网络交易会影响家庭金融投资决策吗?

Does Online Trading Affect Household Financial Investment Decisions?

网络交易作为一种便捷的交易方式,已进入我国家庭日常生活中,家庭投资决策是否会受到网络交易的影响引起了学界的关注。本文运用中国家庭金融调查的数据(CHFS 2017),探讨了家庭的网络交易行为对金融投资选择的影响。研究发现,网络交易行为频繁的家庭更可能参与风险资产投资。同时,网络交易行为通过扩大家庭金融信息来源和提升家庭消费欲望这两种传导路径影响家庭金融投资决策。本文的分析深化了关于家庭金融资产选择影响因素的研究,研究结果能够为我国完善与稳定风险资产市场,引导居民参与风险资产市场行为的相关政策提供新的解释。

As a convenient way of consumption,online trading has entered into family’s daily life.Whether the household investment decision will be affected by online trading has also attracted the attention of scholars.This paper uses data from the China Household Finance Survey(CHFS)2017 to research the impact of households’online trading behavior on their financial asset allocation.The results show that online trading behavior has a significant impact on family investment.Compared with other families,the probability of households using online trading to participate in generalized risk asset(stock asset)is 6.3%(5.2%)higher.Further analysis shows that the online trading behavior can influence households’financial investment decisions by expanding the sources of their financial information and stimulating their consumer desires.Compared with other families,the level of financial knowledge and risk preference of families using online trading are 0.248 units and 0.326 units higher.The results of robustness test show that online trading has a positive effect on the proportion of risk assets in total household assets.The scale of online trading also has a positive effect on the probability of family participating in risk assets market.In the endogeneity test,we use the"years of internet use"as a tool variable,and the research conclusion remains robust.The results of heterogeneity analysis show that the impact of online trading on household risk financial market participation is more obvious in the families with low income level and high education level.Combined with theoretical reference and practical experience,this paper deepens the research on the influencing factors of household asset selection,and puts forward policy suggestions from the following three aspects.Firstly,strengthen the economic information supervision of the third-party payment platform.Secondly,the network transaction platform and the third-party payment platform are used to push information to guide families to allocate assets reasonably.Thirdly,we should advocate rational consumption and investment ideas to crack down on financial fraud.