城镇化:多层次资本市场发展的巨大推动力?
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| Title | Urbanization: The Great Thrust of Multi-Level Capital Market Development?
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| 作者 | 樊纲治 黄宇虹 弋代春 |
| Author | Fan Gangzhi,Huang Yuhong and Yi Daichun |
| 作者单位 | 西南财经大学 |
| Organization | Southwestern University of Finance and Economics |
| 作者Email | gzfan@swufe.edu.cn；huangyuhong@chfs.cn；daichunyi@chfs.cn |
| 中文关键词 | 城镇化 资本市场参与 金融风险资产配置 |
| Key Words | Urbanization; Capital Market Participation; Allocation of Financial Risk Assets |
| 内容提要 | 本文使用CHFS2013年的调查数据，研究了城镇化对农业家庭参与资本市场与优化家庭金融风险资产配置的作用。鉴于购买商品房、农业人口进城工作与农用土地保有量减少是城镇化发展中三个值得特别关注的现象，我们的研究结果表明，农业家庭通过购买商品房、进城工作实现城镇化对其参与资本市场、提高家庭金融风险资产占比的影响显著为正；如果农业家庭失去了农用土地也会促使家庭更积极地参与资本市场、优化金融风险资产配置。进一步的研究也发现，农转非家庭的资本市场参与程度以及金融风险资产配置均优于农业家庭，但劣于原有非农家庭。我们的研究说明，城镇化对农业家庭参与正规金融资本市场投资可能产生积极的推动和促进作用。 |
| Abstract | Based on CHFS 2013 data, this paper investigates the impact of urbanization on rural families’ participating in the capital market and optimizing the allocation of financial risk assets. Due to the particularly noteworthy phenomena of rural families purchasing a commercialized housing unit, working in the urban, and losing agricultural land in the urbanization process, our results show that purchasing a commercialized housing unit and working in the urban both have significant and positive effects on participating in the capital market and improving the allocation of financial risk assets for rural family; if rural families have no agricultural land, it also can make the families more actively participate in the capital market and optimize their risk assets allocation. Further, families whose hukou statuses have converted from rural areas to urban areas have the higher participation rate of capital market and the better allocation of financial risk assets than rural families, but the lower participation rate of capital market and the worse allocation of financial risk assets than the original non-rural families. Our studies illustrate that urbanization may have the active effects on rural families’ participating in the investment of the formal financial capital market. |
| 文章编号 | WP1047 |
| 登载时间 | 2016-04-05 |
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