论文标题：Bequest motive, household portfolio choice, and wealth inequality in urban China

　　发表时间：2020

　　论文所有作者：Xintong Yang, Li Gan

　　期刊名及所属分类：China Economic Review(国际B)

　　英文摘要：This paper studies the role of bequest motives in household portfolio choices and wealth inequality using a computable incomplete-market life-cycle model with precautionary saving motives, accidental bequests and voluntary bequests. Calibrating the model to match the main features of household finance in China Household Finance Survey, we quantitatively measure the effect of voluntary bequest motives on the household portfolio choices and the wealth distribution in urban China. Our results indicate the importance of bequest motives in shaping the Chinese household portfolio choices and wealth inequality, and have the policy implication on the implementation of inheritance taxes to alleviate the wealth concentration and to promote household consumption in contemporary China.

　　中文摘要：本文利用可计算的不完全市场生命周期模型，研究了遗赠动机在家庭投资组合选择和财富不平等中的作用。为了适应《中国家庭金融调查》中家庭金融的主要特征，我们对自愿遗赠动机对中国城市家庭投资组合选择和财富分配的影响进行了定量测度。研究结果表明，遗赠动机在影响中国家庭资产组合选择和财富不平等方面具有重要作用，并对实施遗产税缓解财富集中和促进当代中国家庭消费具有政策意义。