CAJ | 학술논문

经典生命周期投资组合文献假定所有投资者的投资都是持续一生的。因此用投资者的年龄简单替代投资期限．但投资者实际投资期限与理论假定相去甚远。本文基于中国居民微观调查数据实证研究发现，投资者的年龄不能替代投资期限。投资期限的缩短可能主要是因为投资者承担背景风险。背景风险既是影响居民家庭投资期限的主要原因，也显著影响居民家庭对股票市场的参与。研究结果表明，如果要引导中国家庭投资者更多地投资于以股票为代表的风险资产,需要降低投资者的背景风险并延长投资期限。
경전생명주기투자조합문헌가정소유투자자적투자도시지속일생적。인차용투자자적년령간단체대투자기한．단투자자실제투자기한여이론가정상거심원。본문기우중국거민미관조사수거실증연구발현，투자자적년령불능체대투자기한。투자기한적축단가능주요시인위투자자승담배경풍험。배경풍험기시영향거민가정투자기한적주요원인，야현저영향거민가정대고표시장적삼여。연구결과표명，여과요인도중국가정투자자경다지투자우이고표위대표적풍험자산,수요강저투자자적배경풍험병연장투자기한。
Classical literature presumes that the investment horizon is the whole life cycle. Many researchers often use age as a proxy variable of horizon, whereas empirical research shows the actual investment horizon is far different from the theoretical prediction. This article uses the 2009 data ＂Survey of Household Economic Conditions and Attitudes＂ to find the reason. The empirical test shows that age cannot be used as a perfect proxy variable of investment horizon and the shortening of the horizon is mainly affected by the background risk. Since background risk is a key factor to the investment horizon, it greatly affects the household on stock market participation. The research has shown that to increase the Chinese household participation in investing in risky assets such as stocks, lowering the background risk and prolonging the investment horizon are necessary.