借贷约束、金融素养与中国家庭股票市

发布时间：2018-03-24 04:29

本文选题：借贷约束　切入点：金融素养　出处：《现代财经(天津财经大学学报)》2017年12期

【摘要】：本文基于2013年中国家庭金融调查(CHFS)数据,选用工具变量法,考察了借贷约束与金融素养对家庭股票市场参与的影响,并验证了金融素养水平的提高会缓解借贷约束对家庭股市参与的抑制作用。研究发现:(1)借贷约束是影响家庭股票市场参与的重要因素。与无借贷约束家庭相比,借贷约束降低了家庭股市参与的意愿,尤其是通过借贷方式参与股市的意愿,同时也降低了股市的投资金额和投资时长;(2)金融素养是影响家庭股市参与的重要因素。户主金融素养水平的改善显著提高了家庭股市参与的意愿、投资规模和投资时长,并增加了家庭股票市场获利的可能性;(3)随着户主金融素养水平的提高,家庭借贷约束对家庭股市参与意愿和参与规模的抑制作用得到了有效地缓解。基于以上结论,政府应加快收入分配制度与消费金融市场改革,提高家庭金融素养水平,引导家庭合理配置股票资产,从而促进家庭财富的不断增长。
[Abstract]:Based on the CHFS data of China Household Finance Survey in 2013, this paper uses the instrumental variable method to investigate the effects of lending constraints and financial literacy on the participation of households in the stock market. It is proved that the improvement of financial literacy level can alleviate the restraining effect of lending constraints on the participation of household stock market. The study found that the loan constraint is an important factor affecting the participation of households in the stock market. Compared with households without lending constraints, the study found that the loan constraint is an important factor affecting the participation of households in the stock market. Lending constraints have reduced the willingness of households to participate in the stock market, especially through borrowing. At the same time, it also reduces the investment amount of the stock market and the length of the investment period.) Financial literacy is an important factor affecting the participation of the household stock market. The improvement of the financial literacy level of the household heads of household has significantly increased the willingness of the households to participate in the stock market, the scale of investment and the length of the investment period. With the improvement of household financial literacy level, the restraining effect of household lending constraints on the participation will and scale of household stock market is effectively alleviated. Based on the above conclusion, The government should speed up the reform of income distribution system and consumer financial market, improve the level of household financial literacy, guide families to allocate stock assets reasonably, and thus promote the continuous growth of household wealth.
【作者单位】：湘潭大学商学院;
【基金】：湖南省社会科学基金项目(17YBA374)
【分类号】：F832.51

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