家庭风险金融资产投资的阶层化逻辑

The Class Logic of Household Investment in Risky Financial Assets

作为家庭资产主要来源的风险金融资产正成为家庭财富分化的重要机制。本文从阶层视角分析中国家庭投资风险金融资产的决策逻辑,通过对中国综合社会调查数据的分析,得到如下发现:在2010-2021年间,中国家庭在风险金融资产上的投资参与率长期维持在较低水平,并且投资决策存在两种阶层化逻辑,即阶层地位的提升和阶层地位向下流动都对投资风险金融资产具有正向影响,阶层地位变动所发挥的作用要强于当前阶层地位。进一步分析发现,阶层地位下降会通过降低社会公平感来促使家庭投资风险金融资产。这表明向下流动的家庭投资风险金融资产是一种补偿其阶层地位下降的非理性行为。本文不仅拓展了关于经济行为的社会分层研究,还可为决策部门引导公众理性参与金融市场,进而治理财富不平等问题提供经验参考。

Risky financial assets,as the main source of household assets,are becoming an important mechanism for household wealth inequality.This paper investigated the logic of the investment in risky financial assets from the perspective of class for Chinese households.Using the data from the China General Social Survey,we found that the investment rate of Chinese households in risky financial assets remained at a low level for a long time from 2010 to 2021.Moreover,there were two kinds of stratification logics in investment decision-making,i.e.,both the elevation of class status and downward social mobility had a positive impact on the investment in risky financial assets,but the role of social mobility was stronger than that of class status.Further analysis revealed that downward social mobility induced households to invest in risky financial assets by reducing the perception of social equity.These findings indicated that investment in risky financial assets for downwardly mobile households may be an irrational behavior to compensate for their declining status.This paper not only expands the research on the social stratification of economic behavior,but also provides empirical references for policymakers to guide the public to participate rationally in financial markets and thus to alleviate wealth inequality.