中文摘要：

随着资本市场的快速发展,在风险资产回报率剧烈波动的现实背景下,考察居民风险态度关于财富的函数形式对于研究家庭资产配置和相关市场政策的福利影响有重要的意义。本文使用代表性家庭调查数据,首次通过构建绝对和相对风险态度的指标,系统分析了我国居民风险偏好与财富之间的关系。研究表明,居民的绝对风险厌恶系数是财富的减函数,相对风险厌恶系数是财富的增函数,从而拒绝了常用于经济学模型假设的常绝对风险厌恶（CARA）和常相对风险厌恶（CRRA）偏好。进一步,我们发现背景风险可能是财富对风险态度的作用渠道之一,财富的变化改变了投资者面对的背景风险水平,继而改变其风险厌恶程度和对风险金融资产的投资。这意味着平抑经济过度波动等控制背景风险的政策将有助于提高居民金融市场参与的积极性。

英文摘要：

With the capital market growing fast and risky returns fluctuating remarkably,research on the function of wealth on risk attitudes has great implications for the study of household portfolio allocations and related policy making. This paper for the first time builds a system of indicators of absolute and relative risk attitudes to analyze the empirical relation between the risk preferences of Chinese households and wealth,using representative survey data. It shows that absolute risk aversion decreases with wealth,while relative risk aversion increases,rejecting typically assumptions of CARA and CRRA in economic modeling. Moreover,we find that controlling background risk will make the effect of wealth on risk attitudes no longer significant,which implies that background risk performs as the intermediate that wealth affects risk attitudes. Changes of wealth make a difference in background risk levels and risk tolerance,as well as asset allocation,which means that policies smoothing economy will contribute to encouraging financial market participation.