农村成长经历和股票市场参与  

Rural Experience and Stock Market Participation

作　　者：江静琳 王正位 廖理 JIANG Jinglin;WANG Zhengwei;LIAO Li(PBC School of Finance,Tsinghua University)

机构地区：[1]清华大学五道口金融学院,100083

出　　处：《经济研究》2018年第8期84-99,共16页Economic Research Journal

基　　金：国家自然科学基金项目(项目号:71232003;71472100)的资助

摘　　要：股票市场参与是家庭金融领域的核心问题。本文实证研究了农村成长经历对家庭股票市场参与的影响。相对于"土生土长"的城镇居民,有农村成长经历的城镇居民的股票市场参与率显著较低,且这一关系不能够被社会互动、信任水平、金融知识、家庭社会经济地位、风险态度等因素的差异所完全解释。本文的实证结果表明,农村成长经历会使直接参与股票市场的概率降低约5个百分点,使参与股票市场(含持有基金)的概率降低约6个百分点。进一步地,开放性人格特征的提升能够降低农村成长经历对居民股票市场参与的负面影响。这些结果可能对于理解我国居民的股票市场参与行为有重要的理论与实践意义。Summary:Limited stock market participation is a key issue in household finances.Although standard theory predicts universal participation,empirical investigations find that many households do not participate in the stock market and so do not earn equity premiums.The literature uses fixed participation costs,nonstandard preferences,beliefs and a lack of trust to explain this issue.However,these attributes can only explain a part of the wide dispersion in participation rates.Because the stock market is an important investment tool for households to increase their wealth,promoting stock market participation benefits China's real economy.Hence,limited stock market participation is an important topic from both academic and practical perspectives.This study examines an important but unappreciated determinant of stock market participation:early-life experiences.A large literature in finance shows that personal life experiences influence people s risk-taking behavior both in the laboratory and in the field.Yet,the long-run effect of early-life experiences on stock market participation behavior has been ignored to date.In this paper,we focus on the impact of early-life experiences on stock market participation.China,with its large rural-urban disparity,provides an ideal research setting for two reasons.First,being exposed to a rural environment for a long time at a young age is a randomly assigned characteristic due to the strict migration restrictions that existed for several decades.Whether one is exposed to rural areas is determined by where one is born,which cannot be altered.Second,unlike in most developed countries,there are huge socioeconomic differences in both the immediate setting and the social systems of rural and urban areas.In this dual system,living in rural areas implies a totally different ecology for children compared with those living in urban areas.This salient disparity makes it a credible identification of childhood exposure.Third,concerns over selection bias can be addressed in this setting because

关 键 词：股票市场参与 家庭金融 农村成长经历 

分 类 号：F832.51[经济管理—金融学]