决战棋牌

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                                  1. 住房对家庭金融资产配置的影响

                                    摘要:通过建立一个包含住房的家庭跨期资产决策模型并进行参数赋值,从理论层面分析了住房资产对家庭金融资产配置的影响,且在此基础上使用西南财经大学中国家庭金融调查(CHFS)2013年全国调查数据进行了实证检验,研究表明住房资产对家庭金融市场参与和风险金融资产配
                                    阅读技巧Ctrl+D 收藏本篇文章

                                      ZHAIYAO:TONGGUOJIANLIYIGEBAOHANZHUFANGDEJIATINGKUAQIZICHANJUECEMOXINGBINGJINXINGCANSHUFUZHI,CONGLILUNCENGMIANFENXILEZHUFANGZICHANDUIJIATINGJINRONGZICHANPEIZHIDEYINGXIANG,QIEZAICIJICHUSHANGSHIYONGXINANCAIJINGDAXUEZHONGGUOJIATINGJINRONGDIAOCHA(CHFS)2013NIANQUANGUODIAOCHASHUJUJINXINGLESHIZHENGJIANYAN,YANJIUBIAOMINGZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHICUNZAIJICHUXIAOYING,ERDANGJIATINGCAIFUSHUIPINGHUOFENBUQUYUBUTONGSHI,JICHUXIAOYINGCUNZAIMINGXIANDEYIZHIXING。BENWENDEYANJIUJIELUNCONGWEIGUANSHANGSHUOMINGLEWANSHANJIATINGZICHANJIEGOU、FENSANJIATINGTOUZIFENGXIANDEBIYAOXING,CONGHONGGUANSHANGJIESHILEZHUFANGSHICHANGGUODUFANRONGDUIJINRONGSHICHANGDEZIYUANJIZHANWENTI。JUCI,BENWENTICHUHELIPEIZHIZHUFANGZICHAN、HUANJIEZHONGDISHOURUJIATINGZHUFANGYALI、HELIYINDAOFADADIQUFANGDICHANSHICHANGFAZHAN,SHIXIANFANGJIAPINGWENHUIGUIDENGZHENGCEJIANYI。


                                      GUANJIANCI:ZHUFANGZICHAN;JINRONGZICHANPEIZHI;KUAQIZICHANJUECEMOXING;JINRONGFENGXIAN


                                      作者:周雨晴,何广文(中国农业大学经济管理学决战棋牌院,北京100083)


                                    决战棋牌  YI、YINYANYUWENXIANZONGSHU


                                      20世纪60年代末,以Campbell为代表的经济学家开始研究异质性家庭的金融行为和资产配置问题,家庭金融领域受到广泛关注并逐渐成为继资产定价和公司金融之后又一热门研究方向。根据美国贝恩资本与招商银行联合发布的《2017中国私人财富报告》①,2016年中国个人持有的可投资资产总额达165万亿元,规模相当可观。随着国民财富的积累,许多家庭的金融理财意识也逐渐增强,开始进入金融市场并配置以股票、基金为代表的风险金融资产。参与金融市场和风险金融资产配置成为投资者实现资产保值升值的重要途径。


                                      根据2016年小牛资本与西南财经大学联合发布的《中国家庭金融资产配置风险报告》②,2015年我国有68.4%的家庭未参与股票市场,但是13.5%的家庭配置的股票资产占家庭金融资产的比例高达90%以上。由此可见,不同于传统的资产组合理论③,异质性家庭在参与金融市场和配置风险金融资产时的行为选择存在极大差异,这在一定程度上是由于背景风险(劳动收入风险、住房和健康风险等)和一些人口统计学因素差异导致的[1]。


                                      作为家庭资产的构成部分,住房在家庭总资产中占有相当大的比重,尤其是对于中等收入家庭来说,房产是占比最高的资产,因此住房是影响家庭金融资产配置的重要因素[2]。2015年西南财经大学出版的《中国家庭金融调查报告(2014)》显示④,我国居民住房拥有率高达90%,高于德国、日本、美国和英国等发达国家,房产在家庭总资产中的占比将近七成,高出美国2倍多,房产在我国居民家庭资产中的重要地位不言而喻。


                                    决战棋牌  ZHUFANGZUOWEIJIATINGZHONGYAODEBEIJINGFENGXIANZHIYI,YINGXIANGZHEJIATINGDEJINRONGSHICHANGCANYUHEJINRONGZICHANPEIZHIXINGWEI。CoccoZAISHENGMINGZHOUQIMOXINGZHONGYINRUZHUFANGHOU,FAXIANMOXINGNENGGOUGENGHAODIJIESHIXIANSHIZHONGSUOGUANCHADAODEJINRONGZICHANTOUZIZUHEWENTI,BINGQIERENWEIZHUFANGZICHANHUIJICHUTOUZIZHEZAIGUPIAODENGFENGXIANZICHANSHANGDETOUZIFENE[3]。GUOWAIDUOSHUYANJIUYETONGYANGRENWEIZHUFANGTOUZIHUIJIANSHAOGUPIAO、JIJINDENGQUANYIZICHANZAIZONGJINRONGZICHANZHONGSUOZHANDEFENE[4][5][6]。DANYEYOUGUOWAIXUEZHEGUANZHUZHUFANGZICHANDAILAIDECAIFUXIAOYINGHEXINXINJIZHIDENGZHENGXIANGYINGXIANG,RENWEIZHUFANGTOUZIHUIJIJIATINGDAILAICAIFUZENGZHI,HAINENGZENGQIANGJIATINGDEXINXINHEANQUANGAN,CUJINJIATINGCHIYOUGENGDUODEFENGXIANJINRONGZICHAN[7][8]。


                                      ZONGLANGUOWAIWENXIANKEYIFAXIAN,20SHIJIMOGUOWAIXUEZHEJIUYIJINGKAISHILEXIANGGUANYANJIU,RUJINYANJIUFANGFAHESHUJUDOUJIAOWEICHENGSHU。WOGUOSHOUZHIYUWEIGUANJIATINGSHUJULAIYUANYOUXIAN,DUIGAIFANGXIANGDEYANJIUSHANGCHUYUQIBUJIEDUAN。GUONEIBUFENXUEZHERENWEIFANGCHANTOUZIMINGXIANJIANGDILEJUMINTOUZIFENGXIANJINRONGZICHANDEGAILV,LIANGZHEZHIJIANJUYOUTIDAIXING[9],ERQIEFANGCHANYETONGGUOJIANSHAOJIATINGLIUDONGXINGZICHAN,ZAOCHENGLIUDONGXINGYUESHUCONGERJICHULEJIATINGFENGXIANJINRONGZICHANDEPEIZHI[10]。DANYEYOUYIXIEYANJIUJIELUNZHICHIFANGCHANTOUZIDEZHENGXIANGYINGXIANG,ZHICHUZAIFANGJIADAFUSHANGZHANGDEQUSHIXIAZHUFANGZICHANDAILAIDECAIFUXIAOYINGHUIXIANZHUTISHENGJIATINGCANYUJINRONGSHICHANGGAILVYIJIFENGXIANJINRONGZICHANCHIYOUBILI[11]。


