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3秒自动关闭窗口Snowflake.的喜欢 | LOFTER（乐乎） - 每个人的理想国
LOFTER for ipad —— 记录生活，发现同好
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this.p={ dwrMethod:'queryLikePosts',fpost:'',userId:2248516,blogListLength:30};关于金融资产、实物资产&以及家庭资产优化配置
金融资产(Financial Assets)
，实物资产的对称。单位或个人所拥有的以价值形态存在的资产。是一种索取实物资产的无形的权利。是一切可以在有组织的金融市场上进行交易、具有现实价格和未来估价的金融工具的总称。
金融资产的最大特征是能够在市场交易中为其所有者提供即期或远期的货币收入流量。尽管金融市场的存在并不是金融资产创造与交易的必要条件，但大多数国家经济中金融资产还是在相应的金融市场上交易的。
&&&&金融资产可分为现金与现金等物和其他金融资产两类。前者是指个人拥有的以现金形式或高流动性资产形式存在的资产，所谓高流动性资产主要是指各类银行存款、货币市场基金和人寿保险现金收入。其他金融资产是指个人由于投资行为而形成的资产，如各类股票和债券等。　　
金融资产包括一切提供到金融市场上的金融工具。但不论是实物资产还是金融资产，只有当它们是持有者的投资对象时方能称作资产。如孤立地考察中央银行所发行的现金和企业所发行的股票、债券，就不能说它们是金融资产,因为对发行它们的中央银行和企业来说,现金和股票、债券是一种负债。因此，不能将现金、存款、凭证、股票、债券等简单地称为金融资产，而应称之为金融工具。金融工具对其持有者来说才是金融资产。例如,持有商业票据者,就表明他有索取与该商品价值相等的货币的权利；持有股票者，表示有索取与投入资本份额相应的红利的权利；持有债券者，表示有一定额度的债款索取权。金融工具分为所有权凭证和债权凭证。股票是所有权凭证，票据、债券、存款凭证均属债权凭证。但在习惯上，这些金融工具有时也称之为金融资产。
&&&&金融资产的分类
（1）以公允价值计量且其变动计入当期损益的金融资产；
（2）持有至到期投资；
（3）贷款和应收款项；
（4）可供出售金融资产。
金融界一案例:
家庭实物资产所占比例偏高 资产增值潜力较小　　
问：家庭年收入税后32万，上海房子一套140万无贷款，车一部折价8万，银行存款30万，基金市值15万，股票市值10万。孩子目前2岁，两边的父母均退休，退休工资可以满足生活，并没有给我们负担。
　　答：你家的资产情况是：实物资产148万元（住房140万、汽车8万）、金融资产25万（基金15万、股票10万），没有负债。家庭年税后收入32万，支出不详。孩子目前2岁，两边的父母均退休独立生活！根据以上资料建议如下：
　　资产结构不平衡！家庭资产中实物资产所占比例偏高，金融资产占比例偏小，资产的增值潜力较小。而且在金融资产中完全是股票、基金等高风险金融产品，低风险金融产品很少或没有，这样的结构是不合理的！今后应该逐步增加较低风险金融产品（诸如债券基金、限定性券商理财产品等）的比重，均衡投资风险，使家庭资产稳步增加.
