房屋拆迁会刺激家庭的金融市场参与吗?——一个心理账户的分析视角  

Will Housing Demolition Stimulate Household Participation of Financial Market:From the Analytical Perspective of Mental Account

作　　者：秦海林 李慧 QIN Hailin;LI Hui(School of Economics and Management,Tianjing Polytechnic University,Tianjin 300387,China)

机构地区：[1]天津工业大学经济与管理学院金融系,天津300387 [2]天津工业大学经济与管理学院,天津300387

出　　处：《南京审计大学学报》2021年第6期81-91,共11页Journal of Nanjing Audit University

基　　金：天津市社会科学规划项目(TJYY13019,TJYY17010)。

摘　　要：在心理账户的作用下,拆迁补偿款的发放使得家庭更加倾向于参与金融市场投资,因此房屋拆迁将会显著提高家庭的金融市场参与度。对此,基于中国家庭金融调查(CHIP2013)和中国家庭追踪调查(CFPS2018)数据,运用工具变量法,实证检验了房屋拆迁对家庭金融市场参与的影响,结果表明,房屋拆迁会在一定程度上促进家庭的金融市场参与,且这一效果在消费支出少和金融资产余额多的家庭中更加显著。同时,中介效应检验结果发现,在房屋拆迁促进家庭金融市场参与的过程中,家庭可支配收入发挥了部分中介作用。这意味着,在房屋拆迁补偿中,不仅拆迁户应该警惕过度参与金融市场的非理性行为,而且政府和金融机构也应该组织和提供不同形式的金融教育,提高拆迁户的金融素养,从而预防拆迁返贫的悲剧。Under the influence of mental account,the compensation for demolition encourages more willingness for families to participate in financial market investment,so housing demolition would improve significantly the participation of families in financial market.Based on the data from China Family Financial Investigation(CHIP2013)and China Family Tracking Survey(CFPS2018),the study employs instrumental variable method to empirically test the effects of housing demolition on household participation of financial markets.The result shows that housing demolition will,to a certain extent,promote household participation of financial market,which is more remarkable among households with lower consumer spending and higher remaining sums of financial assets.At the same time,the mediating effect test results show that household disposable income plays a partial mediating role in the process of housing demolition promoting household participation of financial market,which means not only should the households be on guard against the irrational behavior of excessive participation in the financial market,the government and financial institutions should also organize and provide different forms of financial education to improve their financial literacy,so as to prevent the tragedy of returning to poverty from demolition.

关 键 词：房屋拆迁补偿 金融市场参与 心理账户 工具变量 金融素养 家庭金融投资 风险容忍度 

分 类 号：F830[经济管理—金融学]