我国家庭股市参与的南北方差异研究

Differences in Household Stock Market Participation between the North and the South in China

家庭股市参与作为一种重要的家庭金融行为近年来备受关注。文章利用中国家庭金融调查(CHFS)数据,基于适应性行为分析,研究我国家庭股市参与行为的南北方差异。以纬度、降水量以及水稻小麦产量差三个标准划分南北地区,通过对家庭参股情况的横纵向对比发现,在不同的南北方划分标准下,南方家庭的股市参与率均大于北方家庭;构建Probit模型,结合工具变量法进行实证研究,也得到相同结果;进一步研究发现:家庭幸福感、股票盈亏、基金盈亏、金融理财总价值、股票型基金市值、家庭自有住房数量、户主年龄以及户主学历对家庭股市参与有较为显著的正向影响,户主健康状况对家庭股市参与有较为显著的负向影响。

As an important household financial behavior,household stock market participation has attracted much attention in recent years.Based on adaptive behavior analysis,this paper used the relevant data of China Household Finance Survey(CHFS)to study the differences in household stock market participation between the North and the South in China.Firstly,the North and South regions were divided by three criteria:latitude,precipitation and difference between the annual yield of rice and wheat.The longitudinal and horizontal comparison of the proportion of households holding stocks was conducted,and the results show that in the North and South regions under three different criteria,the participation rate of households in the South region is greater than that in the North region.Secondly,the Probit model was constructed and empirical research was carried out in combination with the instrumental variable analysis,and the same results were obtained.Further studies find that family happiness,stock profit and loss,fund profit and loss,total value of wealth management,market value of stock fund,number of household-owned houses,age of household head and education of household head all have a significant positive impact on household stock market participation,while the health status of household head has a significant negative impact on household stock market participation.