公司违规会影响家庭股市参与吗

Do Corporate Frauds Affect Household Stock Market Participation?

公司违规行为是资本市场健康发展的重大威胁因素。以往研究大多关注公司违规行为对企业本身的影响,而忽视了其对作为股票市场基石的个人投资者投资决策的影响。利用全国代表性家户调查数据,本文考察了家庭所在地区上市公司违规数量是否以及如何影响家庭股市参与。研究结果显示:首先,公司违规显著地降低了家庭股市参与率;其次,公司违规对家庭股市参与率的影响在年龄较大群体中更加显著;最后,在影响机制上,本文从信任视角进行了探索性检验,发现公司违规降低了个体对企业的信任度。本文的研究发现对监管层、投资者以及上市公司等资本市场诸多主体均具有重要的启发价值。

This paper investigates the impact of corporate frauds on household stock participation by using national representative survey data.We find that the more corporate frauds in a province,the lower household stock participation in that province.Specifically speaking,every 1 percentage point increase in the state's frauds decreases the probability that a household participates in the stock market by about 0.49 percentage points.The relation is more pronounced among more experienced investors.Furthermore,the main mechanism is that corporate frauds reduce people's trust in enterprises.