老龄化背景下居民资产配置研究

本文基于生命周期投资理论，根据历史数据进行参数校准，分析引入了生存概率背景风险后的居民最优风险资产配置情况，建立最优消费效用投资组合模型，并使用Carroll提出的数值解法进行模型求解。模型得出了在不同财富水平下、不同劳动收入增长率以及遗赠影响下居民随着年龄增长其最优风险资产配置比例情况。

THE RESEARCH ON THE ASSETS ALLOCATION OF RESIDENTS UNDER AGING

Based on the life-cycle investment theory,the probability is taken that the resident is alive at some date into the consideration of the optimal allocation ratio of risk asset.A optimal portfolio model is established for max investor’s utility and used the numerical method proposed by Carrol to solve the model,then analyzed the sensitivity of the main factors to asset allocation for investors.Some important conclusions are got that the optimal risk asset allocation for residents with different initial wealth,income growth and bequest as age increasing.