失业保险、背景风险与家庭股市参与  

Unemployment Insurance,Background Risk and Household Stock Market Participation

作　　者：彭树宏 PENG Shuhong(School of Public Finance and Public Administration,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学财税与公共管理学院,江西南昌330013

出　　处：《中南财经政法大学学报》2022年第3期101-112,共12页Journal of Zhongnan University of Economics and Law

基　　金：国家自然科学基金项目“中国大学教育溢价:演化特征、成因解释与影响效应”(71763007)。

摘　　要：基于2017年中国家庭金融调查数据,本文检验了失业保险对家庭股市参与的影响和机制。研究结果表明,我国失业保险能显著提高家庭股市参与的广度,但对家庭股市参与的深度影响不显著。机制研究表明,失业保险通过降低收入的背景风险对家庭股市参与产生影响。通过考察中国失业保险制度的非劳动力市场效应,本文深化了对失业保险功能的认识,并为从背景风险理论角度解释股市“有限参与之谜”提供了新的经验证据。当前我国失业保险制度存在覆盖率低、失业保险金替代率低等突出问题,本文的研究表明,扩大失业保险覆盖面,提高失业保险参保率和待遇水平,不仅可以为更多的失业人员提供生活保障,维护社会公平和稳定,而且在一定程度上能促进家庭股市参与,有利于扩大股市规模,提高资源配置效率,促进家庭财富积累。Based on data from the 2017 China Household Finance Survey,this paper examines the impact and mechanism of unemployment insurance on household stock market participation.The results show that China's unemployment insurance can significantly improve the breadth of household stock market participation,but has no significant impact on the depth of household stock market participation.The mechanism study shows that unemployment insurance has an effect on household stock market participation by reducing the background risk of income.By examining the non-labor market effects of China's unemployment insurance system,this paper improves the understanding of the function of unemployment insurance,and provides new empirical evidence to explain the"limited participation puzzle"of the stock market from the perspective of background risk theory.At present,China and other developing countries have prominent problems such as low coverage rate of unemployment insurance system and low replacement rate of unemployment insurance benefites.The research conclusion of this paper shows that expanding the coverage of unemployment insurance and improving the participation rate and benefits of unemployment insurance can not only provide living security for more unemployed people,maintain social fairness and stability,but also promote the participation of households in the stock market to a certain extent,which is beneficial to expand the scale of the stock market,improve the efficiency of resource allocation,and promote the accumulation of family wealth.

关 键 词：失业保险 背景风险 家庭股市参与 条件混合过程方法 “有限参与之谜” 

分 类 号：F842[经济管理—保险]