On the Portfolio Choice of Chinese Households:Health and Risk Preference
利用中国健康与养老追踪调查数据，研究人口和社会经济特征如何影响中国家庭在住房、生产性、金融和风险资产上的配置，发现健康状况显著影响城市居民的投资选择。
Using newly released China Health and Retirement Longitudinal Study(CHARLS),this paper explores determining factors of portfolio choices among Chinese households.We find that differential effects of demographics and socio-economic characteristics on different types of assets including housing assets,productive assets,financial assets and risky assets.Particularly,health status plays an important role in the portfolio choice of urban residents.Recognizing one's bad health may cause people to invest more in safer assets(e.g. productive assets and housing assets)and less in risky assets.These results may help understanding individual investment behavior and have some implications for the development of our financial market.