移动支付对家庭股市参与的影响

The Impact of Mobile Payment on Households’ Participation in Stock Market

近年来,移动支付迅速普及,对家庭金融行为产生不可小觑的影响。本文基于2017-2019年中国家庭金融调查(CHFS)数据,实证研究了移动支付对家庭股市参与及回报的影响。为克服内生性问题,本文使用双向固定效应和工具变量法进行估计。研究结果表明,移动支付可以提高家庭参与股市概率,但是移动支付对股市盈利无显著促进作用。机制分析结果显示,移动支付主要通过金融信息获取、转变风险态度、提高信任感及提高信贷可得促进家庭参与股市。异质性分析表明,移动支付对城镇地区、一二三线城市地区及金融可得性强区域的家庭作用更明显;对中年家庭、中高收入及中高资产家庭效果更突出。本文的研究为理解股市有限参与之谜提供了新的视角,为制定相关政策提供了经验依据。

In recent years, the rapid popularity of mobile payment has exerted a significant influence on family financial behavior. Based on the data of China Household Finance Survey(CHFS) from 2017 to 2019, this paper empirically studies the impact of mobile payment on households’ participation in stock market and the resultant return. In order to overcome the endogeneity problem, bidirectional fixed effect and instrumental variable method are used for estimation. Empirical results show that mobile payment can improve the probability of family participation in the stock market. In addition, this paper finds that mobile payment does not significantly promote stock earnings. Mechanism analysis shows that mobile payment mainly promotes households’ participation in the stock market through financial information acquisition, changing risk attitude, improving trust and improving credit availability. Regional heterogeneity analysis shows that mobile payment has a more obvious effect on families in towns, tier 1-3 cities and areas with strong financial availability. Heterogeneity analysis of family characteristics indicates that mobile payment has a more prominent effect on young families, middle-and high-income families and families with middle and high asset value. This study provides a new perspective for understanding the mystery of limited participation in the stock market and provides a reference for formulating relevant policies.