移动支付、股市参与和家庭财富——基于有调节的中介模型  

Mobile Payment,Stock Market Participation and Household Wealth:-A Mediation Model Based on Regulation

作　　者：赵俊 尹晓梅 ZHAO Jun;YIN Xiaomei(School of International Economics,Anhui International Studies University,Hefei231201,China)

机构地区：[1]安徽外国语学院国际经济学院,合肥231201

出　　处：《长春大学学报》2023年第9期22-30,共9页Journal of Changchun University

基　　金：安徽省高校自然科学重大项目(KJ2021ZD0143);安徽省高校人文社会科学重点项目(2022AH052802;2022AH052806);安徽外国语学院校级项目(Awky2022002)。

摘　　要：基于流动性约束理论和信息不对称理论,构建一个有调节的中介模型,依据CHFS2017发布的微观数据,将股市参与和投资顾问纳入移动支付对家庭财富的影响路径之中。结果表明:移动支付对家庭财富具有显著的正向影响;股市参与在移动支付和家庭财富之间存在着部分中介效应;投资顾问不仅正向调节股市参与对家庭财富的影响,而且正向调节股市参与在移动支付和家庭财富关系中的中介效应。异质性检验发现,移动支付对城镇家庭、东部和中部地区家庭以及创业家庭的财富积累正向影响更大。用工具变量法进行稳健性检验,结论依然成立。Based on the liquidity constraint theory and information asymmetry theory,a regulated intermediary model is constructed.According to the micro data published by CHFS2017,stock market participation and investment advisers are included in the impact path of mobile payment on family wealth.The results show that mobile payment has a significant positive impact on family wealth;stock market participation has a partial intermediary effect between mobile payment and family wealth;investment advisers not only positively adjust the impact of stock market participation on family wealth,but also positively adjust the intermediary effect of stock market participation in the relationship between mobile payment and family wealth.The heterogeneity test shows that mobile payment has a greater positive impact on the wealth accumulation of urban households,households in the eastern and central regions,and entrepreneurial households.The results of robustness test with instrumental variable method are still valid.

关 键 词：移动支付 股市参与 投资顾问 家庭财富 

分 类 号：F830.9[经济管理—金融学]