信用环境与股市参与

Credit Environment and Stock Market Participation

股票市场有限参与已经成为制约我国资本市场发展的关键性因素。本文基于中国家庭金融调查与多种信用环境指标的匹配数据,实证检验了地区信用环境对家庭股市参与的影响及内在机制。研究发现,良好的地区信用环境有利于增加家庭股市参与的广度和深度,工具变量法和大量稳健性检验均证明该结论成立。机制分析表明,良好的信用环境缓解了风险厌恶对股市参与的抑制作用,并通过减少信贷约束、提高收入和改善创新创业环境促进股市参与。进一步研究发现,良好的信用环境对高收入、高学历、高社会资本和城镇家庭股市参与的积极影响更明显。本文结论从信用环境角度为破解股票市场“有限参与”之谜提供了新思考。

“Limited participation” in the stock market has become a key factor restricting the development of China’s capital market. Based on the matching data of the Chinese Household Finance Survey and multiple credit environment indicators, this paper empirically tests the effect of regional credit environment on household participation in the stock market and its internal mechanism. It is found that a good regional credit environment is conducive to increasing the breadth and depth of household participation in the stock market, as proved by the instrumental variable method and a large number of robustness tests. The mechanism analysis shows that a good credit environment alleviates the inhibitory effect of risk aversion on stock market participation, and promotes stock market participation by reducing credit constraints, increasing income, and enabling innovators and entrepreneurs. Further research shows that the benefits of a better credit environment are more obvious for urban households with high income, high education, and high social capital to participate in the stock market. The conclusions of this paper provide new ideas for solving the mystery of limited participation in the capital market from the perspective of the institutional attributes of the credit environment.