财务舵主个人特征对家庭金融市场参与的影响

The Impact of Financial Leader Personal Characteristics on Family Financial Market Participation

基于离散选择模型中的Logit、Ologit和Tobit模型,利用中国家庭追踪调查(CFPS)数据实证分析财务舵主个人特征对家庭金融市场参与选择、参与广度和参与深度三个方面的影响。研究发现:财务舵主的性别差异对于金融市场的参与行为有显著影响,女性财务舵主家庭更倾向于参与金融市场,其金融市场参与的广度和深度均更强,性别差异的来源集中于城市家庭,原因则主要是女性舵主的人力资本特征对金融市场参与行为的影响程度较男性舵主更高;财务舵主的年龄与金融市场参与行为的三方面均呈"倒U"型关系;具有城市户口的财务舵主更倾向于参与金融市场,其参与的广度和深度均远高于农村户口家庭;人力资本的受教育程度和认知能力两方面对金融市场参与行为有正向显著影响。

This paper uses Logit, Ologit and Tobit models, using the China Family Panel Studies （CFPS） data to empirical analysis the impact of financial leader individual characteristics on the three aspects： family financial market participation choice, participation breadth and par- ticipation depth. The study found that： gender difference of the financial leader has a significant influence on the participation behaviors of financial market, female financial leader families prefer to participate in the financial market, the participation breadth and depth are wider and deeper respectively. The difference comes from urban families, it is the cause that the influence of female leaders＇ human capital on the financial market participation is higher than male leaders＇. Finan- cial leader＇s age and financial market participation have an inverted ＂ U＂ relationship. With the urban household registration, financial leaders tend to participate in the financial market, the breadth and depth of their participation are higher than rural households. Two aspects of human capital education and cognitive ability have positive impacts on financial market participation.