社会互动的不同渠道对农户金融市场投资行为的影响研究

摘要基于2013年、2015年中国家庭金融调查(CHFS)数据,运用Probit、Tobit模型分析了社会互动的不同渠道对农户金融市场参与和金融资产配置决策的异质影响。结果发现:基于亲缘、地缘的传统地域型社会互动具有明显的资源重复性,没有对农户金融决策行为产生显著影响;脱域型和线上型社会互动脱离了封闭地域和同质关系限制,有助于农户获得异质性信息,能够促进农户金融市场参与,也影响着农户高风险金融资产投资意愿和金融资产组合收益率。在考虑潜在的内生性问题和稳健性检验之后,研究结论依然成立。其政策寓意在于,注重新型社会互动对农户金融市场投资行为的正向作用,加快农村地区现代信息、交通等基础设施建设;提高不同媒介的金融信息传输质量;运用新型社会互动渠道来提升农户的金融素养。

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关键词：社会互动金融市场参与资产组合风险资产组合收益

Abstract： Based on the data of China Household Finance Survey (CHFS) in 2013 and 2015 with the Porobit and Tobit model, this paper studies the impact of different social interaction channels on rural households’ financial market participation and financial asset allocation. The results showed that the traditional embedding social interaction on the strength of genetic and geo-relationship has obvious resource repeatability but no significant effect on the financial asset allocation decision in rural China. The disembedding and online social interaction are free from the restriction of closed territory and homogeneous relations, which help rural households to obtain heterogenous information, and promote the participation of rural households in the financial market. It also affects the willingness of rural households to invest high-risk financial assets and enhance portfolio return. Moreover, by taking into account of potential endogenous problems and robustness tests, the results still hold. The policy implication is to focus on the positive effect of new social interaction on rural households’ financial market investment behavior, that is, to accelerate the construction of modern information, transportation and other infrastructure in rural areas. It is also necessary to improve the quality of financial information transmission in different media and improve rural households’ financial literacy through new social interaction channels.

Keywords： Social Interaction Financial Market Participation Portfolio Risk Portfolio Return

收稿日期 2020-04-20; 接受日期 ;

基金资助:国家社会科学基金项目(12BJY098);中央高校基本科研业务费专项资金资助项目(SWU1909033,SWU1909522)

通讯作者 胡士华(1972— ),男,河南固始人,博士,教授,博士生导师,主要从事农村金融研究。

作者简介: 王若诗(1992— ),女,土家族,贵州铜仁人,博士研究生,主要从事农村金融研究。

引用本文:

王若诗, 胡士华.社会互动的不同渠道对农户金融市场投资行为的影响研究[J]. 经济经纬, 2020,6: 39-47

WANG Ruoshi, HU Shihua.A Study of the Impact of Different Social Interaction Channels on Rural Households’ Financial Market Investment Behavior[J] Economic Survey, 2020,V37(6): 39-47

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2020/V37/I6/39

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