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作为家庭金融的细分研究方向,风险金融资产配置领域引起了较大关注。本文从风险金融市场参与角度出发,对近年来该领域的研究进展进行了回顾,国内外研究在放松了经典资产组合模型假设的前提下,从市场摩擦、背景风险、行为因素、信息处理能力和家庭特征等五个角度对风险金融市场有限参与之谜进行解释,本文对上述因素对家庭风险金融资产配置的影响效应和影响机制进行了深入的探讨,并且展望了未来的研究方向。由于家庭金融发展时间较短,研究数据和研究方法需要进一步改善,风险金融资产配置领域仍有较大的研究和发展空间。 相似文献
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《农村金融研究》2021,(7)
论文主要分析了家庭的开放性人格特征对金融市场参与的影响,采用了\"大五\"人格特征维度下的开放性维度衡量开放性人格特征,基于中国家庭追踪调查(CFPS)数据,发现家庭的价值观越开放,家庭参与金融市场投资的可能性越高;收入越高,开放性人格特征对家庭金融市场参与的影响就越大。此外,开放性人格特征的边际效应从东部到西部递减,东北地区例外。论文还发现了从开放性人格特征到家庭金融参与的一条重要影响路径——课外阅读。最后指出,政府要重视开放性人格在金融市场投资中的作用,培养具有开放性人格的青年,为解决家庭金融市场参与率低、中国家庭储蓄率居高不下等问题提供一个可行的思路。 相似文献
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本文利用具有全国代表性的中国家庭收入调查(CHIP)数据,对不同类型、不同渠道及不同强度的信贷约束进行了多维度的全面界定,并分析了信贷约束对居民家庭金融市场参与的影响.研究认为,总体上,信贷约束对家庭金融市场的参与概率和参与程度具有显著的负向影响.具体来说,相比于供给型信贷约束,需求型信贷约束对家庭金融市场参与的抑制作用更大;当家庭面临机构和私人双重信贷约束,或受信贷约束强度更大时,其金融市场参与概率和参与程度更低.作用机制方面,信贷约束通过影响家庭收入和风险偏好,进而抑制家庭金融市场参与行为.异质性分析发现,信贷约束对年轻和老年家庭,以及较低财富水平家庭的金融市场参与抑制作用更大. 相似文献
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本文运用2017年中国家庭金融调查的微观数据,分析了家庭金融市场参与对家庭幸福感的影响.为有效克服样本的自选择问题,本文使用了倾向得分匹配法,研究发现家庭金融市场参与能显著提高家庭幸福感,且家庭参与低风险金融市场的投资所获得的幸福感要显著高于参与高风险金融市场的投资所获得的的幸福感,家庭参与股票与基金高风险金融市场的研... 相似文献
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文章从社会网络的视角,探究居民家庭对风险金融市场的有限参与问题,基于中国家庭金融调查(CHFS)数据,实证分析社会网络对居民家庭参与风险金融市场的影响.研究结果表明,社会网络与家庭风险金融市场参与之间呈现倒U型关系,适度的社会网络能够促进家庭参与风险金融市场,但社会网络的过度嵌入会抑制家庭参与风险金融市场.在作用机制方... 相似文献
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近年来,我国人口老龄化不断加剧,仅靠社会保障体系难以有效应对养老、医疗等人口老龄化带来的问题,商业保险因此成为有力的补充。基于2019年中国家庭金融调查数据,运用Probit模型从家庭层面实证分析了人口老龄化对居民家庭商业保险参与的影响。结果表明：人口老龄化显著降低了家庭商业保险参与;人口老龄化通过降低家庭可用资金和家庭健康水平来降低家庭商业保险参与;人口老龄化对家庭商业保险参与的抑制作用在低金融素养、农村地区、有少儿抚养和未经历重大负面事件的家庭中更加显著。上述结论对我国应对人口老龄化挑战、推进商业保险市场发展具有一定的现实意义。 相似文献
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基于2019年中国家庭金融调查（CHFS）数据,采用因子分析法构建社会保险变量后,使用Probit和Tobit模型探究了社会保险与家庭风险金融市场参与之间的关系,并采用工具变量克服基准模型中可能存在的内生性问题。进一步地,基于KHB方法检验风险态度的中介效应。研究发现：拥有较多种类的社会保险会显著提高家庭持有风险金融资产的可能性和风险金融资产占家庭总资产的比重;针对职工群体的社会保险险种相比针对普通居民群体的险种更能促进风险金融市场参与;相比城市居民和受教育水平较高的居民,社会保险对农村居民、受教育水平较低的居民影响更显著;社会保险水平提升会使居民更为偏好风险,进而促进其参与风险金融市场;此外,灵活就业群体的社会保险和风险金融市场参与水平低于正式就业群体。最后,根据研究结论提出了相关对策建议。 相似文献
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Guy Kaplanski 《Quantitative Finance》2013,13(8):1283-1298
Several empirical studies reveal that holidays generally create positive sentiment in the stock market, whereas negative events, such as wars or disasters, are accompanied by negative sentiment. However, what happens if a negative event occurs on a holiday? In such a case, we expect two conflicting sentiment effects, which may cancel one another out or, alternatively, one effect may dominate the other. The stock market in Israel provides a unique laboratory in which to test these two conflicting effects, as Israel faced a horrible war on the Yom Kippur holiday in 1973—a war whose influence is still strongly felt today. Indeed, we find two robust effects: A strong and significant positive holiday sentiment effect; and a negative war sentiment effect, which dominates the positive holiday effect. These results, which show how sentiment effects are created, are general and can easily be applied to other events and other markets when conflicting sentiment effects occur. 相似文献
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Until recently, the lack of appropriate harmonized micro data covering both income and wealth has been the major obstacle in analyzing financial vulnerability of the household sector in the euro area. This data problem has been partially circumvented by the dissemination of the Household Finance and Consumption Survey (HFCS). Based on this unique data set, we put forward a stress testing method of household balance sheets in a consistent manner across euro area countries. To this end, we put forward a metric of distress which takes into account both the solvency and liquidity position of the household and demonstrate that this metric outperforms the most common metrics used in the literature, which do not take into account the households’ asset holdings. We calibrate this metric using the country level data on non-performing loan ratios and estimate stress-test elasticities in response to an interest rate shock, an income shock and a house price shock. We find that, albeit euro-area households are relatively resilient as a whole, there are large discrepancies in the impact of macroeconomic shocks across countries. Finally, we demonstrate that our framework could be used to assess some measures mitigating losses to the banks, such as engaging in the restructurings of loans that are at risk of defaulting. 相似文献
