| 风险资产投资的童年诱因——基于CHARLS数据的实证检验 |
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| 引用本文：蔡宏波1，韩金镕1，宋佳倩2.风险资产投资的童年诱因——基于CHARLS数据的实证检验[J].湖南大学学报社会科学版,2023,(1):40-49 |
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| 中文摘要:从童年健康的视角考察个体投资偏好和风险资产配置行为，将健康风险纳入资产选择模型，发现童年健康不佳的个体在金融投资决策和资产配置中往往会更加保守。采用2018年中国健康与养老追踪调查（CHARLS）数据的实证研究发现：童年时期健康状况较差的个体，其成年后持有风险性金融资产的概率和比例均显著降低。采用工具变量法解决内生性问题，并通过控制个体特征以及童年时期的负向健康冲击后上述结论依然成立。机制分析表明，童年健康通过两种途径影响风险资产投资：一是人力资本和财富的积累，二是情绪和性格的塑造。进一步讨论发现童年健康对风险资产投资的影响在不同年龄和教育程度的群体间表现出较强的异质性。 |
| 中文关键词:童年健康 风险资产 人力资本 资产配置 |
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| Childhood Influences of Risk Asset Investment——An Empirical Analysis Based on CHARLS Database |
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| Abstract:This paper examines individual investment preferences and risk asset allocation behavior from the perspective of childhood health. Incorporating health risks into the asset selection model, we find that individuals with poor childhood health tend to be more conservative in financial investment decisions and asset allocation. Our empirical research using China Health and Retirement Longitudinal Study data (CHARLS) in 2018 shows that, individuals with poor health in childhood have a significantly lower probability and proportion of holding risk assets as adults. This conclusion is still valid after using the instrumental variable method to solve the endogenous problem, and by controlling the individual characteristics and the negative health shock in childhood. Childhood health can affect risk asset investment in two ways: one is the accumulation of human capital and wealth, and the other is the shaping of emotions and character. Further discussion reveals the influence of childhood health on risk asset investment shows strong heterogeneity among groups of different ages and education levels. |
| keywords:childhood health risk asset human capital asset allocation |
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