摘
要
家庭是社会中最主要的一种群体形态。随着我国民众生活水平日渐改善，家庭积
累的财富也不断增长，那么如何实现资产的保值及增值，合理管理家庭财富成为大众
的关注点。Campbell提出“家庭金融”，学者们正为家庭资产选择这一研究方向进行
着许多努力，越来越多的研究者通过寻找各种内外生变量来研究家庭资产选择情况。
长期以来我国居民家庭消费不足，持有储蓄较多，选择配置风险金融资产较少，家庭
民间借贷也是值得关注的方向。Easterlin开创性地将幸福理论引入经济学中，幸福经
济学所探讨的“幸福效应”，即幸福感对居民家庭投资决策的影响成为学术热点。中
国是一个典型的关系型社会，个人以家庭或家族为中心来进行关系型且互联的交易，
这意味着人的情绪和决策行为往往会受到这种关系型社会资本的影响。
本文利用 2018年 CFPS数据，从行为金融学视角出发，通过构建 Probit模型，
重点探讨了主观幸福感对家庭金融资产选择的影响，并引用 2018年均降水量作为主
观幸福感的工具变量来解决内生性问题，稳健性检验运用变换解释变量和被解释变量
两种方法。研究结果表明：主观幸福感会显著负向影响家庭持有储蓄、风险金融资产
及借出款的可能性，也会显著负向影响家庭持有储蓄、风险金融资产及借出款的比重。
进一步引入社会资本进行分析，发现社会资本具有调节作用，其中社会网络和社会信
任是社会资本的两个重要维度。结果表明：社会网络和社会信任均促进了主观幸福感
对家庭储蓄参与的负向影响，社会信任抑制了主观幸福感对家庭风险金融资产参与的
负向影响。对社会信任进行细化，分为普遍信任和政府信任，发现政府信任促进了主
观幸福感对家庭储蓄参与和借出款参与的负向影响，抑制了主观幸福感对家庭风险金
融资产参与的负向影响。最后，本文还探讨了主观幸福感影响家庭金融资产选择的城
乡差异和地区差异。因此本文建议政府应当重视居民的幸福感，提高居民社会信任水
平，投资者要培养正确的理财价值观，扩大社会网络，积极参与社会互动，形成多样
化的家庭金融资产选择理念。
关键词：家庭金融资产选择；主观幸福感；社会网络；社会信任；CFPS
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ABSTRACT
Family is the most important group form in society. With the improvement of Chinese
people's living standards, the wealth accumulated by families is also increasing, so how to
achieve the preservation and appreciation of assets, and reasonable management of family
wealth has become the focus of the public. Campbell(2006) proposed "family finance", and
scholars are making many efforts in the research direction of family asset selection. More
and more researchers study family asset selection by looking for various internal and
external variables. For a long time, Chinese households have insufficient consumption, hold
more savings, and choose to allocate less risky financial assets. Private household lending
is also worthy of attention. Easterlin(1974) introduced happiness theory into economics in a
pioneering way, and the "happiness effect" discussed in happiness economics, that is, the
influence of happiness on household investment decisions, has become an academic
hotspot.China is a typical relationship-oriented society, in which individuals conduct
relationship-oriented and interconnected transactions centered on family or family, which
means that people's emotions and decision-making behaviors are often affected by such
relationship-oriented social capital.
In this paper, using the 2018 CFPS data, starting from the perspective of behavioral
finance, by building a Probit model, probes into the subjective well-being of the influence
of household financial assets choice, and refer to an average annual rainfall of 2018 as the
tool of subjective well-being variables to solve the problem of endogenous, robustness test
using transformation explanation variables and be interpreted in two ways. The results
show that the increase of SWB will reduce the possibility of households holding savings,
risky financial assets and lending, and also reduce the proportion of households holding
savings, risky financial assets and lending. Furthermore, social capital is introduced into the
analysis and it is found that social capital has a moderating effect, among which social
network and social trust are two important dimensions of social capital. The results show
that both social network and social trust promote the negative impact of SWB on household
savings participation, while social trust inhibits the negative impact of SWB on household
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