论文总字数：34057字

摘 要

如今疯狂的股市令无数投资者趋之若鹜，与此同时，随着互联网金融的大力开展，各类银行理财产品收益的稳步提升，我国银行理财产品市场的发展同样迅猛，越来越多的家庭参与到银行理财产品这一新兴的金融产品投资。国内外有关家庭金融的研究均以家庭对股票等传统的金融产品的投资选择作为研究对象，本文除了选择基础的股票市场之外，更创新性地以对银行理财产品的购买选择作为研究对象。

本文在借鉴以往家庭资产组合理论的基础上，根据受访者对市场各类金融产品的风险程度的主观评价构建风险认知，引入风险认知、金融素养、社会互动等新的影响因素，建立适合家庭金融市场参与行为的理论解释框架。除了分析人口统计特征因素、风险偏好以及背景风险因素等传统三大因素的对家庭金融市场参与及选择的影响，更进一步分析风险认知、金融素养等对居民家庭金融参与的影响，并探究影响居民风险认知水平的渠道，完善家庭金融市场参与行为的理论框架。采用来自东南大学金融素养理论与教育研究所调查的问卷数据，统计分析了家庭股票及银行理财产品购买状况，并实证检验了居民家庭金融参与的影响因素以及居民风险认知水平的影响渠道。

本文研究发现：在熊市阶段，购买银行理财产品的家庭比例略大于参与股票市场的家庭。实证表明，风险认知、基础金融素养、社会互动、教育程度、家庭财富水平、金融从业经历是影响家庭金融市场参与的主要因素。居民的风险认知越超出平均水平、基础金融素养水平越高、社会互动越积极、教育程度越高、家庭财富水平越高、有金融从业经历的家庭选择金融产品的概率越大。居民越偏好风险、高级金融素养水平越高、年龄越大更可能投资股票市场；而居民收入越高、女性以及房产占比越高，则更有可能投资银行理财产品市场；财务压力、信息搜索能力、金融素养等会显著影响到居民家庭关于股票的风险认知水平。居民财务压力越低、信息搜索能力越强、金融素养较高的居民的风险认知水平的偏离水平越小。另外，居民的金融素养越高，对社会的信任程度越强，对银行理财产品的风险认知偏离程度也越低。

关键词：风险认知 家庭金融市场参与 股票市场 银行理财市场

THE EFFECTS OF RISK PERCEPTION ON CHINESE HOUSEHOLD FINANCIAL MARKET PARTICIPTION

Abstract

Nowadays, the crazy stock market makes countless investors in droves. At the same time, benefits of various types of bank financial products increase steadily with the vigorous development of Internet banking . The bank financial products in China also develop rapidly, more and more families purchase bank financial products. The studies of home and abroad household finance target on the household investment options on traditional financial products，such as bonds etc. In addition to the selection based on the stock market，this paper also focuses on the household purchasing options on the bank financial products in China.

Based on the relative theories and literatures on household portfolio theory, this paper constructs risk perception according to the respondents’ subjective assessment of risk level of the various financial products in the market. It also introduces new influential factors such as risk perception, financial literacy, social interaction and so on to construct the explaining structure of household option on financial market participations. And it analyzes the influences on household financial markets’ purchasing options caused by demographic characteristics risk preference and background risk. Moreover，this paper analyzes the influence on household financial markets’ purchasing options caused by risk perception, financial literacy. And it explores the channels which influence the level of residents’ risk perception to improve the theoretical framework of household financial market participation behavior. By using the questionnaire data researched by the center for theory and education of financial literacy, southeast university, this paper analyzes the situation of purchasing stock and financial products. It empirically verifies the influential factors on household financial market participations and the affected channels on residents’ risk perception.

This paper finds: In a bear market, the proportion of households which purchase bank financial products is slightly larger than those who buy the stocks .The empirical evidence shows that risk perception, basic financial literacy, social interaction, education, wealth and financial experience are the main factors that can affect the purchasing options on household financial markets. The more than average of risk perception，higher basic financial literacy level ,more positive social interaction, higher the education level, the more family wealth, have financial experience are the householders，the more possible that households will choose financial products. The stronger risk preference, higher the advanced financial literacy level, older are the householders，the more possible that household will invest the stock market. While the higher income, the higher the proportion of real estate and the female are the householder, they are more likely to invest in the bank financial products market. Financial pressure, information search capability and financial literacy will significantly affect the households’ risk perception of stocks. The lower the financial pressure, stronger information search capability, higher financial literacy are the householders, The smaller deviation level of risk perception will they have. Besides, people who have high financial literacy and high level of trust will have small deviation level of risk perception.

Key words: risk perception; household financial market participation; stock market; banking financial products market

目录

摘要

Abstract

第一章 绪论 1

1.1 问题的提出 1

1.2 研究内容 1

1.3 本文的创新点 2

1.4 相关概念界定 2

第二章 文献综述 3

2.1资产选择的传统影响因素 3

2.1.1 人口统计特征因素 3

2.1.2 风险态度 4

2.1.3 背景风险因素 4

2.2其他因素与资产选择 5

2.2.1风险认知的定义与度量 5

2.2.2风险认知对资产选择的影响 6

2.2.3金融素养的定义与度量 6

2.2.4金融素养对资产选择的影响 6

2.2.5社会互动的定义与度量 6

2.2.6社会互动对资产选择的影响 7

2.3 文献评述 7

第三章 数据处理和变量定义 8

3.1 数据来源 8

3.2数据处理和变量定义 8

3.2.1居民家庭金融市场参与指标 8

3.2.2风险认知指标 8

3.2.3其他控制变量 9

第四章 家庭金融市场参与的实证研究 12

4.1样本特征的描述性统计分析 12

4.2模型构建 13

4.3 家庭金融市场参与的影响因素的实证分析 13

4.3.1检验传统因素对家庭金融市场参与的影响 15

4.3.2检验风险认知等其他因素对家庭金融市场参与的影响 17

4.4居民风险认知的影响因素的实证分析 17

第五章 结论与建议 20

5.1 主要结论 20

5.2 政策建议 20

5.3 不足和未来研究方向 21

致谢 22

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