　　《家庭金融资产配置行为研究》(刘楹) -
中国社会科学院金融研究所&&&
　　&&& Research
on Household Financial Portfolio Behavior
　　刘楹，男，1976年生于河北辛集；西南财经大学金融学专业毕业，先后获得经济学学士、经济学博士学位，主要研究商业银行经营管理、金融经济学等，现就职于中信银行总行规划发展部。已先后在《金融研究》、《财经科学》、《中国财经报》等各类报刊发表学术文章20多篇。
　　随着家庭财产的日益丰裕，家庭的金融资产配置行为越来越受到经济学研究的关注。
　　对于家庭金融资产配置行为，国外经济学家们的研究思路大致有两个方向：一是从外生变量着手，即考察家庭外部经济因素作用下的资产配置行为，诸如利率调整、资本市场价格波动、通货膨胀率变化、制度变迁等产生的影响，分析家庭金融资产配置行为的变化和反应程度；二是从内生变量着手，如偏好与效用、收入与消费、风险承受能力等家庭内部经济因素出发来考察家庭金融资产的配置行为。显然，前面一种更适合做短期分析，而后面一种则突出长期效果；前面一种着重外因作用，后面一种强调内因作用。事实上，在市场经济发达、金融体制完善、法治体系健全、金融机构规范的经济环境里，宏观调控工具科学的运用，避免着经济运行的大起大落，各种影响家庭资产配置行为的外生变量变动幅度日渐缩小。在这样一个稳定的经济环境下，家庭的金融资产选择越来越依靠自身内在的经济状况做出决策。这样，经济学家们逐渐倾向内生变量的研究思路。
　　　　在国内，这方面的研究正逐步成为热点，不过现有的研究还存在一定的局限。一方面过于侧重分析我国转轨经济条件下，制度变迁给家庭金融资产选择行为带来的深刻影响，这类研究强调了外生变量的作用，有很强的现实意义，但对家庭金融资产配置行为的主因——家庭内部经济因素研究不够重视；另一方面是简单地用各种经济现象解释家庭金融资产配置的现象，没有深入系统地构建起各种经济现象之间内在的理论联系。这样使得国内的研究在理论的系统性和规范性上有所欠缺。因此，需要我们把握国外的研究趋势，从内生经济变量来进行家庭金融资产配置行为的理论研究和现实分析，弥补国内研究的不足，推动国内这一研究的发展。&&&
　　本文所要做的工作，就是在借鉴中外经济学者已有的研究成果基础上，从家庭金融资产配置行为的内生变量出发，构建家庭金融资产配置行为的理论框架，进而全面分析我国家庭金融资产配置行为。本文的研究将不局限于国内家庭金融资产配置行为的现状和变化，而是以历史的眼光，纵向地全景展示人类历史上这一行为的变化轨迹，并以宽广的视角，横向地对比分析近年来西方主要国家的金融资产配置行为，力图得出更具普遍意义的研究结论。&&&
　　遵循这样的研究主题，本文确立了如下的研究思路：在对家庭金融资产配置行为的动机、影响因素、行为目标做出全方位概述的基础上，深入分析家庭金融资产配置行为的历史变迁和现状，探寻这一行为中发挥最主要作用的内生变量，针对当代家庭金融资产配置行为理论的缺陷，重构家庭金融资产配置行为理论，并对家庭金融资产配置行为中的社会文化因素进行深刻剖析。最后围绕我国家庭金融资产配置的现状，研究我国家庭金融资产配置行为的特点和效应，并提出改善我国家庭金融资产配置行为的路径安排。根据上述研究主题和研究思路，本文除导论外，分为六章以此构成论文的整体内容框架。&&&
　　第1章主要是家庭金融资产配置行为的概述。从家庭金融资产涉及的几个定义着手分析，探讨了实物资产和金融资产的内容和功能，指出实物资产和金融资产在家庭经济生活中具有替代和互补的关系，认为随着经济发展、家庭的富足，金融资产在现代家庭中发挥越来越重要的作用，家庭金融资产配置行为正成为家庭经济活动最重要的内容。接着在行为理论的基础上分析了家庭金融资产配置行为的一般动机、行为过程、行为目标和影响因素。其中，对家庭金融资产配置行为动机的动态分析是一个创新之处，本文认为在多种家庭金融资产配置动机中，有发挥支配作用的优势动机，它是伴随家庭经济状况变化的。家庭收入的不断增加，财富的增长，会使得人们家庭金融资产配置动机从预防储蓄、平滑消费为主，逐渐转变为投资动机为主，这样，人们会更加注重金融资产的增殖性，敢于承担一定的投资风险。&&&
　　第2章是对家庭金融资产配置行为历史的回顾和现状的分析。金融业的发展史也是一部家庭金融配置行为的变迁史，本文按照金融业发展的历史进程，将家庭金融资产管理行为的历史划分为初级阶段、发展阶段和高级阶段。初级阶段是指在现代银行制度建立以前的时期，发展阶段是指现代银行制度建立开始到以1933年《格拉斯－斯蒂格尔法案》为标志的现代金融体系模式的设立这段时期，高级阶段则是现代金融体系建立后到现在不断完善发展的时期。透过家庭金融资产配置行为的历史，可以发现财富始终是影响家庭金融资产配置行为的最核心变量。在家庭金融资产配置行为的现状分析中，我们选取了西方主要发达国家家庭金融的数据资料，从宏观特征上揭示了家庭资产金融化、金融资产风险化、风险资产中介化的总体趋势。家庭资产金融化是指家庭中金融资产所占比例不断上升，实物资产比例不断下降的现象，我们认为家庭资产金融化是经济金融化在家庭部门的具体体现；金融资产风险化是指金融资产中风险性金融资产比例在逐渐上升，这是家庭储蓄中高层次的投资动机不断增强的诉求；风险资产中介化是指家庭持有的风险性金融资产越来越依托金融中介机构来进行，这是金融中介机构专业优势作用的直接结果。在微观特征上则揭示了家庭金融资产配置行为同财富水平以及年龄的密切关系。各项数据表明，所有国家参与股票投资以及风险性资产投资的家庭比例，无一例外的随财富增加而上升，说明财富同家庭关于风险性资产的投资决策成正相关关系。年龄对家庭金融资产配置的影响则表现在参与风险金融资产投资的比例在家庭生命周期早期阶段比较低，随着年龄的增长，参与家庭的比例会逐渐增多，在退休期前后达到最大比例，之后逐渐下降。但是家庭一旦确认拥有风险性金融资产，持有的比例却会随年龄稳步上升，这和很多人的判断有些出入。&&&
