社会信任与城镇家庭风险金融资产投资——基于CFPS数据的实证研究

Social Trust and Urban Households' Financial Risk Assets Investment:An Empirical Analysis Based on Data of Chinese Family Panel Studies(CFPS)

社会文化因素对于家庭金融决策的影响逐渐引起学术界的关注,而社会信任是其中的重要元素。采用中国家庭追踪调查数据(CFPS)针对城镇家庭进行实证研究,结果表明:社会信任水平上升会显著提高城镇家庭进行风险金融资产投资的可能性和家庭金融风险资产的占比;不同类别的社会信任对城镇家庭风险金融投资决策的影响不同,其中"政府信任"和"普遍信任"对于风险金融资产投资有促进作用,而"亲邻信任"则会有抑制投资的效果;未接受过金融教育的城镇家庭,其社会信任水平的提升对于风险金融资产投资决策的影响更加显著。

The influence of social and cultural factors on family financial decision-making has gradually attracted the attention of the academic field, and social trust is the core element. This paper makes an empirical study on urban families, using the data of Chinese Family Panel Studies （ CFPS）, and the result shows that： as the social trust increases, the possibility of urban households＇ risk asset market participation and the ratio of risk assets will significantly improve ; Different kinds of social trust have different influences on turban family financial risk investment decision, for instance, the government trust and common trust can promote the increasing of risk investment, but the neighborhoods＇ trust can have an opposite influence; For those households that have not received financial education, the improvement of their social trust level has a more significant impact on financial risk assets investment decisions.