中国家庭股票市场“有限参与之谜”:数字金融发展解  

“Mystery of Limited Participation”in Stock Markets by Chinese Households:The Digital Finance Development Solution

作　　者：张浩[1] 唐文佳 来特 Zhang Hao;Tang Wenjia;Lai Te(Institute of Financial Openness and Asset Management,Guangdong University of Foreign Studies,Guangzhou 510006,Guangdong,China;School of Finance,Guangdong University of Foreign Studies,Guangzhou 510006,Guangdong,China)

机构地区：[1]广东外语外贸大学金融开放与资产管理研究中心,广东广州510006 [2]广东外语外贸大学金融学院,广东广州510006

出　　处：《金融经济学研究》2022年第4期50-64,共15页Financial Economics Research

基　　金：国家自然科学基金项目(71991474、71721001);广东省自然科学基金面上项目(2021A1515011337);国家统计局一般项目(2021LY089)。

摘　　要：针对中国居民家庭资产配置中股票配置占比较低、家庭股票市场“有限参与”现象突出这一现实问题,采用中国家庭金融调查2011—2017年城镇家庭数据和数字普惠金融数据在城市层面进行匹配,探讨数字金融发展对居民股票市场“有限参与”现象的缓解作用,研究发现,数字金融发展可以有效提升中国城镇家庭股票市场参与的概率及持有比例。机制分析表明,这一影响是通过降低家庭预防性储蓄,促进家庭参与股票市场追求较高回报实现的。异质性分析发现,上述影响对家庭资产、家庭保障和人力资本较高的家庭以及富裕地区的家庭具有更明显的促进作用。上述结论在工具变量法、增加控制变量和分样本回归等稳健性检验分析后依然成立。该研究为缓解家庭股票市场“有限参与”问题提供了中国经验。To address the reality that stocks account for a relatively low proportion of asset allocation among Chinese households and the prominent phenomenon of“limited participation”in stock markets from Chinese households,this study matched urban household data from the China Household Finance Survey(CHFS)from 2011 to 2017 and digital financial inclusion data at the city level to investigate the mitigating effect of digital finance development on the phenomenon of“limited participation”in stock markets from households.This study found that digital finance development could effectively increase the probability of Chinese households’participation in stock markets and the proportion of stock holdings among Chinese households.The mechanism analysis suggested that this effect was realized by reducing precautionary savings among households and promoting household participation in stock markets in pursuit of higher returns.The heterogeneity analysis discovered that these effects had a more pronounced facilitating role among households with higher household assets,household security and human capital,as well as households in affluent areas.These conclusions remained valid after performing various robustness tests,such as the instrumental variable method,adding control variables,and subsampling for regression.This study provides a Chinese perspective in alleviating the problem of“limited participation”in stock markets from households.

关 键 词：数字金融 股市参与 财产性收入 家庭资产配置 

分 类 号：F832.5[经济管理—金融学]