金融市场参与对居民幸福感的影响研究

A Study on the Effect of Residents'Participation in Financial Market Investment on Well-being

本文使用中国家庭金融调查(CHFS)的两期面板数据,应用双重差分倾向得分匹配法(PSM-DID)研究居民参与金融市场对幸福感的影响。结果显示,参与金融市场会显著降低居民幸福感。从金融市场类型来看:参与股票市场投资会显著降低幸福感,而参与基金市场、债券市场对幸福感的负向影响并不显著;参与金融市场对幸福感的影响在城乡、家庭收入和地区分布等方面表现出异质性。城市居民、高收入家庭、东部地区居民参与金融市场投资会显著降低幸福感,而农村居民、低收入家庭和中西部地区居民参与金融市场并未对幸福感产生显著影响。

This paper applies the Propensity Score Matching-Difference-In-Difference(PSM-DID)to study the effect of residents'participation in financial markets on happiness using two-period panel data from the China Household Finance Survey(CHFS).The results show that participation in financial markets significantly reduces well-being.In terms of the types of financial markets:participation in stock market investment significantly reduces happiness,while participation in fund market and bond market does not have a significant negative effect on happiness;the effects of participation in financial markets on happiness show heterogeneity in terms of urban-rural,age,household income and regional distribution.Urban residents,high-income households,high-age groups and eastern regions'participation in financial market investment significantly reduces happiness,while rural residents,low-income households,low-age groups and central and western regions'participation in financial market does not have significant effects on happiness.