Greenwoods Luojia Finance Seminar: Spring Household Finance Workshop, 2025

武汉大学经管学院金融系

Department of Finance, Economics and Management School, Wuhan University

一、议程 (Schedule)

时间 (Time)：2025/5/17（星期六）

场地 (Venue)：经管院237

注：每篇论文共计40分钟（报告30分钟，自由讨论10分钟）

二、报告人及文章摘要

1. 林星辰

个人简介：林星辰，中山大学岭南学院助理教授。他分别于香港中文大学和北京大学取得金融学博士和经济学学士学位，研究方向为家庭金融，特别关注劳动力市场、人口趋势与气候变化对个人和家庭金融决策的影响。

题目：Spouses in The Same Boat: Intra-Household Risk-Sharing and Financial Risk-Taking

摘要：This paper proposes a novel channel for households' risky asset allocation: better intra-household risk-sharing reduces overall labor income risk for dual-earner couples, thus encouraging households' financial risk-taking. Capturing intra-household risk-sharing dynamics using the conditional income correlation between spouses' industries, we find that better income risk-sharing within couples increases households' financial risk-taking. Exploiting unexpected events of spousal death, we causally identify the impact of intra-household risk-sharing on households' asset choices. Our study implies an unintended consequence of positive assortative mating, a growing tendency of couples choosing partners with similar socioeconomic statuses, which limits risk-sharing between spouses, thereby discouraging financial risk-taking.

2. 李晓

个人简介：李晓 1993年，女，四川大学经济学院助理研究员，曾在 《管理世界》《金融研究》《统计研究、《当代经济科学》《财贸研究》、Emerging Markets Finance and Trade 、Journal of Asia Pacific Economy等国内外核心期刊发表论文、参与国家社科基金项目、 国家自然科学基金项目、国家自然科学基金面上项目、教育部后期资助等多项项目。前期成果主要集中在家庭金融、数字经济方面。

题目：When the Housing Tide Recedes: Housing Wealth Shocks and Consumption Adjustments from a Household Balance Sheet Perspective

摘要：China’s real estate market is undergoing a major adjustment, with housing asset volatility and shrinking household consumption deeply intertwined. This highlights the housing market’s key stabilizing role in supporting domestic demand. Using micro-level household survey data from 2019 to 2023, this paper examines the dynamic relationship between housing wealth and consumption via household balance sheets. Results show a consumption elasticity to housing wealth of 0.086 and an MPC of 0.004. A 10% short-term drop in housing wealth may reduce GDP by about 0.36%. The effect of housing wealth on consumption is asymmetric, with sharper declines during downturns. Negative shocks not only reduce total consumption but also shift spending patterns, raising the Engel coefficient and lowering discretionary spending. Mechanism analysis points to weakened expectations and balance sheet repair—via precautionary savings and deleveraging—as key drivers. Vulnerability varies by household life-cycle stage, financial fragility, and institutional protections. Older, less-educated, or highly leveraged households face stronger consumption pressures, while those with stable jobs or liquid assets show greater resilience. City-level data show higher sensitivity in real estate-dependent and non-tier-one cities. The paper offers key insights for policymakers, recommending a triad of stabilizing land prices, housing values, and market expectations to support consumption and economic stability during structural transitions.

3. 路晓蒙

个人简介：西南财经大学中国家庭金融调查与研究中心副研究员、博士生导师、四川省“天府青城计划”金融菁英人才，斯坦福大学访问学者。研究领域为家庭金融。在《管理世界》《金融研究》《经济学（季刊）》《统计研究》《财经科学》《经济与管理研究》《南方经济》、China Economic Review、Finance Research Letters、Economic Modelling、Emerging Markets Review、Pacific-Basin Finance Journal、International Review of Economics & Finance等国内外权威期刊上发表论文 40 余篇，主持国家自科、教育部社科、四川省社科等多项国家级、省部级课题，并于中证金融研究院、蚂蚁集团研究院、腾讯金融研究院、广发银行等多家机构合作。

题目：投自己还是投子女：子女教育对家庭创业的影响研究

摘要：在教育、科技、人才一体化推进的大背景下，如何统筹考虑中国家庭普遍高度关注的子女教育和在创新创业中扮演重要角色的家庭创业，是学界和政策制定部门都关注的重要问题。相对于非义务教育阶段，我国家庭在子女处于义务教育阶段时普遍投入更多时间和精力、花费更多资源，本文从这一典型事实出发，使用2011年至2021年的6轮家庭微观调查数据进行了实证检验。研究发现，当子女处于非义务教育阶段，即家庭对子女教育投入相对较少时，家庭创业的概率显著提升，这一结果在系列内生性和稳健性检验后依然成立。渠道分析表明，子女处于非义务教育阶段通过释放家庭的时间精力（即“时间精力渠道”）和增加家庭的风险承担意愿（即“风险偏好渠道”），促进了家庭创业。进一步分析显示，子女处于非义务教育阶段主要促进了家庭的主动创业；户主为男性、健康状态良好以及金融素养较高时，子女处于非义务教育阶段对家庭创业概率的提升作用更明显，且该作用在家庭的经济和社会资本较多、居住地的营商环境较好和金融发展水平较高时更显著。本文的研究揭示了子女教育对家庭资源分配和经济决策的深远影响，深化了对教育制度经济效应和家庭创业约束条件的理解，并对一体化推动各领域改革措施来优化教育资源配置、提升家庭创业积极性具有重要参考。

