金融消费者保护对城镇居民股市参与度的影响研究

The influence of financial consumer protection on urban residents' participation in stock market

基于清华大学中国金融研究中心2012年中国城市居民消费金融调查数据,结合基于工具变量的Probit模型和Tobit模型,识别了我国城镇居民股市参与及参与深度的影响因素,重点考察了金融消费者保护的影响和作用机制,有效解决了内生性问题引致的估计偏误。研究表明,金融消费者保护对城镇居民股市参与和参与深度具有显著正向影响,加强金融消费者保护有助于提高居民股市参与。进一步分析发现,金融消费者保护的改善会促进家庭对于市场投资前景看好、提高家庭投资回报率,进而促进城镇居民参与股票市场投资。

Adopting the survey of Consumption Finance data of Chinese urban residents,this paper takes into account the problem of endogeneity somewhat ignored by the previous research,then develops the Probit model and the Tobit model based on the instrument variable method to identify the influences of the probability and the depth of stock market participation in urban China,also focuses on the impact and mechanism of financial consumer protection. Results show that financial consumer protection will significantly increase the probability and the depth of the household＇s stock market participation. Moreover,the improvement of financial consumer protection will promote the household＇s good prospects for the market investment,increase the rate of return on investment,and promote the participation of urban residents in the stock market.