                                    决战棋牌  ZONGERYANZHI,ZHUFANGZICHANSHIWOGUOJUMINJIATINGZICHANJIEGOUZHONGZUIWEIZHONGYAODEBUFEN,ERJINRONGZICHANPEIZHIGUANXIDAOJUMINCAIFUDEBAOZHIZENGZHIHEZIBENSHICHANGDEJIANKANGFAZHAN。DANGQIANWOGUOFANGCHANSHICHANGPENGBOFAZHANERJINRONGSHICHANGQUELVEXIANPIRUO,ZAIZHEIYITEDINGQINGJINGXIA,YANJIUZHUFANGZICHANDUIWOGUOJUMINJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEYINGXIANGJUYOUZHONGYAOYIYI。ERWOGUOXIANYOUWENXIANCHULEYANJIUJIELUNSHANGWEIDACHENGYIZHIZHIWAI,YECUNZAIZHEZHONGSHIZHENGERQINGLILUN、QUEFADUILILUNMOXINGHEYINGXIANGJIZHIDETANTAO、SHIZHENGFANGFAKENENGCUNZAINEISHENGXING、DUIYIZHIXINGYINGXIANGYANJIUBUZUDENGWENTI。YINCIBENWENSHITUCONGXIANYOUYANJIUDEBUZUCHUFA,GOUJIANHANZHUFANGDEKUAQIZICHANJUECEMOXINGBINGJINXINGCANSHUFUZHI,CONGLILUNSHANGFENXIZHUFANGZICHANDUIJINRONGZICHANPEIZHIJUECEDEYINGXIANG,BINGJINYIBUZAIKEFUNEISHENGXINGDEJICHUSHANGSHIZHENGJIANYANZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGJIQIYIZHIXING。BENWENDEYANJIUCHENGGUOZAIWEIGUANSHANGYOULIYULIJIEJIATINGZICHANJIEGOUDENEIZAILIANXI,ZAIHONGGUANSHANGNENGGOUJIESHIZHUFANGSHICHANGYUJINRONGSHICHANGDELIANDONGGUANXI。


                                    决战棋牌  ER、MOXINGGOUJIANYUJIASHETICHU


                                      (YI)MOXINGJIANLIYUTUIDAO


                                    决战棋牌  CoccoZUIZAOGOUJIANLEHANZHUFANGDEKUAQIZICHANZUHEMOXING,ZHEISHIYIGESHENGMINGZHOUQINEIDEDUOQIZICHANJUECEMOXING,TANTAOLEZHUFANGHEZICHANZUHEDEGONGTONGYANBIAN[3]。ChettyHESzeidlZAIYANJIUZHUFANGQUANYIHEZHUFANGDIYADAIKUANSHIJIANGCoccoDEMOXINGJIANHUAWEIJINHANLIANGQIDEKUAQIJUECEMOXING,TIANJIALEXIAOFEIDEYUSUANYUESHUTIAOJIAN,BINGJIANGQIUJIEMUBIAOGAIWEIZHONGQIXIAOYONGZUIDAHUA[12]。WEILEYANJIUFANGCHANJIAZHIWAISHENGBIANHUADUIJINRONGZICHANPEIZHIDEYINGXIANG,WOMENJIEJIANChettyHESzeidlDEKUAQISHEDING[12],DANSHENGLVELEZHUFANGDIYADAIKUANHEZHUFANGQIANYIGAILVDENGCANSHUDESHEZHIHETUIDAO,SHIDEQIUJIEGUOCHENGGENGWEIJIANDANHEYIBANHUA。


                                      假设家庭仅在两期内进行投资与消费决策,在第0期家庭进行投资决策决战棋牌,在第1期获得收益并进行消费。第0期家庭初始的住房拥有量为H0,初始房价为P0;第1期家庭住房拥有量为H1,房价为P1。在第1期,家庭的瞬时效用函数可以表示为:


                                    决战棋牌  width=105,height=44,dpi=110


                                      (1)


                                      SHI(1)ZHONG,C1WEIDI1QIDEFEINAIYONGPIN(CHUZHUFANG)XIAOFEI,θYONGLAIHENGLIANGJIATINGZAIZHUFANGHHEFEINAIYONGPINCZHIJIANDEPIANHAO,γSHIXIANGDUIFENGXIANHUIBIXISHU。


                                      JIASHEJIATINGZAIDI0QIJINXINGTOUZIJUECESHI,ZAISUOYOUJINRONGZICHANL0ZHONG,JIATINGTOUZIDEFENGXIANJINRONGZICHANZHANBIWEIα,WUFENGXIANJINRONGZICHANZHANBIWEI1-α。FENGXIANJINRONGZICHANDESHOUYILVWEI1+R=exp(r),QIZHONGwidth=84,height=20,dpi=110WUFENGXIANJINRONGZICHANDESHOUYILVSHICHANGSHU,BIAOSHIWEI1+Rf=exp(rf)。CIWAI,DI0QIDEFANGJIAP0=1,DI1QIDEFANGJIAwidth=187,height=20,dpi=110


                                      JIATINGJINRONGTOUZIZUHEDEZONGSHOUYILVKEYIBIAOSHIWEIRp=αR+(1-α)Rf,QIZHONGα∈[0,1]。JIATINGXUYAOZAIDI0QIJUEDINGZICHANZAIZHUFANGYUQITAXIAOFEIPINZHIJIANDEFENPEI,YEXUYAOJUEDINGTOUZIYUWUFENGXIANZICHANYIJIFENGXIANZICHANDEXIANGDUIFENE。JIATINGZAIDI1QINENGGOUSHIXIANDEXIAOFEIHEZHUFANGZEQUJUEYUDI0QIDETOUZIJIEGUOHEDI1QIDELAODONGSHOURUY1。YOUCIKEYIJIANGYUESHUTIAOJIANBIAOSHIWEI:


                                      C1+P1H1=(1+Rp)L0+P1H0+Y1


                                      (2)


                                      JIATINGDEMUBIAOSHI,ZAIYUSUANYUESHU(2)XIAXUANZESHIXIAOYONG(1)ZUIDADEα。WOMENSHIYONGCampbellHEViceiraDEDUISHUXIANXINGHUADEFANGSHI[13],ZUIZHONGSHENGCHENGJIANHUADEDUISHUXIANXINGOULAFANGCHENGWEI:


                                      width=145,height=41,dpi=110


                                      (3)


                                    决战棋牌  SHI(3)ZHONG,v′SHIBIANJIXIAOYONGU′DEDUISHU,cov(r,v′)SHIrHEv′DEXIEFANGCHA。YOUYUChettyHESzeidlDEMOXINGKAOLVLEZHUFANGQIANYIGAILV[12],SHIDEMOXINGQIUJIEGUOCHENGGENGWEIFUZA,BENWENCONGGENGYIBANSHIJIAOCHUFA,JIANHUAMOXINGSHEZHIHETUIDAOGUOCHENG,SHIYONGBIAOZHUNHUAFANGFACONGOULASHI(3)ZHONGTUIDAOCHUZUIZHONGDEα。


                                      SHOUXIAN,WEILEQIUJIECHUv′,WOMENXIANQIUJIEU′。WOMENJIASHEDI1QIJIATINGCAIFUW1WANQUANFENPEIYUXIAOFEIHEZHUFANGZHISHANG,ZEC1=βW1,H1=(1-β)W1/P1,JIANGQIDAIRUXIAOYONGHANSHU(1)ZHONGKEDE:


                                      width=234,height=44,dpi=110


                                      (4)


