关系、股市参与和股市回报  

Guanxi,Stock Market Participation and Stock Return

作　　者：朱光伟[1] 杜在超[1] 张林[1] 

机构地区：[1]西南财经大学经济与管理研究院,邮政编码610074

出　　处：《经济研究》2014年第11期87-101,共15页Economic Research Journal

基　　金：教育部人文社科项目11XJC790002;自然科学基金青年项目71401140的资助

摘　　要：基于中国家庭金融调查(CHFS)2011年的调查数据,本文研究了"关系"对股票市场的参与、参与程度和回报的影响。利用构建的多维关系指标,本文发现关系可以显著地促进家庭参与股市,并且可以显著地提高股市参与的程度。具体而言,关系指标每增大1%,家庭参与股市的概率增大约0.2%,参与股市的程度增大约0.7%。但是关系对股市回报没有显著的影响。特别地,本文发现关系可以通过信息渠道和社会互动影响家庭的股市参与行为。Using 2011 China Household Finance Survey （CHFS） data, this paper studies the impact of Guanxi on stock market participation, participation depth and stock return. With the constructed multi-dimensional Guanxi index, we find that Guanxi significantly increases stock market participation and participation depth. Specifically, as Guanxi index increases by 1% , the probability of participating in stock market increases by about 0. 2% ; the participation depth increases by 0.7%. However, Guanxi has no significant influence on stock return. Moreover, we find that Guanxi can affect the stock market participation through the information channel and the social interaction channel.

关 键 词：关系 股市参与 参与程度 股市回报 

分 类 号：F832.51[经济管理—金融学] F224