关键词: 风险厌恶, 异质性, 风险资产, 调查数据

Abstract: How to distribute family assets provides important information for the study of investors’ risk preferences. By the empirical analysis of the survey data from Aordo Research Center of Investment, we study which factors significantly affect the investors' risk aversions from the view of investor’s demands for risky assets and the heterogeneity of the risk aversions of Chinese investors. The results show that the level of wealth, education, health status, income and raising children are all important factors which affect Chinese investors' risk aversions. Meanwhile, the risk aversions show heterogeneity among different groups. The research will provide basis for further study of decision-making of financial assets, savings behavior, wealth accumulation process and influences of macroeconomic policy on different groups in China.

Key words: Risk Aversion, Heterogeneity, Risky Assets, Survey Data