                                    决战棋牌  DUIU(W1)QIUDAO,KEDEwidth=269,height=20,dpi=110WEILEQIUCHUU′DEDUISHUv′,WOMENYAOXIANDEDAOW1DEDUISHUw1。JIDINGJIATINGCAIFUW1=(1+Rp)L0+P1H0+Y1,JINXINGXIANXINGDUISHUHUA,KEYIDEDAO:


                                    决战棋牌  w1≈(1-m)[l+αr+(1-α)rf]+mp1+k1


                                      (5)


                                      SHI(5)ZHONG,width=117,height=41,dpi=110KEYIHENGLIANGZHUFANGZICHANZAIJIATINGCAIFUZHONGDEXIANGDUIBIZHONG,lWEILIUDONGXINGZICHANL0DEDUISHU,k1WEIYIGECHANGSHU。QIUU′(W1)DEDUISHU,KEDE:


                                      v′≈k2+θ(γ-1)p1-γw1


                                      ={k2-γk1-γ(1-m)[l+(1-α)rf]}+[θ(γ-1)-γm]p1-γ(1-m)αr


                                      (6)


                                      DANGαJIDINGSHI,k2-γk1-γ(1-m)[l+(1-α)rf]SHICHANGSHU,YOUCIKEYIDEDAO:


                                      width=346,height=20,dpi=110


                                      (7)


                                      YOUSHI(3)KEDE:


                                    决战棋牌  width=333,height=41,dpi=110


                                      (8)


                                      YOUSHI(8)JIEDEFENGXIANJINRONGZICHANZHANBIα:


                                    决战棋牌  width=264,height=67,dpi=110


                                      (9)


                                      WEILEQIUCHUZHUFANGZICHANH0DUIFENGXIANJINRONGZICHANPEIZHIαDEYINGXIANG,WOMENDUISHI(9)QIUDAO,KEDE:


                                      width=393,height=67,dpi=110


                                      (10)


                                    决战棋牌  (ER)CANSHUFUZHIYUJIASHETICHU


                                      ZAISHI(10)ZHONG,FENMUwidth=79,height=20,dpi=110WEIZHENG,dα/dH0DEZHENGFUQUJUEYULIANGFENZIDEHE,YINCIWOMENCANKAOXIANGGUANWENXIANJICANSHUFUZHIBINGJINXINGBIJIAOJINGTAIFENXI。


                                      在模型参数赋值上,由于国内目前没有类似研究,所以本文参考国外相关文献的赋值方式。我国金融资产收益率和收益方差与欧美等国较为相似,但居民家庭相对风险回避系数和住房相对偏好较高。考虑我国现实情况后,本文发现Cocco等、Chetty和Szeidl对相关参数的赋值与我国现实比较接近,可以参考借鉴[12][14]。具体参数值赋值情况及参考文献如表1所示。


                                      BIAO1CANSHUFUZHIJICANKAOWENXIAN


                                    决战棋牌  width=692,height=146,dpi=110


                                      CANSHUFUZHIHOU,KEYIDEZHIwidth=76,height=20,dpi=110DEZHIWEI0.0525,[γ(θ-1)-θ]cov(r,p1)DEZHIWEI-5.05cov(r,p1)。CISHI,HAIYOUYIGEWEIZHICANSHUcov(r,p1),JIFENGXIANZICHANSHOUYILVYUFANGJIADEGUANXI,GAIZHISHUDEFUZHIJIAOWEIFUZA,QIZHENGFUHEDAXIAOZHIJIEYINGXIANGdα/dH0DEJIEGUO。ZAICIJINGJISUANDEZHI,RUcov(r,p1)DAYU0.005,dα/dH0WEIFU,FANZHIdα/dH0WEIZHENG。ZHEISHUOMINGZAIFENGXIANZICHANSHOUYILVHEFANGJIAYOUZHENGXIANGGUANXIDEQIANTIXIA(JISHIXIANGGUANDUBIJIAOWEIXIAO),ZHUFANGZICHANDUIFENGXIANJINRONGZICHANPEIZHICUNZAIFUXIANGYINGXIANG。


                                    决战棋牌  DUIYUFENGXIANZICHANSHOUYILVHEFANGJIADEXIANGGUANGUANXI,XUEJIESHANGYOUYIDINGZHENGLUN。YOUQIZAIBUTONGDEGUOJIAHEQUYU,GUPIAODENGFENGXIANZICHANSHOUYILVHEFANGJIADEGUANXIBINGBUYIZHI。SUIRANGUOWAIYOUYIXIEXUEZHERENWEIFENGXIANZICHANSHOUYILVHEFANGJIAFUXIANGGUAN[15][16],HUOBUXIANGGUAN[17]。DANSHIGENGDUODEYANJIUBIAOMINGFENGXIANZICHANSHOUYILVHEFANGJIACUNZAIGONGTONGZHANGDIEDEZHENGXIANGGUANXI[18][19][20][21]。ZAIGUONEI,YOUYUCUNZAIHONGGUANDIAOKONGHEZHENGCEYINGXIANG,GUSHIHEFANGSHIDESHOUYILVBINGBUWANQUANYOUSHICHANGJUEDING,DANZAIJINGJIWENDINGZENGZHANGSHIQI,LIANGZHEDESHOUYILVZAIZHANGQIZHONGHUICHENGXIANCHUYIDINGDEZHENGXIANGGUANXI[22][23]。


                                      ZAIFENGXIANZICHANSHOUYILVHEFANGJIACUNZAIYIDINGZHENGXIANGGUANXIDEJIADINGXIA,ZHIYAOcov(r,p1)DAYU0.005,dα/dH0JIUWEIFU。ChettyHESzeidlZAIKAOLVMEIGUODESHIJIQINGKUANGHOU,JIcov(r,p1)FUZHIWEI0.1[12]。ERQIEGUONEIWAIDADUOWENXIANYEZHICHIZHUFANGZICHANDUIFENGXIANJINRONGZICHANPEIZHIDEFUXIANGYINGXIANG,JIZHUFANGZICHANHUIJIZHANJIATINGDUIFENGXIANJINRONGZICHANDETOUZI[3][4][5][6][9]。JUCI,WOMENTICHUJIASHEH1。


                                      H1:ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIJUYOUFUXIANGYINGXIANG,CUNZAIJICHUXIAOYING。


                                      CIWAI,WOMENJINYIBUKAOLVJICHUXIAOYINGDEYIZHIXING。CONGSHI(10)ZHONGWOMENKEYIKANCHU,JICHUXIAOYINGBINGFEISHIGUDINGBUBIANDE,DANGQITAYINSUYIDINGSHI,ZHUFANGZICHANZHANZONGCAIFUDEBILI(m)DEDAXIAOHUIYINGXIANGJICHUXIAOYINGDEQIANGRUO。CONGLILUNSHANGLAIJIANG,ZHUFANGZICHANZHANZONGCAIFUDEBIZHONGYUEDA,JIJIATINGZAOCHENGDELIUDONGXINGYUESHUYUEYANZHONG,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEFUXIANGYINGXIANGJIUYUEXIANZHU。


