CAJ | 학술논문

本文基于连续时间资产组合配置理论，运用明瑟收入函数，在考虑个人教育投资的基础上，得出了金融资产最优配置的表达式。通过动态优化模拟的方法，本文得出了不同生命周期阶段个人最优消费与风险性金融资产投资比例，并模拟了不同冲击对最优资产组合结果的影响。本文研究结论的意义在于：优先发展教育，充分调动全社会关心支持教育的积极性，提高教育质量，降低个人教育投资风险，不仅关系到国家的经济发展，更是普通家庭金融福祉所在。
본문기우련속시간자산조합배치이론，운용명슬수입함수，재고필개인교육투자적기출상，득출료금융자산최우배치적표체식。통과동태우화모의적방법，본문득출료불동생명주기계단개인최우소비여풍험성금융자산투자비례，병모의료불동충격대최우자산조합결과적영향。본문연구결론적의의재우：우선발전교육，충분조동전사회관심지지교육적적겁성，제고교육질량，강저개인교육투자풍험，불부관계도국가적경제발전，경시보통가정금융복지소재。
Based on continuous-time portfolio allocation theory, the use of Mincer earnings function, in consideration of per-sonal investment in education, based on the optimal allocation of financial assets obtained expressions. Through dynamic op-timization simulation method, we draw a different optimal consumption and the risk of personal investment ratio of financial assets life cycle stages, and simulate the effect of different impact on the optimal portfolio results. Significance of this con-clusion is that:give priority to education, to fully mobilize the whole society to care for and support educational initiative to improve the quality of education and reduce the risk of personal investment in education, not only to the economic develop-ment of the country, it is the ordinary household financial well-being lies.