居民金融资产分配结构财富效应研究
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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。
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.
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。
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.
引文
1高鸿业.西方经济学.北京.中国人民大学出版社,2004年9月
2保罗·萨缪尔森.微观经济学(第18版).萧琛(译).人民邮电出版社.2008年1月
[1]叶蜀君喜书.《论可投资收入与金融资产分配的互动关系》[J].《湖南师范大学学报》,2012(4),108-111
[2]Shu·Xi Shujun Ye. 《The Analysis of Relationship between Financial Assets Supplement and the Assets Distribution》. Proceedings of the Annual International Conference on Accounting and Finance (AF2011), P115～123
[3]唐锦.《金融发展与城镇居民收入差距的关联性研究》[D].武汉理工大学,2007
[4]姚佳.《家庭资产组合选择研究》[D].厦门大学,2009
[5]王千六.《基于城乡经济二元结构背景下的城乡金融二元结构研究》[D].西南大学,2009
[6]夏鹏.《基于基尼系数的收入分布格局研究》[D].浙江工商大学,2008
[7]胡静.《家庭金融资产配置决策系统研究》[D].南昌大学,2008
[8]李海滨.《金融发展与城乡收入差距：基于我国1978-2005年的数据研究》[D].湖南大学,2007
[9]高源.《金融发展与城乡收入分配问题研究——以吉林省延边朝鲜族自治州为例》[D].中南民族大学
[10]师文明 余晓辉.《金融效率、经济增长与收入不平等—一个内生增长模型的解释》[J].《河北经贸大学学报》.2010,31(1),69-76
[11]赖悦.《商业银行个人理财业务发展创新及问题对策》[D].西南财经大学,2008
[12]李瑞.《收入差距测度方法研究及对我国居民收入差距的衡量》[D].山东大学,2009
[13]邓兆卉.《收入分配公平性的偏态分布描述方法研究》[D].兰州大学,2009
[14]肖倩.《通货膨胀与居民金融资产结构相关性研究》[D].中国海洋大学,2009
[15]王忠钦.《我国金融发展和城乡收入差距：理论分析、实证检验和政策建议》[D].西南财经大学,2006
[16]俞艳春.《我国金融结构变迁对金融效率的影响分析》[D].武汉理工大学,2007
[17]秦学敏.《我国金融结构与经济增长关系研究》[D].湖南大学,2007
[18]常兴华李伟.《我国居民收入差距的测算分析及调节建议》[J].《中国经贸导刊》,2010(20),29-32
[19]张辉.《中国城镇居氏家庭投资研究》[D].首都经济贸易大学,2007
[20]杨如彦 孟辉.中国金融工具创新报告2004-2006[M].北京.中国金融出版社
[21]殷剑峰 高占军 曾刚.中国金融产品与服务报告2007[M].北京.社会科学文献出版社,2007年6月,177-220,322-352,374-379
[22]杨家才 肖远企.中国个人金融年鉴2008--2009[M].北京.西苑出版社,2009年11月
[23]何德旭.中国金融服务理论前沿[M].北京.社会科学文献出版社,2006年3月,327
[24]张桥云.论银行产品的家庭消费[M].西南大学出版社.重庆,2004年1月
[25]朱玲 金成武.中国居民收入分配格局与金融危机应对[J].中国经济研究报告2009—2010.北京.经济管理出版社,2010年2月
[26]刘社建 李振明.教育消费、收入分配与劳动力市场[J].中国消费报告NO.1.北京.社会科学文献出版社,
[27]张中华.论我国的收入分配、金融资产增长与消费需求变动[J].中南财经政法大学学报,2003,4
[28]韩其恒 李俊青.金融深化对个体行为及其福利的影响分析[J].财经研究,2010,36(6)
[29]尹恒 龚六堂 邹恒甫.当代收入分配理论的新发展[J].经济研究,2002,8
[30]杨强.《中国个人收入分配问题研究》[D].福建师范大学,2002
[31]白雪梅 赵松山.《关于基尼系数计算方法的改进》[J].《统计方法研究》,19-21
[32]韩戍.《湖北省金融发展与城乡收入差距的实证研究》[D].中南民族大学,2009
[33]Jesse Bricker, Brian Bucks, Arthur Kennickell, Traci Mach, Kevin Moore. 《Surveying the Aftermath of the Storm:Changes in Family Finances from 2007 to 2009》
[34]Arthur B. Kennickell. 《Ponds and Streams: Wealth and Income in the U.S.,1989 to 2007》
[35]Gerhard Fries. 《DISCLOSURE REVIEW AND THE 2001 SURVEY OF CONSUMER FINANCES》, 2002
[36]Arthur B. Kennickell. 《What=s the Difference? Evidence on the Distribution of Wealth, Health, Life Expectancy and Health Insurance Coverage》.Paper prepared for the 1 lth Biennial CDC/ATSDR Symposium, April 17B18,Atlanta, Georgia. 2007
[37]Arthur B. Kennickell, R. Louise Woodburn. 《Estimation of Household Net WorthUsing Model-Based and Design-Based Weights:Evidence from the 1989 Survey of Consumer Finances》.1992