                                    决战棋牌  YIFANGMIAN,JICHUXIAOYINGDEYIZHIXINGYUJIATINGZONGCAIFUYOUGUAN。CampbellCENGTICHUZHUFANGZICHANSHIZHONGCHANJIATINGZHONGZHANBIZUIZHONGDEZICHAN,ERGENGJIAFUYOUDEJIATINGZAITOUZIZHUFANGZHIYUSHANGYOUNENGLICHIYOUGENGDUODEQUANYIZICHAN,ZHEIQIAHAOYUWOMENDELILUNMOXINGJIELUNXIANGFU[2]。CONGWOGUODEXIANSHILAIKAN,DUIYUCAIFUSHUIPINGJIAOGAODEJIATING,ZHUFANGFUDANXIANGDUIJIAOXIAO,DUIJINRONGZICHANPEIZHIZAOCHENGDEJICHUXIAOYINGYEXIANGDUIJIAORUO,ERZHONGDICHANJIATINGZEYINWEIPEIZHIZHUFANGZAOCHENGLEJIDADELIUDONGXINGYUESHU,ZAIZHUFANGYALIXIA,ZHEIXIEJIATINGGENGDUODIXUANZEBUCANYUJINRONGSHICHANGHUOZHEPEIZHIJISHAODEFENGXIANJINRONGZICHAN。YOUCI,WOMENTICHUJIASHEH2:


                                      H2:DUIYUZICHANJIAOSHAOHESHOURUSHUIPINGJIAODIDEJIATINGLAISHUO,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGYOUWEIXIANZHU。


                                    决战棋牌  LINGYIFANGMIAN,JICHUXIAOYINGDEYIZHIXINGYEYUJIATINGSUOCHUQUYUYOUGUAN。ZHONGGUOQUYUFAZHANBUPINGHENGDEWENTIJIAOWEIYANZHONG,FADADIQUJINGJIFANRONGFAZHAN,RENKOUXUNSUPENGZHANGDETONGSHIFANGJIAYEYILUPANSHENG,XIANGDUIYUZHONGXIBUFAZHANJIAOWEIHUANMANDEDIQU,FADADIQUJUMINJIATINGDEGOUFANGYALIYEGENGCHENZHONG。ZAIQITATIAOJIANXIANGDANGDEQIANTIXIA,CHUZAIFADADIQUDEJIATINGNANMIANCUNZAIZHUFANGZICHANZAIJIATINGZONGCAIFUZHONGZHANBIGUOGAODEWENTI,CONGERJIAJULEZHUFANGZICHANDEJICHUXIAOYING。YINCI,WOMENJINYIBUTICHUJIASHEH3:


                                      H3:ZAIJINGJIJIAOWEIFADADEQUYU,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGGENGWEIXIANZHU。


                                      SAN、SHUJUJIESHAO、BIANLIANGXUANZEHEMOXINGSHEDING


                                      (YI)SHUJUJIESHAO


                                    决战棋牌  BENWENJIYUXINANCAIJINGDAXUEZHONGGUOJIATINGJINRONGDIAOCHAYUYANJIUZHONGXINZHUCHIDE“ZHONGGUOJIATINGJINRONGDIAOCHA(CHFS)”2013NIANQUANGUODIAOCHASHUJUKAIZHANYANJIU。CHFSCAIYONGCHOUYANGDIAOCHADEFANGFAZAIQUANGUOFANWEINEIXUANQULEBUHANWOGUOGANGAOTAIDIQUHEXINJIANG、XIZANGZIZHIQUYIWAIDE29GESHENG(ZIZHIQU、ZHIXIASHI),28141HUJIATING,QIZHONGNONGCUNJIATING8932HU,CHENGSHIJIATING19209HU。DIAOCHANEIRONGBAOKUOJIATINGCHENGYUANDERENKOUTONGJITEZHENG、JIATINGZICHANFUZHAI、BAOXIANYUBAOZHANG、ZHICHUYUSHOURUSIDAFANGMIAN,SUOBAOHANDEDIAOCHAXINXIKEYIFUGAIBENWENSUOXUDESUOYOUSHUJU。


                                      XUYAOSHUOMINGDESHI,CHFSJIANGJIATINGZONGZICHANFENWEILIUDONGXINGJIAOCHADEFEIJINRONGZICHANHELIUDONGXINGJIAOHAODEJINRONGZICHANLIANGBUFEN。FEIJINRONGZICHANBAOKUONONGYEJINGYINGZICHAN、GONGSHANGYEJINGYINGZICHAN、TUDIZICHAN、FANGCHAN、CHELIANGZICHANHEQITAFEIJINRONGZICHAN。JINRONGZICHANBAOKUOWUFENGXIANJINRONGZICHANHEFENGXIANJINRONGZICHAN,QIZHONGWUFENGXIANJINRONGZICHANBAOKUOSHEBAOZHANGHUYUE、XIANJIN、CUNKUANHEZHAIQUANDENG;FENGXIANJINRONGZICHANBAOKUOGUPIAO、JIJIN、YANSHENGPIN、LICAI、WAIBIZICHANHEHUANGJINDENG。


                                      (ER)BIANLIANGXUANZE


                                      BENWENGUANZHUDEBEIJIESHIBIANLIANGYOU“SHIFOUCANYUJINRONGSHICHANG(Ifrisk)”HE“FENGXIANJINRONGZICHANZHANJINRONGZICHANBILI(Risk_finance)”。QIANZHEHENGLIANGJIATINGSHIFOUCANYUJINRONGSHICHANG,JISHIFOUPEIZHIFENGXIANJINRONGZICHAN;HOUZHEHENGLIANGCANYUJINRONGSHICHANGDECHENGDU,JIJIATINGPEIZHIDEFENGXIANJINRONGZICHANZHANJINRONGZICHANDEBIZHONG。


                                    决战棋牌  WOMENGUANZHUDEHEXINJIESHIBIANLIANGSHIJIATINGDE“ZHUFANGZICHAN(House)”,JIFANGCHANDEDANGQIANJIAZHI。DANGRAN,YANJIUZHUFANGZICHANDUIJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEYINGXIANGSHIKENENGCUNZAIYIDINGDENEISHENGXINGWENTI,YIFANGMIAN,FANGCHANHEFENGXIANJINRONGZICHANDOUSHUYUGAOFENGXIANGAOSHOUYIZICHAN,JIATINGDERENGETEZHI、LICAIJINGYANDENGBUKEGUANCEYINSUKENENGHUITONGSHIYINGXIANGFANGCHANHEFENGXIANJINRONGZICHANTOUZI;LINGYIFANGMIAN,JINRONGZICHANPEIZHIXINGWEIYEKENENGFANFANGXIANGYINGXIANGZHUFANGZICHANPEIZHI,YOUQIDUIYUNEIXIEZHUANZHIHUOXIGUANCHAOGULICAIDEJIATINGLAISHUO,FANXIANGYINGUOWENTIJIKENENGCUNZAI。WEILEJIEJUEKENENGCUNZAIDENEISHENGWENTI,WOMENYONG“FANGCHANZENGZHI(Hincrease)”(JIZHUFANGXIANYOUJIAZHITONGGOUFANGCHENGBENZHIJIANDECHAZHI),ZUOWEI“ZHUFANGZICHAN(House)”DEGONGJUBIANLIANG。