　　第3章首先梳理了家庭金融资产配置行为理论发展脉络，家庭金融资产配置行为需要科学的理论来解释，从围绕货币资产的机会成本观，到围绕证券资产的风险收益观，都无法有效解释家庭金融资产配置的行为。原因在于：一是它们都是单期投资模型，只考虑一次的投资效果，而家庭金融资产配置行为是跨期的资产选择，要综合考虑生命周期内多个时期投资效果；二是它们仅仅是面向金融市场的投资行为，而家庭金融资产配置行为不仅是投资行为，而且是投资、消费、储蓄决策的统一体；三是它们只考虑了金融市场上的风险，而家庭金融资产配置行为不仅要考虑投资中的风险，而且要考虑家庭面临的其它风险，进行整体的风险管理。所以，以上的理论都无法完全合理地解释家庭金融资产的结构。尤其是家庭金融资产结构随财富数量和年龄而相应变化时，这些理论更显得束手无策。而纳入了收入、消费和投资三个变量的生命周期模型逐渐成为了家庭金融资产配置行为理论的主流，然而它依然存在着缺陷，忽略了财富这个最重要的变量。我们认为，家庭金融配置行为是受多种内生经济变量共同作用的结果，很有必要将各种理论成果有机结合起来，重构家庭金融资产配置行为理论的框架。可以说家庭金融资产配置行为主要是以家庭财富存量为基础，受生命周期的年龄作用，考虑各种风险因素，力图实现投资——消费效用最大化的过程。因此，这一行为是家庭财富的规模收益效应、年龄的生命周期效应、跨期替代弹性与风险厌恶的组合效应和预防性储蓄的风险规避效应，这四维向量共同作用的结果。虽然我们还没有能力将它们纳入到一个统一而精致的数理模型中加以分析，但可以分别在经济学理上加以研究论述，展示家庭金融资产配置行为内生因素的作用机理。这构成本文的理论核心和创新之处。　　第4章考察了社会、文化因素对家庭金融资产配置行为的影响，重点分析了家庭规模结构、金融意识的作用以及不同阶层金融资产配置行为的特征，并通过对不同阶层的金融资产持有状况、持有目的、行为方式的分析，认为中等收入阶层是家庭金融资产配置行为最为活跃的阶层。中等收入阶层最为关心资本市场和金融动态，他们所拥有的金融资产呈现多元化，频繁进行各种金融交易，因此社会阶层的结构、中等收入阶层的多少会通过家庭金融资产的选择影响金融业的发展。
第5章运用前面总结的家庭金融资产配置行为理论对我国的情况进行分析。以改革开放后特别是向市场经济转轨以来家庭金融资产配置行为变迁为背景，在估算我国家庭金融资产总量与结构的基础上，阐述我国家庭金融资产配置行为的整体特征：总体上呈现以储蓄存款为主的多元化发展趋势。并认为这一行为受到财产数量偏低、家庭风险加大、金融意识薄弱、金融发展滞后的四重约束。此外，我们对我国家庭金融资产配置行为的差异性进行了分析，具体体现在不同财产水平的差异、不同地区的差异、城乡分割的差异。此外探讨了家庭金融资产配置行为的新变化与中等收入阶层形成的相关关系，家庭金融资产配置行为的新变化反映为宏观调控和存款利率低的经济形势下民间借贷活跃和居民房地产投资火爆，这是我国中等收入阶层由于缺乏正规金融投资渠道，而在迫切的投资动机驱使下的经济行为。&&&
　　第6章提出优化我国家庭金融资产配置行为的路径选择。指出要从提高居民收入水平、健全社会保障体系、规范发展资本市场、鼓励金融工具创新四个方面来改善家庭金融资产配置行为。
　　Abstract
　　　　The achievement of more than 20 year’s economic reform mainly
reflect on family department, that is the continuously increase of
household wealth. We can see it from the continuous and steady
increase of inhabitant savings deposit from 20 billion Yuan in the
late 70’s to about 13000 billion in 2005, the savings deposit
increases by 600 times. The highly increasing inhabitant savings
become hot subject of study, such as Zang xuheng (1994), Wei
jie(1995), Li yan(1999), Long zhihe(2003), they apply the western
popular savings-consumption theory to explain the inhabitant’s
savings activity in China.
　　　　From early 1990’s of last century, as the average savings per
person increased and the development of financial market, the
families has more choice for their financial assets, the savings of
family is not just put into bank. Up now, the kinds of household
assets is quite rich. To make use of financial assets in family
life, the relevant activity becomes frequent and complex. So it is
not enough to understand family financial assets state just by
savings-consumption theory.
　　　　More and more scholars began to study household financial
assets by other theories. Huang(1997) first analyzed family
financial assets activity by the angle of investment theory, he
regarded banking savings ,bonds ,security and insurance as the
result of family investment activity, but he did not quite well in
the depth of theory and practical data. Zang(2001) used
