income, the consumption and the investment of the financial assets of the families of Beijing before and after 2002 has been confirmed by the test of Chow; the various influence of the different income levels on the financial asset investment has been studied according to the econometric model, and the relationship between the families consumption and the financial assets investment has been analyzed from the point of view of the average venture capital trends and the marginal risk propensity to invest; finally, the relationship between the families income, the consumption increase rate, and the financial assets investment increase rate. Studies show the positive correlation exists between the families financial assets investment and the income, and the negative correlation exists between the families financial assets investment and the consumption, furthermore, the influences of the different income level on the families financial assets investment vary greatly; while the studies of the risks factors show that the families financial assets investment of Beijing tends to be conservative, the investment awareness tends to be good, which will lead to the low investment efficiency. On the aspect of the increasing rate, the increasing velocity of the family income will prompt the financial investment of the financial assets investment, but will suppress the increase velocity of the consumption as well.

Keywords: financial assets investment, disposable income, spending, risk
 
目錄
摘要 I
ABSTRACT II
一、引言 1
（一）研究背景 1
（二）研究意義 1
（三）國內(nèi)外研究現(xiàn)狀 2
二、居民家庭金融資產(chǎn)投資影響因素的實證研究 3
（一）收入與居民家庭金融資產(chǎn)投資 5
1、居民家庭收入規(guī)模對金融資產(chǎn)投資的影響分析 5
2、居民家庭金融資產(chǎn)投資和收入關(guān)系的結(jié)構(gòu)性檢驗 6
3、居民家庭的不同收入水平對金融資產(chǎn)投資的影響分析 9
（二）消費與居民家庭金融資產(chǎn)投資 11
1、平均消費傾向與平均金融資產(chǎn)投資傾向 11
2、邊際消費傾向與邊際金融資產(chǎn)投資傾向 13
3、居民家庭金融資產(chǎn)投資和消費關(guān)系的結(jié)構(gòu)性檢驗 14
（三）風(fēng)險與居民家庭金融資產(chǎn)投資 15
1、平均風(fēng)險投資傾向和邊際風(fēng)險投資傾向 16
2、居民家庭風(fēng)險投資傾向分析 17
（四）金融資產(chǎn)投資增長率與收入、消費增長率的關(guān)系 19
四、結(jié)論 23
參考文獻(xiàn) 24