                                      在我们关注的解释变量外,还有许多因素会影响家庭金融市场参与和风险金融资产配置,我们必须对这些因素加以控制。我们通过对相关文献的整理和分析,构造了如下一系列控制变量:首先,家庭的资产和收入水平是影响金融决策的主要因素[3][5][9],因此我们控制了“家庭总资产(Asset)”和“家庭年收入(Income)”。其次,家庭特征和人口统计学特征也是重要的影响因素[2],因而,我们控制了“家庭成员数量(Num)”“受访者风险规避程度(Riskaversion)”“受访者受教育决战棋牌年限(Education)”“受访者年龄(Age)”“受访者性别(Gender)”“受访者婚姻状态(Married)”和“受访者健康状况(Health)”。最后,为了排除城乡差异导致的影响,我们还控制了“是否农村居民(Rural)”这一二元变量。需要说明的是,由于年龄对风险金融资产配置可能存在倒U型的生命周期效应[2],我们在实证过程中通过设置4个虚拟变量划分出4个年龄阶段,分别是:青年(18~35岁)、中青年(36~50岁)、中老年(51~65岁)和老年(65岁以上)。此外,“住房资产(House)”“房产增值(Hincrease)”“家庭总资产(Asset)”和“家庭年收入(Income)”这些变量在不同家庭间的差异很大,为了使得数据更为平稳,在实证检验中我们采取对数形式。


                                      BIAO2SHIBIANLIANGSHUOMINGJIQIMIAOSHUXINGTONGJI。RUBIAO2SUOSHI,YANGBENJIATINGJINRONGSHICHANGPINGJUNCANYULVWEI12.14%,PEIZHIFENGXIANJINRONGZICHANZHANZONGJINRONGZICHANDEBILIPINGJUNWEI4.11%,YOUCIKEJIAN,WOGUOJUMINJIATINGJINRONGSHICHANG“YOUXIANCANYU”WENTIFEICHANGYANZHONG,JUMINZHUYAOYICHIYOUWUFENGXIANJINRONGZICHANWEIZHU。ERYANGBENJIATINGZHUFANGZICHANPINGJUNYIDADAO40YUWANYUAN,QIEZHUFANGZICHANZAIJIATINGZONGZICHANZHONGZHANBICHAOGUOYIBAN,YOUCIKEJIAN,ZHUFANGZICHANWUYISHIJIATINGZICHANZHONGZUIZHONGYAODEGOUCHENGBUFEN。


                                      (SAN)MOXINGSHEDING


                                      1.JIZHUNMOXING。BENWENYANJIUZHUFANGZICHANDUIJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEYINGXIANG,YOUYUBEIJIESHIBIANLIANG“SHIFOUCANYUJINRONGSHICHANG(Ifrisk)”WEIERYUANLISANBIANLIANG,“FENGXIANJINRONGZICHANZHANJINRONGZICHANBILI(Risk_finance)”WEIJIEDUANBIANLIANG,YINCIWOMENXUANZELEProbitMOXINGYUTobitMOXING。ZAIProbitHUIGUIZHONG,YINBIANLIANGIfriskiZHINENGQU0、1LIANGGEZHI,BINGQIEQIQUZHIQINGKUANGYOUQIANBIANLIANGwidth=40,height=20,dpi=110JUEDING。QIANBIANLIANGwidth=40,height=20,dpi=110DEDAXIAOYOUZHUFANGZICHANLnhousei、KONGZHIBIANLIANGControliHEBUKEJIANDEJIATINGTEZHISUIJIBIANLIANGuiJUEDING。


                                    决战棋牌  BIAO2BIANLIANGSHUOMINGJIQIMIAOSHUXINGTONGJI


                                    决战棋牌  width=692,height=287,dpi=110


                                      width=160,height=46,dpi=110


                                      (11)


                                      width=225,height=20,dpi=110


                                      TobitHUIGUITONGLI,YINBIANLIANGYi(Risk_financei)YOUQIANBIANLIANGwidth=17,height=20,dpi=110JUEDING,DANGwidth=96,height=20,dpi=110DANGwidth=102,height=20,dpi=110JIwidth=122,height=20,dpi=110QIANBIANLIANGwidth=17,height=20,dpi=110DEDAXIAOTONGYANGYOUZHUFANGZICHANLnhousei、ControliHEBUKEJIANDEJIATINGTEZHISUIJIBIANLIANGηiJUEDING。


                                    决战棋牌  width=204,height=20,dpi=110


                                      (12)


                                      2.KEFUNEISHENGXINGDEMOXING。WEILEKEFUKENENGCUNZAIDENEISHENGXINGWENTI,WOMENSHIYONG“FANGCHANZENGZHIDEDUISHU(Lnhincrease)”ZUOWEI“ZHUFANGZICHANDEDUISHU(Lnhouse)”DEGONGJUBIANLIANGLAIJINXINGIVProbitHEIVTobitHUIGUI。CONGLILUNSHANGLAIJIANG,FANGCHANDEDANGQIANJIAZHIYOUHENDAYIBUFENSHIYOUYUFANGCHANZENGZHIDAILAIDE,YINCIFANGCHANZENGZHIYUZHUFANGZICHAN(JIZHUFANGDANGQIANJIAZHI)MIQIEXIANGGUAN,ERQIEFANGCHANZENGZHISHIJINXINGGOUFANGJUECEHOUBUSHOUJIATINGCHENGYUANYISHIZHIPEIDEWAISHENGXINGBIANDONG,YUJIATINGJINRONGZICHANPEIZHIXINGWEIBUCUNZAIZHIJIEGUANXI,YEBUYUQITAJIATINGTEZHENGHERENKOUTONGJIXUEYINSUXIANGGUAN。TONGGUOLILUNFENXIKEYIBIAOMING“FANGCHANZENGZHI”SHIYIGEJIAOWEIHESHIDEGONGJUBIANLIANG,ZAIXIAWENZHONGWOMENJIANGJINYIBUTONGGUOJILIANGJIANYANZHENGMINGGONGJUBIANLIANGDEYOUXIAOXING。ZAISHI(12)ZHONG,RUOLnhouseNEISHENG,GONGJUBIANLIANGFAXUYAOJINXINGLIANGJIEDUANGUJI,WOMENJIANGDIYIJIEDUANFANGCHENGBIAOSHIWEI:


                                    决战棋牌  Lnhousei=γ1Lnhincreasei+γ2Controli+vi


                                      (13)


                                      JIASHESHI(11)HESHI(13)ZHONGDERAODONGXIANG(ui,vi)FUCONGQIWANGZHIWEI0DEERWEIZHENGTAIFENBU,JI:


                                    决战棋牌  width=187,height=49,dpi=110


                                      uiDEFANGCHABEIBIAOZHUNHUAWEI1,ρWEI(ui,vi)DEXIANGGUANXISHU。ZAICISHEDINGXIA,uiDUIYUviDEZONGTIHUIGUIFANGCHENGKEXIEWEI:


                                      ui=δvi+εi


                                      (14)


                                      JIANGSHI(14)DAIRUSHI(11)KEDE,


                                      width=257,height=20,dpi=110


                                      (15)


                                      YIZHIεi~N(0,1-ρ2),WEILEBAεiDEFANGCHABIAOZHUNHUAWEI1,JIANGSHI(15)LIANGBIANTONGSHICHUYIwidth=52,height=20,dpi=110


                                    决战棋牌  width=354,height=49,dpi=110


                                      (16)


