股市投资功能与居民金融资产多元化发展

在中国金融深化和市场化进程中,有许多因素会影响到居民金融资产多元化进程,但深入研究股市的投资功能将更具重要的理论意义和现实意义。本文认为,证券资产持有不足是目前中国居民金融资产多元化进程中存在的主要问题；从表层看,中国居民不愿长期持有股票是由股市在过去年份的异常波动和近几年的持续低迷造成的；从深层次看,导致股市异常波动的重要原因之一是中国股市的投资功能较弱；因此,改善中国股市的投资功能将是推动中国居民金融资产多元化进程的关键。

Investment Function of Stock Market and the Diversification of Residents'''' Financial Assets

In the development of Chinese finance system and market economy,many factors can affect the diversification of the residents financial assets,but the stock market is one of the most important factors.Therefore,it is significant in theory and in practice to re- search the investment function of the stock market.The point of this paper can be summarized as follows:first,the main problem in the diversification of the residents'financial assets is that the residents do not hold enough securities assets;second,the residents are unwill- ing to hold stocks for a long time,the reason of which lies in the abnormal fluctuation of the stock market;third,the investment function of Chinese stock market is not strong enough,which has become one of the main causes that give rise to the abnormal fluctuation of the stock market.Therefore,to promote the diversification of the residents'financial assets,the investment function of Chinese stock market should be.improved.