CAJ | 학술논문

本文首先提出了一个各种因素影响家庭财产水平的理论框架。然后通过对奥尔多投资研究中心2007年＂城市投资者行为调查问卷＂数据的处理和实证分析,估算了中国城镇居民的财产函数,重点考察了户主的主观行为特征在财产积累过程中的重要作用。本文发现：户主投资参与度与风险偏好度的提高有利于家庭财产水平的增加;与低收入或者经济相对落后地区的家庭相比,对高收入或者经济发达地区的家庭来说,投资参与度与风险偏好度对家庭财产水平的积极影响更显著一些。最后,针对政府如何促进居民财产水平的提升,本文给出了相关的政策建议。
본문수선제출료일개각충인소영향가정재산수평적이론광가。연후통과대오이다투자연구중심2007년＂성시투자자행위조사문권＂수거적처리화실증분석,고산료중국성진거민적재산함수,중점고찰료호주적주관행위특정재재산적루과정중적중요작용。본문발현：호주투자삼여도여풍험편호도적제고유리우가정재산수평적증가;여저수입혹자경제상대락후지구적가정상비,대고수입혹자경제발체지구적가정래설,투자삼여도여풍험편호도대가정재산수평적적겁영향경현저일사。최후,침대정부여하촉진거민재산수평적제승,본문급출료상관적정책건의。
This paper first provides a theoretical framework to illustrate how various factors affect and determine households＇ wealth.By empirically analyzing 2007 survey data from Aordo Research Center of Investment,we then estimate the wealth function of Chinese urban households;and particularly examine the important role of householders＇ subjective and behavioral characteristics in the process of wealth accumulation.Results find that it will benefit the growth of wealth level to increase householders＇ investment participation and risk preference.Moreover,compared with the households of low income or in relatively poor regions,the positive impacts of investment participation and risk preference on the wealth level of households of high income or in developed regions are more significant.At last,we make some suggestions to the government on how to promote households＇ wealth level.