制度和人力资本对家庭金融市场参与的影响研究——来自中国民营企业家的调查数据

Research in the Effects of Institutions and Human Capital on Market Participation——Evidence from National Private Enterpriser Survey

家庭金融市场参与研究是家庭金融研究的开端。本文以中国社会科学院对全国民营企业家金融投资活动所做的调查数据为研究对象,理论和实证分析了制度及人力资本对家庭金融市场参与活动(包括市场参与的几率和市场参与深度)的影响。研究发现:(1)制度因素中的集体主义文化与金融市场化水平,以及人力资本中的教育水平与性别因素对家庭金融市场参与的几率发挥着显著的正面影响;(2)制度因素中的集体主义文化与金融市场化水平,以及人力资本中的教育水平、性别与投资者情绪对家庭金融市场参与深度发挥着显著的正面影响;(3)女性风险规避的认知特点使得男性的市场参与几率显著高于女性,但在市场参与深度方面,男女之间并无表现出显著差异,这可能是一个自然筛选的结果。

Financial market participation research is foremost part of household finance researches. We applied the survey data of national private enterprisers' household investment that conducted by CASS, theory and empirical analysis to see the effects of institutions, human capital on market participation (include market participation possibilities and depth of market participation). We found that:(1) institutional factors such as collectivism culture, financial market development, and human capital factors such as education, gender have positive effects on market participation; (2) institutional factors such as collectivism culture, development of financial market, and human capital factors such as education, gender, investors' sentiments have positive effects on depth of market participation; (3) women's cognitive pattern of risk-avoidance makes the market participation for men higher than women; with regard to depth of market participation,the gender gap disappeared, due to selection and survivorship.