                                    决战棋牌  YOUYUSHI(16)ZHONGDEviBUKEGUANCE,WOMENSHOUXIANDUIJIANHUASHI(13)JINXINGOLSHUIGUI,DEDAOCANCHA,QICI,YICANCHAwidth=14,height=23,dpi=110DAITISHI(16)ZHONGDEvi,JINXINGProbitGUJI,DEDAOXISHUDEYIZHIGUJIZHI。TONGLI,HANNEISHENGBIANLIANGDETobitMOXINGGUJIFANGFAYELEISIYUIVProbit,DOUSHIYONGLIANGBUFAXIANDUISHI(13)JINXINGOLSGUJI,DEDAOCANCHAwidth=17,height=23,dpi=110RANHOUJIANGCANCHAZUOWEIJIESHIBIANLIANGJIARUSHI(12)ZHONG,JINXINGTobitGUJI。


                                      SI、SHIZHENGJIANYAN


                                      (YI)JIZHUNHUIGUIJIGONGJUBIANLIANGHUIGUIJIEGUO


                                    决战棋牌  BIAO3ZHONGDE4LIEYICIHUIBAOLEProbit、TobitJIIVProbit、IVTobitMOXINGDEHUIGUIJIEGUO。YOUYUFEIXIANXINGHUIGUIDEXISHUBUNENGZHIJIEFANYINGJIESHIBIANLIANGDEZUOYONG,QIESHIYONGGONGJUBIANLIANGHOUDEDAODEYIZHIGUJIZHISHICHUYIwidth=46,height=20,dpi=110HOUDEBIANHUANXISHU,YINCIZHIJIEHUIBAOXISHUBINGBUKEKAO,YIXIASUOYOUBIAOGEJUNHUIBAOPINGJUNBIANJIXIAOYING。


                                      BIAO3JIZHUNHUIGUIJIGONGJUBIANLIANGFAHUIGUIJIEGUO


                                      width=692,height=610,dpi=110


                                    决战棋牌  ZHU:(1)*、**、***FENBIEBIAOSHIZAI10%、5%HE1%DESHUIPINGSHANGXIANZHU;(2)KUOHAOZHONGDESHUZHIWEIPINGJUNBIANJIXIAOYINGDEBIAOZHUNWU;(3)TobitMOXINGDEPINGJUNBIANJIXIAOYINGQUZAIWUTIAOJIANQIWANG(unconditionalmean)CHU。XIATONG。


                                      GENJUBIAO3,WOMENFAXIAN,IVProbitHEIVTobitMOXINGZHONG,DIYIJIEDUANHUIGUIDEFTONGJILIANGDOUFEICHANGDA,GONGJUBIANLIANGDETJIANYANYESHIFENXIANZHU,ZHEISHUOMING“FANGCHANZENGZHI”ZUOWEI“ZHUFANGZICHAN”DEGONGJUBIANLIANGSHIHESHIDE,BUCUNZAIRUOGONGJUBIANLIANGWENTI。QICI,WOMENDUIBILEJIZHUNHUIGUIHEGONGJUBIANLIANGFADEQUBIE。IVProbitMOXINGYUProbitMOXINGDEHUIGUIJIEGUOSHIFENJIEJIN,ERQIEWaldJIANYANDEPZHIWEI0.8036,WUFAJUJUEZHUFANGZICHANWAISHENGDEYUANJIASHE,KEYIZHIJIESHIYONGProbitDEGUJIJIEGUO。DANSHI,IVTobitMOXINGJIEGUOXIANSHI,WaldJIANYANDEPZHIWEI0.0586,ZAI10%DEXIANZHUXINGSHUIPINGSHANGJUJUELEWAISHENGXINGDEYUANJIASHE,ZHEIBIAOMINGBENWENYOULIYOUCAIYONGIVTobitKEFUNEISHENGWENTI。ProbitMOXINGZHONGBUCUNZAINEISHENGWENTIERTobitMOXINGZHONGCUNZAI,ZHEIKENENGSHIYINWEIPEIZHIFENGXIANJINRONGZICHANDEDUOSHAOKENENGHUIZAIYIDINGCHENGDUSHANGFANXIANGYINGXIANGJUMINJIATINGZHUFANGZICHANDEPEIZHI,LIRUYIXIEJIATINGZHUANZHICHAOGU,HUIJIANGDALIANGZIJINTOUFANGYUGUSHI,CONGERFANXIANGJICHULEZHUFANGTOUZI。DANJIATINGCANYUJINRONGSHICHANGDEMENJIANZEJIAODI,JISHIJINYONGYOUYIZHIGUPIAOHUOJIJINDOUKESHIWEICANYUJINRONGSHICHANG,ZHEIBUZUYIYINGXIANGZHUFANGZICHANDEPEIZHI。


                                      SHOUXIAN,FENXIZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEYINGXIANG。RUBIAO3SUOSHI,ZHUFANGZICHANDEPINGJUNBIANJIXIAOYINGZAI4GEMOXINGZHONGDOUXIANZHUWEIFU,ZHEIZHENGMINGLEZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHICUNZAIJICHUXIAOYING,JIASHE1CHENGLI。YOUYUProbitMOXINGZHONGBUCUNZAINEISHENGWENTI,IVProbitHEProbitHUIGUIJIEGUOJIHUWANQUANYIZHI。IVTobitMOXINGZAIKEFULENEISHENGXINGZHIHOU,XIANGDUIYUTobitMOXINGDEJIEGUO,ZHUFANGZICHANDEPINGJUNBIANJIXIAOYINGDEJUEDUIZHIBIANXIAO,YEJIUSHISHUONEISHENGWENTIDECUNZAILVEWEIGAOGULEZHUFANGZICHANDEJICHUXIAOYING,DANZAIKEFUNEISHENGXINGZHIHOU,QIYINGXIANGFANGXIANGHEXIANZHUXINGCHENGDURENGWEIGAIBIAN。


                                      QICI,CHUZHUFANGZICHANYIWAI,DADUOSHUKONGZHIBIANLIANGYEDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHICHANSHENGLEXIANZHUYINGXIANG。DIYI,JIATINGZICHANHESHOURUJUYOUXIANZHUDEZHENGXIANGYINGXIANG,ZICHANYUEDUOHESHOURUSHUIPINGYUEGAODEJIATINGJINRONGZICHANPEIZHIXINGWEIYUEJIJI,ZHEIYUGUONEIWAIXUEZHEDEYANJIUJIEGUOYIZHI[3][5][6][9][24]。DIER,JIATINGGUIMODUIJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIJUYOUFUXIANGYINGXIANG,ZHEIKENENGSHIYOUYUGUIMOJIAODADEJIATINGYIBANFUYANGBI(JIATINGZHONGHAIZIHELAORENYUZHUANGNIANLAODONGLIDEBILI)JIAOGAO,JIATINGFUDANJIAOZHONG,FENGXIANYISHIGENGQIANG,QINGXIANGYUJIANCHIFENGXIANJINRONGZICHAN。DISAN,FENGXIANHUIBIYISHIYEQIDAOLEXIANZHUDEFUXIANGYINGXIANG,FENGXIANHUIBICHENGDUYUEGAODERENYUEBUHUIJINRUJINRONGSHICHANGBINGPEIZHIFENGXIANJINRONGZICHAN。DISI,SHOUJIAOYUNIANXIANTONGYANGTIGAOLEJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANCHIYOUBILI,ZHEIKENENGSHIYINWEIGUSHICUNZAIGUDINGXINXICHENGBEN,SHOUJIAOYUCHENGDUGAODETOUZIZHEGENGYIYUKEFUXINXIZHANGAI[25](P134)[26]。DIWU,JINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHICUNZAIDAOUXINGDE“SHENGMINGZHOUQIXIAOYING”。XIANGDUIYUQINGNIANSHIQI,QITANIANLINGJIEDUANDETOUZICELVEDOUGENGWEIJINQU,ZAICAIFUJILEIHEXINZHIDOUCHENGSHUDEZHONGLAONIANJIEDUANDADAODINGFENG,ZAITUIXIUHOUDELAONIANJIEDUANYOUKAISHIHUILUO。DILIU,XIANGDUIYUNANXINGSHOUFANGZHE,NVXINGSHOUFANGZHEZHANGWOJIATINGCAIWUJUECESHICANYUJINRONGSHICHANGDEGAILVHEPEIZHIFENGXIANJINRONGZICHANDEBILIGENGGAO,ZHEIDAIBIAOJINRONGZICHANPEIZHIXINGWEICUNZAIXINGBIECHAYI。DIQI,HUNYINZHUANGTAIYEXIANZHUDIYINGXIANGLEJINRONGJUECEXINGWEI。YIHUNDEJIATINGMINGXIANBIWEIHUN、LIYIHUOSANGOUDEJIATINGGENGQINGXIANGYUJINRUJINRONGSHICHANGBINGPEIZHIGENGDUOFENGXIANJINRONGZICHAN,ZHEIKENENGSHIYINWEIYIHUNJIATINGSHENGHUOZHUANGTAIGENGWEIWENDING,XUYAOCHENGDANDEBUQUEDINGFENGXIANJIAOXIAO。ZUIHOU,XIANGJIAOYUCHENGZHENJUMIN,NONGCUNJUMINGENGSHAOCANYUJINRONGSHICHANGHUOPEIZHIFENGXIANJINRONGZICHAN,ZHEIKENENGSHIYOUYUNONGCUNDESHEBAOTIXI、SIXIANGGUANNIANJIJINRONGJICHUSHESHIDOUJIAOWEILUOHOU。