4. 张笑语

个人简介：张笑语，中央财经大学创新发展学院助理教授，研究方向为银行与家庭金融、住房市场，博士毕业于新加坡国立大学。研究成果发表于Journal of Financial Intermediation, Journal of Economics Behavior and Organization, Real Estate Economics, China Economic Review, 《金融评论》等国内外权威期刊。

题目：Accountable Developers, Accessible Homes: Regulatory Pathways to Expanding Homeownership

摘要：Homeownership builds wealth yet remains inaccessible for many. Developers constitute critical but understudied intermediaries controlling housing supply and affordability. Using India as our setting, we examine how regulatory intervention mandating developer accountability transforms homeownership. These reforms restructure the market—some exit under compliance burdens while others enter as standards replace reputation signals. The intervention benefits first-time buyers and marginalized groups while expanding affordable housing beyond metropolitan centers. Post-intervention mortgages show lower delinquency rates, revealing borrowers were deterred by developer's default risk rather than creditworthiness concerns. Our findings show how developer-focused policies can reshape housing markets for previously excluded populations.

5. 牛耕

个人简介：牛耕，西南财经大学经济与管理研究院教授、博士生导师、金融风险管理师（FRM），入选四川省“天府青城计划”青年人才计划。博士毕业于荷兰蒂尔堡大学。研究领域为家庭金融、金融市场、公司金融、创新创业和数字经济等。在《世界经济》《管理科学学报》《中国农村经济》《数量经济技术经济研究》《财贸经济》、Journal of International Business Studies, Journal of Banking & Finance, Journal of Economic Behavior & Organization, Journal of Business Finance & Accounting 和 Demography 等中英文一流期刊发表（含录用）论文30余篇，主持或参与多项国家级、省部级课题，曾获四川省第十七次社会科学优秀成果奖二等奖、第七届香樟经济学优秀论文奖、普华永道中国第三届（2022）PwC3535论坛年度最佳论文提名奖等荣誉。指导的博士论文获当代经济学基金会2022年度“当代经济学博士创新项目”奖励。

题目：医疗资源下沉与家庭贫困脆弱性

摘要：本文利用中国家庭金融调查（CHFS）数据，研究医疗资源下沉县域对家庭贫困脆弱性的影响。研究发现，医疗资源下沉显著降低了家庭贫困脆弱性，政策效果表现为试点地区社区卫生室和诊所、医院以及医疗点卫生人员数量等公共医疗资源供给增加。在进行一系列稳健性检验后，仍支持基本研究结论。机制检验结果表明，医疗资源下沉通过降低家庭健康风险、提升家庭医疗保险参保率和提高家庭医疗支出报销水平降低家庭贫困脆弱性。本文的研究为理解医疗资源下沉的经济作用提供了新的视角和经验证据，为新时期防范化解贫困风险、推进乡村全面振兴和建成社会主义现代化国家提供了有益借鉴。

6. 岳鹏鹏

个人简介：岳鹏鹏，副教授，博士研究生导师，北京工商大学人文社科处副处长，北京区域经济学会副秘书长、家庭金融青年学者专业委员会主任委员，中国优选法统筹法与经济数学研究会气候金融分会理事，首都经济贸易大学经济学博士，克利夫兰州立大学、佐治亚州立大学访问学者，Journal of Family and Economic Issues副主编，International Review of Financial Analysis副主编，Finance Research Letters副主编，China Finance Review International青年编委，《北京工商大学学报(社会科学版)》青年编委，International Review of Financial Analysis，British Accounting Review, China Economic Review, Energy Economics, Pacific-Basin Finance Journal,《北京工商大学学报(社会科学版)》《经济与管理研究》《经济学报》等四十余本期刊的匿名审稿人。在《金融研究》《数量经济技术经济研究》，International Review of Financial Analysis等期刊共发表学术论文20余篇，其中ESI高被引论文7篇、ESI热点论文5篇，知网单篇文章最高下载次数为10548次，文章累计引用910次。主持国家自然科学基金青年项目《数字金融视角下家庭债务风险研究: 测量方法、生成机理与防范对策》（72103010）。

题目：个人所得税与家庭资产选择

摘要：本文使用中国家庭金融调查数据，基于2018年个人所得税起征点提高及税率调整的政策，运用双重差分模型实证检验了个税改革对家庭资产选择的影响。研究发现，2018年个税减免显著提升家庭储蓄率，提升了家庭参与低风险投资的可能性、降低了家庭参与高风险投资可能性。同时，个人所得税起征点的提高显著促进家庭消费。本文认为，个人所得税起征点的提高通过降低流动性约束和收入不确定性而产生影响。

7. 周洋

个人简介：武汉大学经济与管理学院副教授、博士生导师。主要研究领域是家庭金融和公司金融。已在Journal of Financial and Quantitative Analysis、Journal of International Business Studies、Research Policy、Journal of Banking and Finance、Journal of Economic Behavior and Organization、Journal of Business Finance and Accounting、《金融研究》《中国农村经济》等期刊发表论文30余篇。主持国家自然科学基金2项、教育部人文社会科学研究基金项目1项。题目：Parental health shocks and female entrepreneurship

摘要：This study investigates the impact of parental health shocks on female entrepreneurship in China. Employing an event-study approach, we demonstrate that women are significantly less likely to engage in entrepreneurship following such shocks. This effect is absent for men and is more pronounced among families with lower wealth, those with children, and those residing in regions with stronger Confucian cultural norms. We further provide evidence suggesting that increased caregiving responsibilities may serve as the underlying mechanism. Our findings contribute to the literature on female entrepreneurship by highlighting the intrahousehold spillover effects of parental health shocks.