幸福感对家庭风险资产投资的影响
The Effect of Happiness on Household Investment in Risky Assets

自改革开放以来，中国经济实现腾飞，居民的生活水平不断提高，但是家庭金融资产配置表现出结构单一、资产配置不平衡的现象，这种现象制约了家庭财富的增加，也降低了金融市场的活力。如何有效调整家庭资产配置方式，让家庭金融资产投资合理化和多元化是目前迫切需要解决的问题。而这也使得以研究个体投资者认知偏差和金融市场异象为主的行为金融学悄然兴起，逐渐成为当今金融研究领域的主流学派之一。在行为金融领域，主观幸福感作为一个重要的主观因素会对家庭投资决策产生影响。于是使用2017年中国家庭金融调查(CHFS)数据探究了主观幸福感对风险资产投资的影响，考虑到可能存在的内生性问题，使用县级年降水量作为工具变量，研究发现幸福感会降低家庭风险资产参与和风险资产投资比例。
Since the reform and opening up, China’s economy has taken off and the living standards of its residents have been continuously improved. However, the allocation of household financial assets shows the phenomenon of single structure and unbalanced asset allocation, which restricts the increase of household wealth and reduces the vitality of financial markets. How to adjust household asset allocation effectively and rationalize and diversify household financial asset investment is an urgent problem to be solved at present. As a result, behavioral finance, which mainly studies individual investors’ cognitive biases and financial market anomalies, has emerged quietly and gradually become one of the mainstream schools in the field of financial research. In the field of behavioral finance, subjective well-being as an important subjective factor will have an impact on family in-vestment decisions. Therefore, the 2017 China Household Finance Survey (CHFS) data is used to ex-plore the impact of subjective well-being on risky asset investment. Considering the possible endogenous problems, the annual precipitation at the county level is used as the instrumental variable, and it is found that happiness will reduce the participation of household risky assets.