家庭资产配置研究

【作者】 李俊；

【导师】 赵越；

【作者基本信息】 云南财经大学 ， 金融理财， 2010， 硕士

【摘要】 传统金融学主要的研究对象在公司金融和资产定价方面,而随着我国家庭理财意识的强化和金融产品的丰富,“家庭资产如何更有效率地配置”这一问题越来越被学术界所关注,而家庭金融学也逐渐成为一个新的独立研究方向。家庭金融学研究有其自身特有的意义,本文从个人或家庭、金融机构和宏观经济三个维度,说明了在当下研究家庭资产配置的现实意义;并将家庭资产分为金融资产、实物资产、人力资产三大类,分别对其展开了精炼地分析。在对家庭资产配置相关理论的阐述中,本文主要归纳了货币时间价值理论、投资组合理论、家庭生命周期理论、经济周期理论。其间,通过实例的讲解,使理论更加具体化,并总结出家庭生命周期矩阵和经济周期资产配置矩阵。在对美国家庭资产组合选择研究中,通过对美国个人投资者家庭资产配置行为历史演变的分析,得出家庭资产类别的多样化、投资组合的国际化、从消极的资产管理到积极的资产管理三大重要趋势;并运用Excel VBA对1991-2001年美国国内十种代表性投资工具的实际表现进行最优投资组合分析,得出:黄金只能作为现代信用货币制度失灵时的替代物,而在大多数经济运行正常的情况下,黄金的投资收益率还不及现金和现金等级物的投资收益率,因此,在经济运行正常时,个人投资者大可不必将黄金纳入到自己的资产池里;在允许卖空的情况下,更有利于个人投资者优化自己的家庭资产组合,所以在我国刚刚推出的融资融券和股指期货业务,将为我国投资者更进一步优化自己的家庭资产组合提供了制度条件等结论。对我国家庭资产组合选择研究中,本文从生命周期理论、人力资产、金融资产三个维度研究了我国家庭资产组合分布情况,通过图表法给出了具体的分析,得出:我国家庭资产组合有金融资产风险化的趋势,这说明我国居民高层次的投资动机在不断增加,但由于房地产资产占居民总资产的比重过大,这制约着我国居民家庭资产向多样化的方向发展等结论。最后,从微观和宏观两个维度对本文的主要结论进行了总结,并给出了下一步研究的方向。更多还原

【Abstract】 Traditional finance major subject in corporate finance and asset pricing, and as China’s domestic financial planning and financial products to strengthen awareness of the rich“family to a more efficient allocation of assets”, The problems are increasingly concerned about academics, family finance has gradually become a new independent research.Family finance research has its own special meaning, this article from the individual or family, financial institutions and macroeconomic three dimensions illustrates the current asset allocation of the family real significance; and family assets into financial assets, physical assets and human assets three categories, and started refining its analysis.Asset allocation in the family described in the relevant theories, this paper summarizes the time value of money theory, portfolio theory, the family life cycle theory, business cycle theory. Meanwhile, an example of the explanation, so that theory more concrete, and summed up the matrix of family life cycle and economic cycle asset allocation matrix.In the portfolio selection of American families, by families of U.S. individual investors, asset allocation analysis of historical evolution, come to the family asset class diversification, international portfolio, from passive to active asset management asset management three important trends; And use Excel VBA to the 1991-2001 Ten representative in the United States the actual performance of investment instruments optimal portfolio analysis, obtained: Gold only as a failure of the monetary system of modern credit substitutes, and in most of the economic operation under normal circumstances, the investment rate of return of gold and cash and cash levels less than the investment rate of return objects, therefore, normal economic operation, Individual investors need not be gold into their own pool of assets; In the case of short selling, more conducive to individual investors, portfolio optimization of their families, so in our upcoming margin trading and stock index futures, investors will further optimize our portfolio of their families provided institutional conditions of the latter.Portfolio selection of Chinese families, this study from the life-cycle theory, human assets, financial assets of the three dimensions of our family portfolio distribution is given by the chart method detailed analysis, drawn: Chinese family has financial assets portfolio risk trend, indicating that residents of high-level investment in china is increasing motivation, However, residents of real estate assets account for the large proportion of total assets, which limits the diversity of our residents in the direction of the family assets, development of conclusions.Finally, from the microscopic and macroscopic point of view the main conclusions of this paper are summarized and give further research directions.更多还原