                                    决战棋牌  (ER)ZHUFANGZICHANJICHUXIAOYINGDEYIZHIXINGYANJIU


                                    决战棋牌  1.ZICHANHESHOURUSHUIPINGBUTONGSHIJICHUXIAOYINGDEYIZHIXING。ZAIYANZHENGLEZHUFANGZICHANDUIJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIJUYOUJICHUXIAOYINGZHIHOU,WOMENJINYIBUKAOLVJICHUXIAOYINGZAIBUTONGZICHANHESHOURUSHUIPINGJIATINGZHONGDEYIZHIXING。WOMENZAIYUANYOUDEMOXINGZHONGFENBIEJIARULEZHUFANGZICHANYUJIATINGZONGZICHANDEJIAOHUXIANGYIJIZHUFANGZICHANYUJIATINGNIANSHOURUDEJIAOHUXIANG。YOUYUProbitMOXINGZHONGBUCUNZAINEISHENGXINGWENTIERTobitMOXINGZHONGCUNZAI,YINCIWOMENZHEILIZHIJIEHUIBAOProbitYUIVTobitMOXINGDEHUIGUIJIEGUO。RUBIAO4SUOSHI,QIANLIANGLIESHIYINRUZHUFANGZICHANYUJIATINGZONGZICHANJIAOHUXIANGHOUDEHUIGUIJIEGUO,HOULIANGLIESHIYINRUZHUFANGZICHANYUJIATINGNIANSHOURUJIAOHUXIANGHOUDEHUIGUIJIEGUO。


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                                      BIAO4JIARUJIAOHUXIANGHOUDEProbitYUIVTobitHUIGUIJIEGUO


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                                    决战棋牌  BIAO5ZHONGProbitMOXINGDEFENYANGBENHUIGUIJIEGUOXIANSHI,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUDEJICHUXIAOYINGZAIDONGBUDIQUZUIWEIXIANZHU,ZHONGBUQICI,XIBUZUIRUO。TONGYANGDE,BIAO6ZHONGIVTobitMOXINGDEFENYANGBENHUIGUIJIEGUOXIANSHI,ZHUFANGZICHANDUIJIATINGFENGXIANJINRONGZICHANPEIZHIBILIDEJICHUXIAOYINGZAIDONGBUDIQUZUIQIANG,ZAIZHONGBUJIAORUO,ZAIXIBUDIQUZEBUXIANZHU。YOUCIKEJIAN,XIANGDUIYUJINGJIFAZHANJIAOWEIZHIHOUDEZHONGXIBUDIQU,ZAIJINGJIJIAOWEIFADADEQUYU,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUJIFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGGENGWEIXIANZHU,JIASHE3DEYIYANZHENG。ZHEIKENENGSHIYINWEIDUOSHUJINGJIFADAQUYUFANGJIASHANGZHANGGUOGAOGUOKUAI,ZHONGDISHOURUJIATINGWEILEGOUZHIZHUFANGBEISHANGLECHENZHONGDEHAIDAIFUDAN,ZHONGGAOSHOURUDEJIATINGZEZAIFANGJIASHANGZHANGDEYUQIXIADALIANGPEIZHIFANGCHANYIMOUQIUZICHANSHENGZHI,YINCIZHUFANGZAIZHEIXIEJIATINGDEZICHANJIEGOUZHONGDOUZHANJULEZUIDABILI,SHIDETAMENWUFAHUOBUYUANYIJINRUJINRONGSHICHANGBINGPEIZHIGUPIAO、JIJINDENGFENGXIANJINRONGZICHAN。


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                                      BIAO6IVTobitMOXINGFENQUYUHUIGUIJIEGUO


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                                      (SAN)WENJIANXINGJIANYAN


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                                      WU、JIELUNYUJIANYI


                                      (YI)ZHUYAOJIELUN


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                                    决战棋牌  1.ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHICUNZAIXIANZHUDEJICHUXIAOYING,SHUOMINGZHUFANGZICHANZUOWEIJUMINJIATINGZICHANZHONGDEZHONGYAOGOUCHENGBUFEN,YINGXIANGDAOJIATINGJINRONGTOUZIJUECE。


                                      2.DUIYUZICHANJIAOSHAOHESHOURUSHUIPINGJIAODIDEJIATING,ZHUFANGZICHANDUIJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGYOUWEIXIANZHU。ZHEIKENENGSHIYINWEIDUIYUZHONGDISHOURUJIATINGLAISHUO,PEIZHIZHUFANGZHANJULEJIATINGDALIANGCAIFU,SHIDEJIATINGLIUDONGXINGZICHANYOUXIAN,JIJIATINGZAOCHENGLEJIAOSHAOLIUDONGXINGFENGXIAN,CONGERGENGXIANZHUQIEQIANGLIEDIJICHULEJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANDEPEIZHI。


                                      3.ZAIJINGJIJIAOWEIFADADEQUYU,ZHUFANGZICHANDUIJIATINGJINRONGSHICHANGCANYUHEFENGXIANJINRONGZICHANPEIZHIDEJICHUXIAOYINGGENGWEIXIANZHU。ZHEIKENENGSHIYINWEIXIANGDUIYUZHONGXIBUJINGJIXIANGDUIZHIHOUDEDIQU,DONGBUDIQUJINGJIZENGSUJIAOKUAI,FANGJIAJUGAOBUXIA,ZHONGDISHOURUJIATINGPEIZHIZIYONGZHUFANGSHICHENGDANLEJIAODAYALI,GAOSHOURUJIATINGZEZAIFANGJIASHANGZHANGDEYUQIXIADALIANGPEIZHITOUZIXINGZHUFANG,ZHEIXIEJUNZAOCHENGLEZHUFANGZICHANZAIJIATINGZICHANJIEGOUZHONGZHANBIGUOZHONGDEWENTI,SHIDEJICHUXIAOYINGGENGJIAXIANZHU。


