股市参与、参与程度及其影响因素

发布时间：2018-01-07 10:27

本文关键词：股市参与、参与程度及其影响因素　出处：《经济研究》2012年10期 　论文类型：期刊论文

【摘要】：本文考察了中国城镇居民对股票市场的态度、参与现状及其影响因素。描述性统计表明:储蓄在家庭金融资产中所占比例较大;家庭收入两极分化。实证研究发现:年龄、收入和教育程度对股市参与有显著的正向影响;风险态度、社会互动、房产比例、职业风险等是股市参与的重要影响因素;信贷约束和社会互动是影响股市参与程度的重要因素。不同时期的对比分析表明:较之2007年,中国居民家庭资产和家庭收入水平在2012年有明显提高,收入两极分化的现象更为严重,但居民的股市参与和参与程度都出现了明显下降;除了年龄、教育年限和收入因素之外,股市参与的影响因素是动态变化的,中国居民的股市参与和参与程度随金融市场环境的变化而变化。
[Abstract]:This paper examines the attitudes of Chinese urban residents to the stock market, the status quo of participation and its influencing factors. Descriptive statistics show that savings account for a large proportion of household financial assets; The empirical study shows that age, income and education have significant positive effects on stock market participation; Risk attitude, social interaction, real estate ratio, occupational risk are important factors of stock market participation; Credit constraint and social interaction are important factors influencing the participation of stock market. The comparative analysis of different periods shows that: compared with 2007. In 2012, the level of household assets and household income of Chinese residents increased significantly, and the phenomenon of income polarization became more serious, but the participation and participation of the residents in the stock market decreased obviously. In addition to the factors of age, years of education and income, the influence factors of stock market participation are dynamic, and the participation and participation of Chinese residents vary with the change of financial market environment.
【作者单位】：暨南大学金融研究所;
【基金】：广东省高等学校高层次人才项目“转型期我国家庭金融资产选择及其财富效应的理论与实证” 教育部人文社会科学研究规划基金项目“盈余管理、暴跌风险与所有权结构”(11YJA790140)的阶段性研究成果
【分类号】：F224;F832.51
【正文快照】： 一、引言家庭金融市场参与决策和投资组合决策是近几年来金融研究的热点领域之一。对中国居民股市参与和参与程度的研究不仅有助于深入理解消费、储蓄理论和资产定价模型,而且也有助于政府设计和改革相关的金融政策、财政政策和社会保障制度。有关家庭金融资产选择的研究源于

【共引文献】