[38]Arthur B. Kennickell. 《A Rolling Tide:Changes in the Distribution of Wealth in the U.S., 1989-2001》, 2003
[39]Arthur B. Kennickell. 《Currents and Undercurrents:Changes in the Distribution of Wealth, 1989-2004》, 2006
[40]Gerhard Fries, Martha Starr-McCluer, and Annika E. Sunden. 《The Measurement of Household Wealth using Survey Data:An Overview of the Survey of Consumer Finances》, 1998
[41]Arthur B. Kennickell and Martha Starr-McCluer. 《Household Saving and Portfolio Change:Evidence from the 1983-89 SCF Panel》. 《Review of Income and Wealth》, 1997
[42]Martha Starr-McCluer, Annika Sunden. 《Workers' Knowledge of their Pension Coverage: A Reevaluation》,1999
[43]Arthur B. Kennickell, and Annika E. Sunden. 《Pensions, Social Security, and the Distribution of Wealth》,1997
[44]Arthur B. Kennickell. 《Using Income Data to Predict Wealth》, 1999
[45]Arthur B. Kennickell. 《Demographic Shifts in the Distribution of Wealth, 1992 to 1998:Evidence from the Survey of Consumer Finances》.Paper Prepared for the 27th General Conference of The International Association for Research in Income and Wealth Stockholm, Sweden. August 18-24, 2002
[46]Arthur B. Kennickell. 《An Examination of Changes in the Distribution of Wealth From 1989 to 1998:Evidence from the Survey of Consumer Finances》
[47]Arthur B. Kennickell. 《SAVING AND PERMANENT INCOME:EVIDENCE FROM THE 1992 SCF》, 1995
[48]Arthur Kennickell. 《Disentangling the Importance of the Precautionary Saving Motive》, 2005
[49]Arthur B. Kennickell, Martha Starr-McCluer, Annika E. Sunden. 《Saving and Financial Planning:Some Findings from a Focus Group》, 1996
[50]Rochelle L. Antoniewicz. 《A Comparison of the Household Sector from the Flow of Funds Accounts and the Survey of Consumer Finances》, 2000
2保罗·萨缪尔森.微观经济学(第18版).萧琛(译).人民邮电出版社.2008年1月
[1]叶蜀君喜书.《论可投资收入与金融资产分配的互动关系》[J].《湖南师范大学学报》,2012(4),108-111
[2]Shu·Xi Shujun Ye. 《The Analysis of Relationship between Financial Assets Supplement and the Assets Distribution》. Proceedings of the Annual International Conference on Accounting and Finance (AF2011), P115～123
[3]唐锦.《金融发展与城镇居民收入差距的关联性研究》[D].武汉理工大学,2007
[4]姚佳.《家庭资产组合选择研究》[D].厦门大学,2009
[5]王千六.《基于城乡经济二元结构背景下的城乡金融二元结构研究》[D].西南大学,2009
[6]夏鹏.《基于基尼系数的收入分布格局研究》[D].浙江工商大学,2008
[7]胡静.《家庭金融资产配置决策系统研究》[D].南昌大学,2008
[8]李海滨.《金融发展与城乡收入差距：基于我国1978-2005年的数据研究》[D].湖南大学,2007
[9]高源.《金融发展与城乡收入分配问题研究——以吉林省延边朝鲜族自治州为例》[D].中南民族大学
[10]师文明 余晓辉.《金融效率、经济增长与收入不平等—一个内生增长模型的解释》[J].《河北经贸大学学报》.2010,31(1),69-76
[11]赖悦.《商业银行个人理财业务发展创新及问题对策》[D].西南财经大学,2008
[12]李瑞.《收入差距测度方法研究及对我国居民收入差距的衡量》[D].山东大学,2009
[13]邓兆卉.《收入分配公平性的偏态分布描述方法研究》[D].兰州大学,2009
[14]肖倩.《通货膨胀与居民金融资产结构相关性研究》[D].中国海洋大学,2009
[15]王忠钦.《我国金融发展和城乡收入差距：理论分析、实证检验和政策建议》[D].西南财经大学,2006
[16]俞艳春.《我国金融结构变迁对金融效率的影响分析》[D].武汉理工大学,2007
[17]秦学敏.《我国金融结构与经济增长关系研究》[D].湖南大学,2007
[18]常兴华李伟.《我国居民收入差距的测算分析及调节建议》[J].《中国经贸导刊》,2010(20),29-32
[19]张辉.《中国城镇居氏家庭投资研究》[D].首都经济贸易大学,2007
