人口流动视角下个体投资者省际资产配置研究

Immigration and intra-province asset allocation of individual investors

在当今人口和信息高度流通的背景下,个体投资的本地偏好是否依然存在值得进一步探究。论文采用国内某线上交易平台2019~2020年投资者账户交易信息,分析跨省人口流动与省际资产配置的关系。实证结果显示,外地人口流入促进本地投资者增持人口输入地资产,人口输入地投资者本地偏好降低。而本地人口流出至外地并不会使本地投资者增配外地资产,甚至有可能降低对外地资产的投资,人口输出地投资者本地偏好不降反升。人口流动对输入地和输出地资产配置的影响呈现异质性。

With high circulation of population and information,it is worth further exploring whether individual investor’s home bias still exists.This paper investigates the effect of immigration on intra-province asset allocation,based on the online transaction data of individual investors from 2019 to 2020 from online transaction platform.The empirical results show that the inward immigration significantly lowers the equity home bias and increases the local investment on equity from immigrants’birthplace.In addition,the outward immigration does not significantly influence the home investor nor make them increase investment on equity to immigrants’destination.equity home bias instead rises.The impact of inward and outward immigration on asset allocation is heterogeneous.