摘要
本文使用2011年中国家庭金融调查数据,研究了社会互动与网络信息渠道对中国家庭参与股市决策的影响。首先,我们发现,社会互动与网络信息化通过传递股市信息推动了股市参与,并且这两种信息渠道在促进家庭股市参与上有相互替代的关系。其次,高股市参与水平社区中的家庭投资股市的可能性更大,这种社会乘数效应也是经由社会互动发挥作用的,并且与替代效应是两个独立发挥作用的渠道。邻里股市投资业绩的异质性,会对股市参与造成不同的影响,股市盈利与盈亏平衡都会显著促进股市参与,而投资亏损对股市参与的促进作用并不显著。作为传统的信息渠道,社会互动的作用在互联网时代,被网络信息渠道部分替代。
Using 2011 Chinese Household Finance Survey （2011 CHFS）, this paper investigates the impact of social interactions and internet information channel on Chinese household stock market participation decision. First, we find out that social interactions and internet information raise stock market participation by providing stock market relevant information, and these two information channels substitute with each other in their impacts. Second, the households located in high stock market participation community are more likely to invest in stock market. This social multiplier effect also works through social interactions, and functions independently from the substitution effect. The heterogeneity of the neighbor investment performance would affect stock market participation differently： the winner and balance performance would significantly raise participation, but the loser has insignificant effect on participation. Therefore, as a traditional information channel, the role of social interaction is partly substituted by the internet information in the internet age.
出处
《经济研究》
CSSCI
北大核心
2014年第A01期116-131,共16页
Economic Research Journal
基金
西南财经大学"中央高校基本科研业务专项资金"资助(项目名:"社会互动与中国家庭股市参与:信息选择的视角"
JBK140936)
关键词
社会互动
网络信息
股市参与
中国家庭金融调查
Social Interactions
Internet Information
Stock Market Participation
CHFS