consumption-investment under uncertainty theory to study inhabitant
portfolio, then analyzed the relevant associations among income,
consumption and the household portfolio. But he didn’t study
further and construct the theory of household portfolio.
Cheng(2004) introduced institution variable to study the
environment about household portfolio, but she ignored the inner
reasons of family financial assets choices.
　　　　In all, there is an usual problem in all studies about
household financial assets, none studied from the root source of
household financial assets-household portfolio. So their theories
are lack of depth. And the study of family financial assets must be
based on the theory of household portfolio theory, but this kind of
research is almost empty in China.
　　　　In modern economic circle in foreign countries, the study of
household financial assets allocation theory is carrying on. The
economists have two research direction: one is to concentrate on
the outer variable, and study the influence of outer determinants
to assets allocation, such as interest rate, inflation, fluctuation
of capital market. The other direction is to concentrate on the
inner variable, such as preference and utility, income and
consumption. Obviously, the first theory is more adopt to do
short-term analyse, while the second theory is suitable for
long-term result. In fact, market economy is quite developed,
financial system is complete, the proper macrointervention can
avoid huge fluctuation of economy, then the fluctuation of the
forces that influence the household assets allocation activity will
become smaller and smaller. In such a steady economy environment,
household financial asset is tend apply on inner economic state to
make decision. So, economists gradually tend to the study of inner
　　　　Markowitz’s mean-variance model s the beginning of analyzing
asset choice, the Tobin, Sharpe followed him and developed
furtherly. But capital market is not perfect as they imagine,
inhabitant’s real utility preference is quite different from their
imagination. Mean-variance model cannot explain problem. To remedy
the disadvantage of the mean-variance model, the economist apply
the achievement of the behavior research to asset allocation
theory. The behavioral portfolio theory (BPT) is worked out then.
But there’re some conmen disadvantage in mean-variance model and
BPT. First, they are all single-term investment model, but
household financial asset allocation are intertemporal model.
Second, they are the investment activity that only face to
financial market, but household asset allocation is not merely
investment but combination of investment, consumption and savings.
