生命周期与家庭投资组合有效性——投资经验累积还是认知能力衰退

生命周期影响家庭投资组合有效性的方式，直接关系到金融市场效率和总消费水平。文章采用2013年中国家庭金融调查数据（CHFS），从生命周期视角出发，通过投资经验机制和认知能力机制，分析年龄对家庭投资组合有效性的影响效应，并基于城乡差异和区域差异分析年龄影响的异质性，同时从普惠金融和教育两方面提出增加投资组合有效性的方式。研究结论表明：（1）户主年龄对家庭投资组合有效性产生倒U型的影响；（2）随着年龄的上升，投资经验累积和认知能力衰退对投资组合有效性产生反向影响，使其形成倒U型的生命周期模式；（3）年龄对投资组合有效性的影响，仅存在于城镇和东部区域等金融发展水平较高的地区；（4）普惠金融和教育可以缓解认知能力的衰退，进而提高家庭投资组合有效性。

Life Cycle and Household Portfolio Effectiveness: Investment Experience Accumulation or Cognitive Decline?

The way that life cycle affects the household portfolio effectiveness is directly related to the financial market efficiency and the overall consumption level. Based on the data of China Household Finance Survey (CHFS) in 2013, through investment experience mechanism and cognitive ability mechanism, this paper analyzes the impact of life cycle on the household portfolio effectiveness, and analyzes the heterogeneity of the impact of age based on urban-rural differences and regional differences. And this paper puts forward the methods to improve the portfolio effectiveness from inclusive finance and education. The results show that:(1) The household head's age has an inverted U-shaped effect on the portfolio effectiveness. (2) With the increase of age, the accumulation of investment experience and the decline of cognitive ability have a reverse impact on the portfolio effectiveness, forming an inverted U-shaped life cycle pattern. (3) The effect of household head's age on portfolio effectiveness only exists in the areas with higher financial development level such as urban city and eastern region. (4) Inclusive finance and education can alleviate the decline of cognitive ability, and then improve the portfolio effectiveness.