四川大学硕士学位论文
我国国情提出了相应的政策建议。
本文研究的结论：第一，家庭资产规模对于家庭风险金融资产的选择有着
显著的正向影响。随着资产规模的增长，家庭对股票、基金等风险金融资产市
场的参与程度有所提升。家庭资产规模每增加10万，家庭参与股票市场的可能
性会提升1.2%，参与基金市场的可能性会提升0.97%。第二，随着家庭资产规
模的增长，家庭风险金融资产占总资产的比例也会有所提升。家庭资产规模每
增加10万，家庭持股占比占总资产的比重会提升12.3%，家庭持有基金产品占
总资产的比重会提升 10.4%。第三，我国应当进一步发展和完善金融市场，以
满足居民家庭日益增长的投资需求，同时也应当通过转移性支付或者合理的税
收调节措施来缩减贫富差距，使得社会更加平稳的向前发展。
关键词：家庭风险金融资产选择家庭资产规模缓冲储蓄理论
II

四川大学硕士学位论文
The Influence of Household Asset Size on the
Choice of Risky Financial Assets
Major: Finance
Postgraduate: Pengxuan Ge
Supervisor: Guoying Deng
Abstract: The scale of risky financial assets of Chinese families has been
growing steadily with the economic development, which is the result of China's
economic development and the accumulation of family wealth.
The steady growth of the total household financial assets provides a solid
foundation for the prosperity of the capital market, helps to solve the financial
constraints faced by the real economy, meets the financing needs of the real economy,
stimulates the vitality of enterprises, and adds impetus to the development of
enterprises, thus promoting the rapid and sound progress of China's economy.
In addition, with the continuous improvement of the household income level, the
accumulated wealth is also gradually increasing, which requires the family to
rationalize the investment of the wealth held in order to maintain and increase the
value of the family wealth.
The unreasonable allocation of financial assets will not only cause the loss of
family wealth, but also cause the misallocation of capital structure in the whole
financial market.
In this context, this paper finds that:
Firstly, family asset size has a positive impact on whether to hold risky financial
assets. Other things being equal, families with larger asset size are more likely to
participate in risky financial asset market.
Secondly, household asset size has a positive impact on the proportion of holding
III

四川大学硕士学位论文
risky financial assets. Other things being the same, households with larger asset size
have a higher proportion of holding risky financial assets.This paper uses the theory
research and comparative analysis, theoretical analysis, qualitative research method
of combining the statistics, the household financial assets choice behavior theory is
discussed, and then through the international comparison, summarized the national
law of household financial assets choice behavior and differences, for the family in
the portfolio of indirect participation in the trend of the stock market, family financial
risk are analyzed theoretically assets choice behavior may influence elements, and
further use of Carroll’s Buffer Stock Theory as the theory basis of this article,
Based on this, an econometric model is set up, and the data from China
Household Financial Survey and Research Center (CHFS) are used to demonstrate the
influence of the family asset size pointed out in this theory on the choice of risky
financial assets of families.
The main results of this study are as follows:
Firstly, household asset size has a significant positive impact on the choice of
household risk financial assets. With the growth of asset scale, households'
participation in the stock, fund and other risk financial asset markets has increased.
For every 100 thousand increase in household assets, the possibility of households
participating in the stock market will increase by 1.2% and the possibility of
participating in the fund market will increase by 0.97%.
Secondly, with the growth of household assets, the proportion of household risk
financial assets in total assets will also increase. For every 100 thousand increase in
family assets, the proportion of family holdings in total assets will increase by 12.3%,
and the proportion of family held fund products in total assets will increase by 10.4%.
Thirdly, we should further develop and improve the financial market to meet the
growing investment needs of residents' families. At the same time, we should reduce
the gap between the rich and the poor through transfer payment or reasonable tax
adjustment measures, so as to make the society develop more stably.
IV
。。。以下略