CAJ | 학술논문

背景风险是指特定居民在生命周期投资过程中承担的市场风险以外的风险。已有的研究文献认为,劳动、职业、健康与房产等背景对居民投资组合会产生影响。不同文献在引入背景风险后均对模型目标函数围绕新的变量做了技术上的不同处理,进而模型背景风险的估计、模型求解方法也产生了相应的差异。对模型结果的解释则陷于市场有效性之争,并无定论。本文最后给出了生命周期投资模型对居民投资者风险教育的启示。
배경풍험시지특정거민재생명주기투자과정중승담적시장풍험이외적풍험。이유적연구문헌인위,노동、직업、건강여방산등배경대거민투자조합회산생영향。불동문헌재인입배경풍험후균대모형목표함수위요신적변량주료기술상적불동처리,진이모형배경풍험적고계、모형구해방법야산생료상응적차이。대모형결과적해석칙함우시장유효성지쟁,병무정론。본문최후급출료생명주기투자모형대거민투자자풍험교육적계시。
The background risk is a kind of risk applied to the individual investors during the life-cycle investment in addition to the market risk.Some researches suggest that the background risk,such as labor,profession,health and real estate will affect investors＇ portfolio.Different literatures introduce different technical processes into their model objective functions after considering the background risk and having new variables,therefore the estimation for the background risk and solutions to the models are different as well.The interpretations of their results will be trapped in the dispute over mark efficiency,and cannot get to a common conclusion.In the end,this paper provides the inspiration of the life-cycle investment model to the risk education for the investors.