摘要
房屋拆迁能给家庭带来一定的冲击,本文基于心理账户理论,采用2019年中国家庭金融调查数据(CHFS),并利用倾向得分匹配法(PSM)验证拆迁家庭和未拆迁家庭在风险资产投资上的差异,再利用OLS模型实证检验了房屋拆迁对家庭金融参与行为的影响。实证表明:房屋拆迁会显著增加家庭参与风险资产的投资。同时利用调节效应得出,金融可得性可以调节拆迁家庭参与金融资产投资。
Housing demolition brings a certain impact to families.Based on the theory of mental accounts,this paper adopts the data from the 2019 China Household Finance Survey(CHFS)and uses the propensity score matching method(PSM)to verify the difference in risk asset investment between the demolished and undemolished families.The OLS model is used to empirically test the impact of housing demolition on household financial participation behavior.The empirical results show that housing demolition can significantly increase household participation in risky asset investment.At the same time,using the moderating effect,it is concluded that the financial availability can adjust the demolition households'participation in financial asset investment.
作者
孙香玉
俞永坤
Xiangyu Sun;Yongkun Yu(Nanjing University of Information Technology,School of Management Engineering,Nanjing,Jiangsu,210044,China)
关键词
房屋拆迁
家庭金融
金融市场参与
金融可得性
Housing Demolition
Family Finance
Financial Market Participation
Financial Availability
