金融科技、媒体情绪和家庭金融资产选择  

Financial Technology,Media Sentiment and the Choice of Family Financial Assets

作　　者：傅利福 厉佳妮 方霞[1] 马丹[1] FU Lifu;LI Jiani;FANG Xia;MA Dan(Zhejiang Gongshang University,Hangzhou,310018;East China Normal University,Shanghai,200062)

机构地区：[1]浙江工商大学泰隆金融学院 [2]华东师范大学经济与管理学部

出　　处：《中国经济问题》2021年第6期169-181,共13页China Economic Studies

基　　金：浙江省哲学社会科学规划课题(22NDQN248YB);浙江省自然科学基金项目(LQ18G030005)的资助。

摘　　要：本文为了探究媒体情绪在金融科技影响家庭金融资产选择中的作用,构建三部门模型阐述金融科技和媒体情绪影响家庭金融资产选择的逻辑机理,并利用Sobel中介因子模型检验媒体情绪是否是金融科技影响家庭金融资产选择的中介因子效应。结果显示:金融科技和媒体情绪促进了家庭高风险资产的参与概率和持有比重,抑制了家庭低风险资产的参与概率和持有比重;金融科技对家庭金融资产选择的影响在媒体情绪路径上存在部分中介效应,主要体现为媒体关注度,媒体净情感并不显著。该结果的政策含义是:在肯定媒体对金融科技与家庭金融资产选择具有"信息中介"作用的同时,也要防范媒体非理性情绪和投资者误导。To explore the role of media sentiment in fintech’s influence on the choice of household financial assets,we construct a three-sector model to explain the mechanism of how financial technology and media sentiment affect the selection of household financial assets.In addition,we use the Sobel intermediary factor model to test whether media sentiment is the intermediary factor.We arrive at two conclusions.First,fintech and media sentiment could promot the participation probability and holding proportion of household high-risk assets,and suppress the both of the above of household low-risk assets.Second,fintech has a partial mediating effect on the choice of household financial assets on the path of media sentiment.The mediating effect is mainly reflected in the media attention,while the net sentiment of the media is not significant.The policy implication is that while affirming the role of media“information intermediary”,we must also guard against irrational sentiment and misleading investors.

关 键 词：数字金融 媒体关注 家庭金融 资产选择 

分 类 号：F832[经济管理—金融学] F273.1[文化科学—传播学] G206