安全感与家庭股票市场参与——基于中国家庭金融调查的实证研究

Safety Feelings and Household Stock Market Participation——An Empirical Research based on CHFS Data

我国正处于改革的攻坚期,社会矛盾凸显,社会安全问题突出。安全感影响着居民生活的各个方面,本文试图利用中国家庭金融调查数据(CHFS),用Probit模型对家庭股票市场参与和安全感的关系进行分析,结果表明:安全感高的家庭更倾向于不参与股市投资,此外,家庭股票市场参与度与家庭财富、商业保险参与、受教育程度、家庭自有住房等因素高度相关,家庭财富的积累、家庭的商业保险参与以及户主受教育程度的提高均显著促进了家庭股市参与,自有住房显著抑制了家庭股票市场参与。

China is in a critical period of deepening reform,with prominent contradictions and prominent social safety issues.Safety feelings affects all aspects of residents'lives.This paper attempts to analyze family stock market participation and social safety feelings with China Household Finance Survey(CHFS)data using Probit model.The results show that families with high social safety feelings tend not to participate in stock market investment.In addition,family stock market participation is highly correlated with factors such as family wealth,commercial insurance participation,education level,and family-owned housing.The accumulation of family wealth,family business insurance participation,and the increase in the education level has significantly promoted the participation of family stocks,and self-owned housing has significantly inhibited the participation of the family stock market.