Third is they merely concentrate on the risk of financial market,
but household financial asset allocation activity consider not only
investment risk but also other risks a family may face. So, MV
model and BPT cannot completely explain the structure of changes as
the wealth and age, these two theories cannot handle with it.
　　　　These problems stimulate the economists study hard. The
continuous-time model is introduced to the study of household
financial asset allocation. First they combine consumption and
investment and put them to the intertemporal asset allocation life
cycle model. But the result is disappointing. The proportion of
family risky financial asset keeps steady, this is far from the
fact. Then income is included in this model as the third variable
and this time they got useful conclusion. But in the real world,
the proportion family risky financial asset is followed the changed
of life-cycle. The reason is that they focus on the influence of
approaching income to household financial asset allocation.
Besides, there are several relevant researches analyze the
household financial asset allocation in the angle of utility
function, precautionary saving motive.　　This paper is to the
achievement of the economist study and constitute household
financial asset portfolio theory, then analyze the family financial
asset allocation state in China.
　　　　In this paper, families are main body about financial asset,
they are persons which are linked by marriage, consanguinity or
adoption relationship. It is a basic form of social life, that
based on common feelings and materials, and we treat a single
person as a single family. Although household financial asset
allocation depend on individual activity, but the individual’s
financial asset portfolio cannot do without the aim of the social
organization he lives.
　　　　　So we use the word “family”, we know that family is not equal
to individual, but in economic research, this difference is often
ignored. An American economist believe that :”Although there are
more than one person in a family, husband, wife, children, sometime
parents and relatives, they have different needs and preference,
but all classic theory think they are the same individual. And in
all practical aims, personal and family choice is the same thing,”
family become the basic unit of people’s decision.
　　　　So the headline of this paper is the research of “household”
financial asset portfolio and suppose individual is equal to
　　　　The concept “inhabitant” is used in this paper .Huang(1997)
thinked that inhabitant is a form by law, is engaged in production
and service and get income to invest and consumption. It is
different from the concept of family. His view is quite unique but
when “inhabitant” is used in this paper, there is no different from
　　　　Now, the word “family financial asset management” is quite
popular, Family financial management means that family make
efficient portfolio by various of investment to get the most
profit. To make the fullest utility, family makes financial plans
and use all kinds of means, such as savings, consumption credit,
foreign currency, real estate to make profit. We think that it is
similar with household financial asset portfolio here, but also
have some differences. The similarity is that these two are the
same process, but the focus of these two is different. The first is
focus on the aim of activity, the second is concentrated on the
process of the activity, but the aim of these two is the same.
Their different is the research aim, family financial asset
management is to tell you how to do, but household financial asset
portfolio is to study why they do like this.
　　　　The logic of this paper is to introduce the motive, influencial
factor, aim about household financial asset portfolio, then analyze
its history and current stitution, and study the inner variable
which plays the most important role in portfolio. The writer remedy
the blemish of modern household portfolio theory, and analyze the
social culture factor about portfolio. At last, according to
Chinese current household portfolio situation, the writer study the
features and effects from that, and bring forward the suggestion of
improving China’s household financial asset portfolio.
　　　　According to above study theme and research logical, this paper
is divided into six parts.
　　　　The first chapter is universal introduction of household
financial asset portfolio. We analyze several concepts that
portfolio refer to and discuss the relationship between the content
and function of real asset and financial asset. Then point out the
importance of household portfolio in family economical life, and
analyzes the general motive, activity process, activity aim and
influence factor.　　In chapter two, we analyze the household
financial asset portfolio history and current situation. The
history of the development of finance is also the history of
household financial asset portfolio, through the history, we can
see that wealth is always the core variable of financial portfolio.
In the analysis of household portfolio, we adopt the data of
western main developed countries, to reveal that the household
asset become financial form, and financial asset become risky. From
microfeatures, it reveal the close relationship between household
portfolio and wealth, age.
　　　　In chapter three, we introduce the clue of household financial
asset portfolio theory development. Economic phenomenon needs
proper theory explain. Both opportunity cost theory and E-V theory
cannot explain efficiently the portfolio phenomenon. But the
life-cycle model which include income, consumption and investment,
become the popular theory of household financial asset portfolio,
but it also has defect, it ignores the most significant variable &
wealth. The writer think that we should accept wealth as the most
important variable, then reconstruct the household portfolio.
