参与成本、异质性与股市投资--基于城镇家庭数据的实证分析

Participation Cost,Heterogeneity and Stock Market Investment: Empirical Evidence from Urban China

本文利用2002年的CHIP数据分析了我国城镇家庭的股市投资行为。考虑到参与成本和异质性,本文使用Heckit模型来考察家庭股票数量与份额的决定。结果表明,家庭股市参与的概率与家庭的总财富水平、户主的收入以及教育水平之间存在显著的正相关关系,与户主的年龄呈倒U型关系。收入、财富水平和年龄对于家庭购买股票的数额也有类似影响;但教育水平的影响有所减弱。而对于股票在家庭总资产或金融资产中的份额,年龄和教育的影响在大部分模型中不显著;财富水平的系数显著为负。

Using CHIP data of 2002 I investigate the stock market investment behavior of urban household in this paper. I highlight the importance of participation cost and heterogeneity in the stock market investment process and emphasize the appropriateness of using Heckit model to examine the determinants of the amount or the share of stock in households＇ total assets. I find that household stock market participation is positively correlated with education, income, and wealth. Its relationship with age is inverted U - shaped. These factors also have similar effect on the value of stocks held by households, with education playing a less important role. In terms of stock shares in total wealth or in financial wealth, neither education nor age plays a consistently significant role. The stock share decreases significantly as household＇ s wealth level increases.