里谈巷议:家庭风险金融资产投资存在邻里效应吗——以农村村落为样本的经验分析  

Town Talk of the Streets——Is There a Neighborhood Effect in Households’Risky Financial Asset Investment?An Empirical Analysis with Samples from Rural Villages

作　　者：岳华[1,2,3] 王海燕[1] 张沛莹 YUE Hua;WANG Haiyan;ZHANG Peiying(School of Economics,East China Normal University,Shanghai,200062;East China Normal University China Academy of Finance,Shanghai,200062;East China Normal University Institute of Financial Technology,Shanghai,200062;School of Economics,Shanghai University,Shanghai,200444)

机构地区：[1]华东师范大学经济学院 [2]华东师范大学中国金融研究院 [3]华东师范大学金融科技研究院 [4]上海大学经济学院

出　　处：《中国经济问题》2021年第6期140-155,共16页China Economic Studies

基　　金：上海哲学社会科学规划一般课题(2018BJB020);上海浦东发展银行委托课题(48903410)资助。

摘　　要：在金融资源聚焦服务乡村振兴背景下,文章基于2010—2014年中国家庭追踪调查数据(CFPS),识别了个体家庭风险金融资产投资参与是否存在邻里效应,并初步探讨了可能的影响机制。研究表明:在依次控制户主、家庭和群体等一系列特征变量后,邻里效应对个体家庭风险金融资产投资参与产生了显著的正向影响。该结论在考虑了潜在的内生性问题和一系列稳健性检验后依然成立。影响机制研究表明:邻里效应通过社会互动渠道和相对财富关注渠道而对家庭风险金融资产投资参与产生影响。进一步研究发现:(1)邻里效应对家庭风险金融资产投资参与的促进效果在东部地区家庭、高教育水平家庭和高收入家庭更为明显;(2)随着互联网的发展,邻里效应和网络信息对家庭风险金融资产投资参与的影响存在着某种程度的互补关系。本文的政策含义在于:相关部门在制定涉及个体家庭金融资产投资的决策时,应充分考虑到邻里效应的作用。In the context of“focusing on financial resources to serve rural revitalization”,the article identifies whether there is a neighborhood effect of individual family risk financial asset investment participation,and preliminarily explores the possible impact mechanisms based on the 2010—2014 China Family Tracking Survey Data(CFPS).The research shows that after controlling a series of characteristic variables such as head of household,family and group in turn,the neighborhood effect has a significant positive effect on households’participation in risky financial asset investment.This conclusion is still valid after considering potential endogeneity problems and a series of robustness tests.The research on the influence mechanism shows that the neighborhood effect has an impact on the participation of household risk financial asset investment through social interaction channels and relative wealth attention channels.Further research finds that:(1)The neighborhood effect on family risk financial asset investment participation is more pronounced in the eastern region,high-education families and high-income families;(2)With the development of the internet,the neighborhood effect and network information have a certain degree of complementarity in affecting household risk financial asset investment participation.The policy implications of this article are that the policy makers should fully take the role of the neighborhood effect into consideration when making decisions involving individual household financial asset investments.

关 键 词：风险金融资产投资 邻里效应 内生性问题 机制分析 

分 类 号：F832[经济管理—金融学]