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经济全球化对我国家电行业市场结构的影响及对策 总被引：1，自引：0，他引：1
戴炳源 《中央财经大学学报》2006,(7):64-68,92
随着经济全球化的进一步发展,越来越多的跨国公司进入我国家电行业,这对我国家电业市场结构产生重大的影响。本文拟从三个方面对此讨论:(1)我国家电业的特点及市场结构状况;(2)跨国公司对我国家电业市场结构的影响;(3)优化我国家电业市场结构的对策。 相似文献
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This paper analyses how financial outreach affects the probability of households having financial constraint (i.e. being ‘discouraged’ and ‘rejected’ for loan applications). We show that households residing in communities with more bank branches are less likely to be financially constrained. Using the distance to the closest fruit and vegetable (open) market as an instrument for financial outreach, we address the potential endogeneity problem and find our results remain robust. We further provide evidence on the negative relationship between the number of bank branches nearby and the probability of loan rejection, in particular for middle‐income young households. 相似文献
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本文研究了金融市场参与对家庭幸福的影响。理论分析显示,金融市场参与通过风险和收益对家庭幸福产生影响。本文运用2015年中国家庭金融调查数据,实证研究了金融市场参与对家庭幸福的影响。为克服内生性,本文选取工具变量,运用极大似然估计发现,家庭参与金融市场会显著提高家庭幸福的可能性。从投资风险的角度进一步研究发现,金融投资的风险异质性对家庭幸福有显著影响:家庭参与低风险金融投资会显著提高家庭幸福,参与高风险金融投资会显著降低家庭幸福。从民间借贷参与中,本文发现家庭参与民间借出款会显著提高家庭幸福的可能性。民间借贷投资风险对家庭幸福的异质性影响也是存在的,高风险借出款对家庭幸福有显著的负向影响。本文为理解家庭金融投资行为与幸福的关系提供了新的证据,可为构建和谐社会提供有益参考。 相似文献
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The efficient allocation of household assets is important for household wealth and entrepreneurial activities. However, there is scarce evidence on how entrepreneurial activities influence household financial decisions. We use a simple model to characterize the impact of entrepreneurship on household portfolio choice and the two underlying channels—the diversification effect and the risk substitution effect. We also empirically examine the impact of entrepreneurship using data from the 2013, 2015, and 2017 waves of the China Household Finance Survey (CHFS). The empirical results show that entrepreneurship significantly decreases both household risky market participation and risky asset holding. These findings are robust to alternative measurements of key variables, different model specifications, and Lewbel’s two-stage estimators. This study also verifies the co-existence of both the diversification and risk substitution effects. In particular, the net effect of entrepreneurship on household portfolio choice varies between urban and rural areas due to the different offsetting results between the two effects. 相似文献
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近年来储蓄存款一直快速增长,虽然最近证券市场的繁荣暂时对储蓄存款形成了较为显著的分流作用,但是,一旦证券市场趋势逆转,流向证券市场的储蓄资金很快就会回流.因此,研究储蓄存款在证券市场之外的分流具有重要意义.消费市场交易和房地产市场交易虽然没有很强的储蓄分流效应,但是具有长期影响.尤其是房地产市场的影响,更值得关注. 相似文献
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The global landscape has seen the advent of new technology in offering innovative financial services and products and reshaping the financial sector, namely FinTech. In this review, we discuss the literature on recent FinTech development and its interaction with both banks and consumers. We synthesize the insights it provides into two domains: credit supply and payment and clearing services. The rise of FinTech has introduced digital transformation of the “bricks‐and‐mortar” banking model and dramatically changed the way financial services are delivered. We also present several future questions and directions that are worthy of investigation for researchers and policy‐makers. 相似文献
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