风险观念与中国家庭金融市场参与
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| Title | Risk Concept and the Chinese Household’s Financial Market Participation
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| 作者 | 廖婧琳 王聪 |
| Author | Liao Jinglin and Wang Cong |
| 作者单位 | 暨南大学金融系 |
| Organization | Jinan University |
| 作者Email | fairy7318819@163.com；wangcong5806@163.com |
| 中文关键词 | 风险观念 金融市场参与 文化维度 |
| Key Words | Risk Concept; Participation in Financial Market; Cultural Dimension |
| 内容提要 | 本文基于文化系统中风险观念这一视角，讨论中国家庭金融市场参与的影响因素。利用中国综合社会调查（CGSS）2013年的居民问卷，选取权力距离、不确定性规避和集体主义三个文化维度作为区域层面的风险规避指标，实证检验了风险观念“约束”中国家庭金融市场参与的可能性。研究发现，在控制了影响居民金融决策的其他因素前提下，风险观念对中国家庭的股市参与确实存在显著作用。风险观念越强，即风险规避程度越高，居民的股市参与概率越低。本文的研究结果为我国股市参与率整体偏低提供了一个新的解释，丰富了消费金融相关文献。 |
| Abstract | Approaching from the perspective of risk concept in cultural system, this paper attempts to analyze the influential factors in Chinese household’ financial market participation. Referring to the residential questionnaire of CGSS in 2013, the study utilizes three indexes, namely, power distance, uncertainty avoidance and collectivism as the indicators of risk aversion and exemplifies the risk concept’s constraint on Chinese household’ financial market participation. It finds out that the risk concept has a strong effect on the participation in financial market by Chinese household on the premise that other factors in financial decision-making are under controlled. The more prevailing risk concept is, in other words, the higher risk aversion is, the lower residential participation in stock market is. This research provides a new idea for answering residents’ low participation in the domestic stock market, enriching the related works of consumer finance. |
| 文章编号 | WP1233 |
| 登载时间 | 2017-11-02 |
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