主观预期寿命对家庭资产配置的影响*——基于CHARLS数据的经验分析

经济理论与经济管理

主观预期寿命对家庭资产配置的影响*——基于CHARLS数据的经验分析

邹小芃1,杨芊芊2

邹小芃, 浙江越秀外国语学院国际商学院，浙江大学经济学院；杨芊芊（通讯作者），浙江大学经济学院。

出版日期:2019-02-16 发布日期:2019-02-18
基金资助:
本文得到浙江大学金融研究院AFR2018金融学科发展课题、国家社会科学基金重大项目（13&ZD163）的资助。

THE IMPACT OF SUBJECTIVE LIFE EXPECTANCY ON HOUSEHOLD ASSET ALLOCATION——Evidence from CHARLS Data

ZOU Xiaopeng1,2YANG Qianqian2

1Zhejiang Yuexiu University of Foreign Languages;
2School of Economics, Zhejiang University

Online:2019-02-16 Published:2019-02-18

摘要/Abstract

摘要：

本文在基于生命周期的资产配置模型中引入主观预期寿命，对主观预期寿命、遗赠动机对中国家庭资产配置的影响进行分析。运用中国健康与养老追踪调查数据，本文的实证研究结果表明：中老年居民的主观预期寿命是理性的，该指标在研究家庭金融决策问题上具有重要的参考意义；主观预期寿命的增长显著提升了家庭持有政府债券和风险资产的可能性，并增加了家庭在相应资产上的配置。遗赠动机会弱化主观预期寿命增长对家庭持有相应资产的可能性和配置比例的正向影响。通过使用多种估计方法和代理变量，笔者发现上述结论是稳健的。

关键词: 家庭资产配置 , 主观预期寿命 , 中老年居民 , 遗赠动机

Abstract:

Based on the life cycle model, this paper introduces subjective life expectancy to analyze the impact of subjective life expectancy and bequest motives on Chinas household asset allocation. Using data from China Health and Retirement Longitudinal Study(CHARLS), we find that the subjective life expectancy of the middle aged and elderly residents is consistent with the rational expectations hypothesis, and is of great significance to the research of household financial choices. Households with longer life expectancy are more likely to hold government bonds and risky assets, and increase the proportion of these assets. Bequest motives have a significant negative effect on the allocation of corresponding assets. Using a variety of estimation methods and proxy variables, we find that the conclusions are robust.

Key words: household asset allocation , subjective life expectancy , middle aged and elderly residents , bequest motives

邹小芃1,杨芊芊2. 主观预期寿命对家庭资产配置的影响*——基于CHARLS数据的经验分析[J]. 经济理论与经济管理.

ZOU Xiaopeng1,2YANG Qianqian2. THE IMPACT OF SUBJECTIVE LIFE EXPECTANCY ON HOUSEHOLD ASSET ALLOCATION——Evidence from CHARLS Data[J]. Economic Theory and Business Management.