                                      (ER)ZHENGCEJIANYI


                                    决战棋牌  JIYUBENWENDELILUNFENXIHESHIZHENGJIANYANJIEGUO,BENWENFAXIANGUODUPEIZHIZHUFANGZICHANBUJINSHIDEJIATINGZICHANJIEGOUGENGWEIDANYIHECUIRUO,HAIHUIJICHUJIATINGDUIFENGXIANJINRONGZICHANDEPEIZHI,CONGWEIGUANSHANGBULIYUJIATINGJINRUJINRONGSHICHANGHUODEGENGGAODEQIANZAISHOUYI,CONGHONGGUANSHANGGENGSHISHIDEZHUFANGSHICHANGJIZHANLEZIBENSHICHANGZIYUAN,BULIYUZIBENSHICHANGDEFAZHANHEFANRONG。JIYUCI,BENWENTICHULEYIXIAZHENGCEJIANYI:


                                      1.YINDAOJUMINHELIPEIZHIZHUFANGZICHAN,FENSANJIATINGTOUZIZUHEFENGXIAN。WOGUOJUMINJIATINGZICHANJIEGOUJIAOWEIDANYI,ZHUFANGZICHANZAIJIATINGZICHANZHONGZHANBIGUOZHONG,JINRONGZICHANYOUQISHIFENGXIANJINRONGZICHANPEIZHISHUIPINGJIAODI,DANSHIZHUFANGLIUDONGXINGBUHAO,BIANXIANNENGLIRUO,GUODUPEIZHIZHUFANGHUIJIJIATINGDAILAIJIAOGAODELIUDONGXINGFENGXIAN。《ZHONGGUOJIATINGJINRONGDIAOCHABAOGAO(2014)》ZHICHU,WOGUOSHOURUZUIGAODE10%DEJIATING,HUJUNZICHANZAI50WANMEIYUANZUOYOU,YUMEIGUOCHUYUXIANGTONGSHUIPING,DANJIEGOUCHAYIHENDA,WOGUOJUMINJIATINGDEJINRONGZICHANZHANBIJINWEI10%,MEIGUOZESHI41%。YOUCIKEJIAN,SHOUFANGSHIZHANGQIFANRONGHECHUANTONGCAIFUGUANNIANDEYINGXIANG,WOGUOJUMINPIANHAOYUZHUFANGTOUZI,DAOZHIZHUFANGZICHANPEIZHIGUOSHENG,QUANYILEIJINRONGZICHANPEIZHISHIFENYOUXIAN,ZIBENXIANGLOUSHIGUODUJIZHONG,ZHEIJISHIDEWEIGUANJIATINGTOUZIFENGXIANJIZHONG,YEBULIYUHONGGUANJINGJIDEZHANGQIWENDINGFAZHAN。YINCI,YINGDANGTICHANGBINGBANGZHUWOGUOJUMINTIGAOJINRONGSUYANG,YOUHUAJIATINGZICHANJIEGOU,TONGGUOZICHANJIEGOUDUOYUANHUASHIXIANFENGXIANFENSANHEZICHANBAOZHIZENGZHI。


                                    决战棋牌  2.HUANJIEZHONGDISHOURUJIATINGZHUFANGYALI,SHIFANGDALIANGLIUDONGXINGYIJIHUOJINRONGSHICHANG。GOUZHIZHUFANGSHIZHONGDISHOURUJIATINGBEIFULECHENZHONGDEYALI,ZHUFANGZICHANZHANJULEZHEIXIEJIATINGDEJUEDADUOSHUCAIFU,CONGERGENGSHAODICANYUJINRONGSHICHANGJIPEIZHIFENGXIANJINRONGZICHAN。ZHEIZAIWEIGUANSHANGSHIDEZHONGDISHOURUJIATINGZICHANJIEGOUGENGWEIDANYIHECUIRUO,ZAIHONGGUANSHANGYEBULIYUJINRONGSHICHANGDEZHANGYUANFAZHAN。ZHONGDISHOURUJIATINGZHANWOGUOSHEHUIDEDADUOSHU,DIAOKONGFANGJIA、SHIXINGYANGEDECHABIEHUAZHUFANGXINDAIZHENGCEBINGWANSHANBAOZHANGXINGZHUFANGHEZUSHOUTONGQUANDENGCUOSHI,LAIBAOZHANGZHONGDISHOURUJIATINGNENGYIHELIDEJIAGEPEIZHIZHUFANG,BUJINYOULIYUSHEHUIZONGTIFULITISHENG,GENGNENGGOUJIANHUANZHEIXIEJIATINGDELIUDONGXINGYUESHU,TIGAOJIATINGDUIJIJIN、LICAI、GUPIAODENGFENGXIANJINRONGZICHANDEPEIZHI,CONGERCUSHIDALIANGFANGCHANSHICHANGZIJINLIUXIANGJINRONGSHICHANG,TUIJINJINRONGSHICHANGDEWENDINGHEFANRONG。


                                      3.ZHONGSHIQUYUJUNHENGFAZHAN,FANGHUANJINGJIZENGSUYINDAOFADADIQUFANGJIAPINGWENHUIGUI。ZHANGQIYILAI,WOGUOQUYUFAZHANCHAYIJIAODA,QUYUFENHUAXIANXIANGMINGXIAN,DONGBUYANHAIDENGFADADIQUJINGJIGAOSUZENGZHANGDETONGSHIFANGJIAYILUGAOZHANG,ZHEIBUJINSHIDEGOUFANGZIZHUDEJIATINGBEISHANGJIAOWEICHENZHONGDEJINGJIFUDAN,BEIDONGDIJIANGDALIANGZICHANPEIZHIYUZHUFANGZHISHANG,ERQIEDUIYUNEIXIEGENGWEIFUYUDEJIATINGERYAN,FANGCHANSHICHANGSHIFANGDEHONGLISHIDETAMENXIWANGTONGGUOFANGCHANTOUZISHIXIANZICHANDUANQIKUAISUZENGZHI,ERHUSHIZHANGQIZICHANPEIZHI。ZHEIZHONGKANSIFANRONGDEXIANXIANGBEIHOUQISHIYUNZANGZHEJUDADEFENGXIANCHANGKOU,YIFANGJIAGAOZHANGWEIDAIJIAWEICHIJIAOKUAIDEGDPZENGSUSHIWUFAZHANGJIUDE。ZAIJINGJIXINCHANGTAIXIA,FADADIQUYINGSHIDANGFANGHUANJINGJIZENGSU,TIGAOJINGJIZENGZHANGZHILIANG,BINGSHIXINGGENGWEIYANGEDEFANGJIADIAOKONGCUOSHI,YINDAOFANGJIAPINGWENHUIGUI。ZHEIBUJINBAOZHANGLEJUMINQUANYIHESHEHUIFULI,ERQIEZAIZHUANBIANJUMINTOUZIGUANNIAN、JIANSHAOZHUFANGZICHANGUODUPEIZHIHEYINDAOZIJINLIUXIANGJINRONGSHICHANGDENGFANGMIANDOUJUYOUZHONGYAOYIYI。

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