Migration experience and risky financial assets investments of county households:evidence from China  

作　　者：Yunliang Zhang Xiaobin He Jiankun Liu 

机构地区：[1]Research Institute of Social Development,Southwestern University of Finance and Economics,Chengdu 611130,China [2]Department of Sociology,Tsinghua University,Beijing 100084,China [3]Department of Sociology,Harbin Engineering University,Harbin 150001,China

出　　处：《The Journal of Chinese Sociology》2024年第1期489-509,共21页中国社会学杂志(英文)

基　　金：funded by the Major Project of the National Social Science Fund of China(No:22&ZD191).

摘　　要：Enhancing the support for inclusive finance in county economies is crucial in achiev-ing the strategic goal of building financial power.Drawing upon the theoretical lens of county-level inclusive financial accessibility,this study examines the effect of the migration experience(ME)of county socialites on their risky financial assets investment(FAI)and the underlying mechanisms.We utilize data sourced from the County Consumption Survey,a nationwide effort by the Department of Soci-ology of Tsinghua University and the 58 Tongzhen Research Group.Our findings reveal that the ME of county socialites significantly boosts their likelihood of engaging in financial markets.Furthermore,housing inequality factors,such as housing property rights and housing loans,play a moderating role in the impact of individual ME on their FAI.Additionally,the financial concept has a masking effect rather than a mediating effect on the path of the ME affecting FAI.Notably,the promotion effect of ME displays heterogeneity.Specifically,ME has a stronger positive effect on FAI among college-educated groups,members of the Communist Party of China(CPC),and urban hukou residents than on those who have not completed college education,non-CPC mem-bers and rural hukou households.In light of these findings,we propose policy rec-ommendations to optimize the distribution of financial services,adjust the housing equality policy,and enhance inclusive financial literacy.

关 键 词：Migration experience Financial assets investment Housing inequality Financial concept Social class 

分 类 号：F29[经济管理—国民经济]