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利用中国家庭金融调查(CHFS)2013—2019年四期混合数据首次系统性探讨同群效应对家庭风险金融资产决策的影响。结果表明，在社区范围内，家庭风险金融市场参与、风险金融资产投资占比和风险金融资产投资组合多样性具有显著的同群效应。异质性分析表明，农村地区、男性、大规模群组、受教育程度和金融知识水平较低的家庭受同群效应的影响更大。机制检验结果表明，信息传递、社会规范、风险偏好和亲社会偏好是同群效应发挥作用的重要机制。此研究对于提高家庭参与金融市场水平、优化家庭资产配置和财富管理、促进共同富裕具有重要的理论价值和现实意义。
Abstract：Using the mixed data from the four waves of the China Household Finance Survey (CHFS) from 2013 to 2019,this study systematically explores the impact of peer effects on household risky financial asset decision-making for the first time.The results show that within community settings,there is a significant peer effect on household participation in risky financial markets,the proportion of investment in risky financial assets,and the diversity of risky financial asset portfolios.Heterogeneity analysis indicates that households in rural areas,males,large-scale groups,and those with lower levels of education and financial knowledge are more influenced by peer effects.Mechanism tests reveal that information transmission,social norms,risk preference,and prosocial preferences are important mechanisms through which peer effects operate.This has significant theoretical and practical implications for increasing household participation in financial markets,optimizing household asset allocation and wealth management,and promoting common prosperity.
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(1)受篇幅限制,结果未予汇报。
(2)为克服不可观测因素对结论的影响,本文进一步使用面板数据以验证结果的稳健性,结论依然成立。篇幅受限,结果未予报告。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2024.10.004
中图分类号:F832
引用信息:
[1]徐书林,陈克兢.中国居民家庭风险金融资产决策的同群效应研究[J].商业经济与管理,2024,No.396(10):50-67.DOI:10.14134/j.cnki.cn33-1336/f.2024.10.004.
基金信息:
广东省普通高校青年创新人才项目“我国家庭金融资产选择的同群效应和烙印效应研究”(2024WQNCX110); 国家社会科学基金项目“公司章程自治性条款识别、经济后果及治理机制研究”(23BGL114); 广东财经大学科研培育项目“人工智能发展推动绿色供应链效率升级的机制与策略研究”(2024JYPY07)
2025-12-08
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2024-10-15
2024-10-15