财务压力对于家庭风险金融资产投资的影响研究——基于微观家庭统计数据分析

Research on the Impact of Financial Strain on Household Risky Financial Asset Investment—Based on the Analysis of Micro-Level Household Statistical Data

摘要: 利用2019年中国家庭金融调查数据，考察了财务压力对于家庭投资行为的影响。研究发现，财务压力显著提升了家庭对于投资组合收益率的需求，并使得家庭对于股票收益性评价下降。财务压力总体上对于家庭持有风险金融资产产生抑制作用。在研究中并未观察到财务压力对于家庭投资损失承受意愿和主观风险偏好的影响。此外，进一步分析表明金融素养调节了财务压力对于收益率的需求和收益性评价的影响。

Abstract: This paper examines the impact of financial strain on household risky financial asset investment via data from the China Household Finance Survey 2019. The study revealed that financial strain significantly increases households’ expectations of portfolio returns while diminishing their perceptions of stock profitability. Financial strain has a suppressive effect on households’ investment in risky financial assets. The impact of financial strain on households’ willingness to tolerate investment losses or subjective risk preferences is not significant. Additionally, further analysis indicates that financial literacy negatively moderates the effects of financial strain on both the expectation of portfolio returns and the perception of stock profitability.