户主外地生活经历与家庭风险金融资产投资

On the Relationship between Householder's Intercity Life Experience and Household Investment in Risky Financial Assets

中文关键词:  外地生活经历  风险金融资产投资  信息渠道  社会互动  社会医疗保险  借贷约束

英文关键词:intercity life experience  investment in risky financial assets  information channel  social interaction  social health insurance  credit constraint

中文摘要:

      当前,我国居民家庭存在风险金融市场有限参与的问题,这也是造成我国直接融资占比较低的客观原因。然而,学术界少有文献从户主经历角度分析其对家庭风险金融资产投资决策的影响。基于此,利用CHFS2017年数据,研究了户主的外地生活经历对家庭风险金融资产投资的影响及其作用机制。研究发现,户主有外地生活经历、户主外地生活经历时长增加均显著提升了家庭风险金融市场参与和风险金融资产投资占比。影响机制方面,户主外地生活经历会通过拓宽户主获取经济金融相关信息的渠道、增强家庭的社会互动进而提升家庭风险金融资产投资。异质性分析显示,上述促进作用仅在户主有社会医疗保险、不存在借贷约束的家庭中显著。因此,要积极完善就业政策和人才引进政策,建立健全外来人员的权益保障机制,加快普及社会医疗保险；同时,要大力发展普惠金融,引导居民家庭合理利用信贷工具优化资产配置。

英文摘要:

      Chinese households have limited involvement in risky financial market, which objectively leads to low direct financing ratio. Nevertheless, few studies have been made about the influence of breadwinners' experience on household investment in risky financial assets. Based on 2007 CHFS survey data, this paper studies the influence of breadwinners' intercity life experience on household investment in risky financial assets. It is found that breadwinners' intercity life experience and duration significantly improve the probability of households' involvement in risky financial market and the investment rate of risky financial assets. Breadwinners' intercity life experience will significantly improve households' investment in risky financial assets by diversifying breadwinners' access to economic and financial information and enhancing household interaction. As results of heterogeneity analysis show, the above promotion effect is only significant for households whose breadwinners enjoy health insurance and are free of credit constraint. Therefore, we should actively improve the employment and talent introduction policies, perfect mechanisms for guaranteeing the rights and interests of non-native workers, and accelerate the popularization of social health insurance. Meanwhile, the government should vigorously develop Inclusive Finance, and actively guide households to make rational use of loans for investment. 