財富結構與風險資產之需求

Wealth Composition and the Demand for Risky Assets

過去經濟研究，大都著墨於探討個人或家戶之財富水準與風險資產投資之間的關係。本文提供一個兩期分析架構，探討個人或家戶之財富結構與風險資產投資之間的關係。本文除了提供比Bodie et al.（1992）更簡單明瞭之分析架構外，並能作更明確的理論預測。本研究將個人或家戶總財富分為人力財富（human wealth）及金融財富（financial wealth）；發現在可信的假設下，當個人或家戶財富結構（wealth composition）不同時，其對風險性資產的需求傾向不同。人力財富占總財富比例越高者，對風險資產需求傾向越高。

Most economic and finance literature only sheds light on the relationship between an individual’s level of wealth, rather than the composition of wealth, and his/her portfolio choice. In this research we provide a two-period analytical framework, which deliberately explores the relationship between an individual’s wealth composition and portfolio selection. We develop a simpler analytical framework than Bodie et al. (1992) and yet obtain a more specific prediction regarding the relationship among an individual’s wealth composition, labor supply characteristics, and risky asset investment. We divide one’s endowed wealth into “human wealth” and “financial wealth”, and find that people with different wealth compositions have different propensities to invest in risky assets under very plausible assumptions.