农村人口特征与居民消费金融的资产配置研究

在生命周期理论的框架下，利用中国农村省际面板数据对人口结构、教育年限、性别比等人口因素与储蓄、固定资产投资、住房支出、保险支出这4项农村居民资产配置决策进行了经验分析。研究表明：农村老年抚养比与固定资产投资、住房支出、保险支出显著正相关，农村少儿抚养比与住房支出、保险支出显著负相关，且它们的估计系数稳健性较强，说明人口年龄结构因素能够显著影响农村金融资产配置决策。此外，结果还表明提高农村居民的平均受教育年限对增加农村居民金融资产配置额和配置比重有较强的促进作用，但农村居民的性别比对此无显著影响作用。

Research on Demographic Structure and Consumer Finance in Rural China

Based upon both theories of life-cycle consumption and consumer finance,this article used a provincial panel data to analyze the ways how demographic factors such as rural population struc-ture,education age,sex,etc.that affect the asset allocation of rural household in terms of saving, fixed asset investment,insurance and housing.The results show that old dependency ratio positively relates to fixed asset investment,insurance and housing of rural household,while children dependency ratio has a negative correlation with housing and insurance,which suggests the significant role of pop-ulation structure in rural asset allocation.The finding also indicates that improving average education-year of rural household plays an important role in increasing the allocation of financial asset.By con-trast,the coefficient of rural sex ratio is not significant.