　　　　In chapter four, we inspect the effect of social, cultural
factor to household financial asset portfolio. We analyze the
family structure, financial sense and financial asset selection of
different social class, then draw a conclusion that middle class is
the most active in financial portfolio.　　　In chapter five, we
evaluate Chinese family financial asset aggregate and structure,
and study the features about family financial asset. After that, we
consider that the Chinese family financial asset selection activity
is restrained from four chief factors by using the above household
theory. Besides, we discuss the changes of household portfolio with
the formation of middle-class.
　　　　In the last chapter, we show the suggestion of improving
Chinese family financial asset portfolio.
　　　　From this paper, we have drew some useful conclusion.
　　　　We find financial asset portfolio motive is a process which
hangs following the increase of income and wealth.，from transaction
motive, precautionary motive to investment motive.
　　　　We reveal the household asset become financial form, financial
asset become more risky and family hold these asset through
intermediary.
　　　　We think that middle-class is the most active class in
household financial asset portfolio through the analysis of
financial asset’s ownership, aim and the behavior mode.
　　　　We find that, because of family wealth, household risk,
financial sense and the financial environment, most of household
financial asset is riskless financial asset, especially banking
　　 目& 录
　　1 家庭金融资产配置行为概论
　　1.1 家庭金融资产概述
　　1.2 家庭金融资产配置行为概述
　　2 家庭金融资产配置行为的历史和现状分析
　　2.1 家庭金融资产配置行为和金融业发展的历史
　　2.2 家庭金融资产配置的宏观特征
　　2.3 家庭金融资产配置行为的微观特征
　　3 家庭金融资产配置行为的理论分析
　　3.1 围绕货币资产的机会成本观
　　3.2 围绕证券资产的风险收益观
　　3.3 基于生命周期的资产选择理论
　　3.4 家庭金融资产配置行为的理论重构
　　4 社会因素对家庭金融资产配置行为的影响
　　4.1 家庭社会特征的影响
　　4.2 金融意识的作用
　　4.3 社会阶层与家庭金融资产配置行为
　　5 我国家庭金融资产配置行为分析
　　5.1 家庭金融资产配置行为的背景考察
　　5.2.我国家庭持有金融资产的状况
　　5.3 我国家庭金融资产配置行为的四重约束
　　5.4 家庭金融资产配置行为的差异性分析
　　5.5 家庭金融资产配置行为的新变化与我国中等收入阶层的成长
　　5.6我国家庭金融资产配置格局的宏观效应
　　6 优化家庭金融资产配置行为的路径选择
　　6.1 提高居民收入水平
　　6.2 健全社会保障体系
　　6.3 规范发展资本市场
　　6.4 鼓励金融工具创新
　　参考文献
　　 Catalogue
　　0 Introduction
　　1 Conspectus of household financial asset portfolios
　　&&& 1.1
introduction of household financial assets
　　&&& 1.2
conspectus of household financial asset allocation
　　2 Historical and current theory about household financial asset
　　&& 2.1 history of household
financial asset administration
　　&&& 2.2
macroscopical character about household financial asset
　　&&& 2.3
microcosmic character about household financial asset
　　3 Analysis about household financial asset portfolio
　　&& 3.1 opportunity cost of
　　&&& 3.2 return
and risk theory
　　&&& 3.3
lifecycle—portfolio theory
　　&&& 3.4
reconstruction of household financial asset portfolio theory
　　4 sociocultural effect on household financial asset
allocation
　　&&& 4.1 social
character of family
　　&&& 4.2
function of financial consciousness
　　&&& 4.3 social
class and financial asset allocation behavior
　　5 Analysis of household financial asset allocation in China
　　&&& 5.1
background analysis of household financial portfolio
　　&&& 5.2 status
of household financial asset
　　&&& 5.3
restriction on household financial asset allocation
　　&&& 5.4
discrepancy in household portfolio
　　&&& 5.5
household financial asset allocation and middle class
　　&&& 5.6
macroscopical effect on household financial asset
　　6 optimization measure of household financial asset allocation in
　　&&& 6.1
enhancing residential income
　　&&& 6.2
perfecting social security system
　　&&& 6.3
developing the capital market
　　&&& 6.4
encouraging financial instrument innovation
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