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背景风险是指特定居民在生命周期投资过程中承担的市场风险以外的风险.已有的研究文献认为,劳动、职业、健康与房产等背景对居民投资组合会产生影响.不同文献在引入背景风险后均对模型目标函数围绕新的变量做了技术上的不同处理,进而模型背景风险的估计、模型求解方法也产生了相应的差异.对模型结果的解释则陷于市场有效性之争,并无定论.本文最后给出了生命周期投资模型对居民投资者风险教育的启示.“,”The background risk is a kind of risk applied to the individual investors during the life-cycle investment in addition to the market risk.Some researches suggest that the background risk,such as labor,profession,health and real estate will affect investors' portfolio.Different literatures introduce different technical processes into their model objective functions after considering the background risk and having new variables,therefore the estimation for the background risk and solutions to the models are different as well.The interpretations of their results will be trapped in the dispute over mark efficiency,and cannot get to a common conclusion.In the end,this paper provides the inspiration of the life-cycle investment model to the risk education for the investors.