[20]杨如彦 孟辉.中国金融工具创新报告2004-2006[M].北京.中国金融出版社
[21]殷剑峰 高占军 曾刚.中国金融产品与服务报告2007[M].北京.社会科学文献出版社,2007年6月,177-220,322-352,374-379
[22]杨家才 肖远企.中国个人金融年鉴2008--2009[M].北京.西苑出版社,2009年11月
[23]何德旭.中国金融服务理论前沿[M].北京.社会科学文献出版社,2006年3月,327
[24]张桥云.论银行产品的家庭消费[M].西南大学出版社.重庆,2004年1月
[25]朱玲 金成武.中国居民收入分配格局与金融危机应对[J].中国经济研究报告2009—2010.北京.经济管理出版社,2010年2月
[26]刘社建 李振明.教育消费、收入分配与劳动力市场[J].中国消费报告NO.1.北京.社会科学文献出版社,
[27]张中华.论我国的收入分配、金融资产增长与消费需求变动[J].中南财经政法大学学报,2003,4
[28]韩其恒 李俊青.金融深化对个体行为及其福利的影响分析[J].财经研究,2010,36(6)
[29]尹恒 龚六堂 邹恒甫.当代收入分配理论的新发展[J].经济研究,2002,8
[30]杨强.《中国个人收入分配问题研究》[D].福建师范大学,2002
[31]白雪梅 赵松山.《关于基尼系数计算方法的改进》[J].《统计方法研究》,19-21
[32]韩戍.《湖北省金融发展与城乡收入差距的实证研究》[D].中南民族大学,2009
[33]Jesse Bricker, Brian Bucks, Arthur Kennickell, Traci Mach, Kevin Moore. 《Surveying the Aftermath of the Storm:Changes in Family Finances from 2007 to 2009》
[34]Arthur B. Kennickell. 《Ponds and Streams: Wealth and Income in the U.S.,1989 to 2007》
[35]Gerhard Fries. 《DISCLOSURE REVIEW AND THE 2001 SURVEY OF CONSUMER FINANCES》, 2002
[36]Arthur B. Kennickell. 《What=s the Difference? Evidence on the Distribution of Wealth, Health, Life Expectancy and Health Insurance Coverage》.Paper prepared for the 1 lth Biennial CDC/ATSDR Symposium, April 17B18,Atlanta, Georgia. 2007
[37]Arthur B. Kennickell, R. Louise Woodburn. 《Estimation of Household Net WorthUsing Model-Based and Design-Based Weights:Evidence from the 1989 Survey of Consumer Finances》.1992
[38]Arthur B. Kennickell. 《A Rolling Tide:Changes in the Distribution of Wealth in the U.S., 1989-2001》, 2003
[39]Arthur B. Kennickell. 《Currents and Undercurrents:Changes in the Distribution of Wealth, 1989-2004》, 2006
[40]Gerhard Fries, Martha Starr-McCluer, and Annika E. Sunden. 《The Measurement of Household Wealth using Survey Data:An Overview of the Survey of Consumer Finances》, 1998
[41]Arthur B. Kennickell and Martha Starr-McCluer. 《Household Saving and Portfolio Change:Evidence from the 1983-89 SCF Panel》. 《Review of Income and Wealth》, 1997
[42]Martha Starr-McCluer, Annika Sunden. 《Workers' Knowledge of their Pension Coverage: A Reevaluation》,1999
[43]Arthur B. Kennickell, and Annika E. Sunden. 《Pensions, Social Security, and the Distribution of Wealth》,1997
[44]Arthur B. Kennickell. 《Using Income Data to Predict Wealth》, 1999
[45]Arthur B. Kennickell. 《Demographic Shifts in the Distribution of Wealth, 1992 to 1998:Evidence from the Survey of Consumer Finances》.Paper Prepared for the 27th General Conference of The International Association for Research in Income and Wealth Stockholm, Sweden. August 18-24, 2002
[46]Arthur B. Kennickell. 《An Examination of Changes in the Distribution of Wealth From 1989 to 1998:Evidence from the Survey of Consumer Finances》
[47]Arthur B. Kennickell. 《SAVING AND PERMANENT INCOME:EVIDENCE FROM THE 1992 SCF》, 1995
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