摘要
通过构建家庭消费效用预期最大化的模型,推导基于金融资产配置的最优消费函数的一个显式解。基于CHFS2013和CHFS2015的数据从资产效应和财富效应分析家庭金融资产配置对城乡家庭消费的影响。结果表明:金融资产配置对城乡家庭消费有资产效应和财富效应,银行储蓄和持有债券对家庭消费具有负影响,而且城市家庭消费对储蓄和债券的敏感度高于农村家庭;股票和基金对家庭消费具有正影响,而且城市家庭消费对股票和债券的敏感度高于农村家庭;信贷对城市家庭消费具有正影响,对农村家庭消费影响不大;风险态度对城市和农村居民家庭消费有负作用,而且城市家庭消费对风险态度的敏感度高于农村家庭。
By constructing a model for maximizing household consumption utility expectation,authors deduced an explicit solution of the optimal consumption with financial asset allocation.Then using the data of CHFS2013 and CHFS2015,we analyzed the impact of household financial asset allocation on household consumption in urban and rural areas from the perspective of asset effect and wealth effect.The results show that the allocation of financial assets has asset effects and wealth effects on urban and rural household consumption.Household positions and bonds have negative impacts on household consumption,and that urban household consumption is more sensitive to positions and bonds than rural households.However,stocks and funds have a positive impact on household consumption,and the sensitivity of urban household consumption to stock and bonds is higher than that in rural households.The credit loans have positive impacts on urban household consumption while the impacts of credit loans on rural household consumption are not significant.Risk attitudes have a negative effect on urban and rural household consumption,and urban household consumption is more sensitive to risk attitudes than urban households.
作者
喻平
王灿
Yu Ping;Wang Can(School of Economics,Wuhan University of Technology,Hubei Wuhan 430070,China)
出处
《河北经贸大学学报》
CSSCI
北大核心
2019年第6期18-27,共10页
Journal of Hebei University of Economics and Business
基金
国家社会科学基金一般项目“金融创新与经济增长耦合的机理、效率与模式研究”(17BJL031)
关键词
家庭金融资产
资产配置
家庭消费
资产效应
财富效应
household financial asset
asset allocation
household consumption
asset effect
wealth effect
作者简介
喻平(1972-),男,湖北公安人,武汉理工大学经济学院教授,博士,主要研究方向为发展经济学。
