【作者】 喜书；

【导师】 叶蜀君；

【作者基本信息】 北京交通大学 ， 金融， 2012， 硕士

【摘要】 金融资产是以价值形态存在的无形资产,是一种索取实物资产的无形权利,并且是可在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。而不同收入群体的居民在投资过程中根据自身的经济状况和风险承受能力从种类和数量上选择金融资产,从而形成居民金融资产分配结构。从收入分配理论层面分析,居民的金融资产分配结构具有影响收入分配的能力,主要表现在：金融资产收益能改变持有者的绝对收入；不同种类的金融资产在居民中的分配状况将影响未来金融资产收益的分配,即影响投资者的相对收入水平。本论文主要探讨居民金融资产分配结构的财富效应,分析各类金融资产分配对居民收入分配的影响。本论文在定义居民金融资产分配结构的基础上,描述了居民金融分配结构的形态,并认为收入、金融资产供给、金融政策是影响居民金融资产结构的主要因素,进而详细阐述了居民金融资产分配结构的绝对财富效应和相对财富效应。通过借鉴投资理论和收入分配理论,本论文引入资产组合收益率和基尼系数作为衡量居民金融资产分配结构绝对财富效应和相对财富效应的工具,定义金融资产基尼系数,并阐述其经济含义。实证部分,本论文利用美国历年消费者金融调查数据,通过描述各收入组金融资产分配比例的变化回顾了美国金融市场形势,对比了各类金融资产在美国各收入群体间的分配状况,并在此基础上计算出各收入群体的资产组合收益率和主要金融资产分配的基尼系数。本论文使用格兰杰因果关系检验模型检验了主要金融资产基尼系数与收入分配基尼系数的因果关系,得出退休养老金、股票、基金、寿险现金价值有较强的相对财富效应,这些资产的分配对收入分配有显著影响。本论文最后通过借鉴实证分析的成果探讨了利用绝对财富效应和相对财富效应提高居民收入和改善收入分配的相关建议,并为中国借鉴实证结论提出了有针对性的措施。更多还原

【Abstract】 Financial assets are intangible assets in form of value and rights to obtain physical assets. Residents of different income groups will select the type and quantity of financial assets to invest base on their own economic situation and risk tolerance, thus forming a residential financial asset distribution structure. The residential financial asset distribution has the ability to affect the distribution of income. The financial asset can change the absolute income of asset holders and affect the relative income level of the investors.This study focused on the wealth effect of the residential financial asset distribution structure and analyses how various types of financial assets distribution affect the income distribution. This study defines the concept of residential financial asset distribution structure and analyses its absolute wealth effect and the relative wealth effect. Then the study states that the residential financial asset distribution structure will be affected mainly by the income, the supply of financial assets, financial policy. By drawing on the income distribution theory, this paper introduces the portfolio yield and the Gini index as the tools to measure the absolute wealth effect and the relative wealth effect of residential financial asset distribution structure. The study gives the definition of the financial assets Gini index and describes its economic implications.In the empirical part of this thesis, the paper uses annul data of the consumer finance survey in United States and reviews the changes in the proportion of each income group of financial asset allocation review and compares the portfolio of different income groups. The study calculates out the portfolio yield and financial asset distribution for all income groups. Then the study uses the granger test model to test causal relationship between the financial assets Gini index and income distribution and works out that retirement pension, stocks, funds, life insurance cash value of the relative wealth effect have the significant effect on income distribution.In the end, the study proposes some relevant recommendations and target solution for China to improve the residents’ income and improve income distribution by referring the empirical analysis of the results of absolute wealth effect and the relative wealth effect.更多还原