【作者】 张敏；

【导师】 刘渝琳；

【作者基本信息】 重庆大学 ， 应用经济学， 2022， 博士

【摘要】 如何提高居民财产性收入,改善其生活水平,推动居民福利提升,这是一个受到社会和学术界广泛关注的现实问题和理论课题。金融投资是居民财产性收入的重要来源。然而,目前我国居民家庭金融资产投资仍然存在有限参与、结构单一等问题,这既不利于家庭资产的保值增值,阻碍家庭分享金融市场发展红利,还会降低社会福利水平和经济活力。随着社会经济的发展,我国进入到“扎实推动共同富裕”的新的历史阶段。促进收入稳定增长特别是财产性收入增加是居民实现共同富裕的关键。现有研究从要素市场发展、社会治理、社会保障、收入分配等多方面探索如何促进经济发展成果的全面共享,但较少从身份差异视角探讨居民福利水平的变化和差异。对此,本文关注不同身份群体的权利不平等,从身份差异视角剖析家庭风险金融资产投资行为,拓展了对风险金融市场“有限参与之谜”的传统解释。与现有文献聚焦于人口统计学特征、背景风险等对投资者行为的影响因素分析不同,本文着眼于“身份-权利”视角探析身份差异作用于家庭金融投资行为的理论逻辑,为我国风险金融市场的“有限参与之谜”提供来自户籍身份差异和性别不平等的新的解释。本文也可能为实现居民增收和社会平等可持续发展的双赢提供新的思考。一直以来,权利都是人类表达社会公正理想的有效方式,身份文化和身份制度的存在阻碍了社会资源在居民间的平等分配,成为学术界探讨的主题。本文基于人的社会属性和自然属性,从户籍制度和性别不平等出发,对身份差异如何影响家庭风险金融资产投资这一现实问题进行理论分析和实证研究。基于资产组合经典理论和社会分层理论,构建纳入投资者身份差异的家庭资产组合模型,提出户籍身份差异通过社会保障和金融素养影响家庭风险金融资产投资,以及性别不平等通过家庭收入和社会资本影响家庭风险金融资产投资的理论假设。利用中国家庭微观调查数据,通过数理推演、比较分析以及计量经济学研究等方法,深入探讨身份差异对家庭风险金融资产投资的影响及作用机制。研究发现:(1)相较于农业户口户主家庭,非农业户口户主家庭投资风险金融资产的可能性更高。这一研究结果从户籍身份差异角度解释了家庭风险金融市场的“有限参与之谜”。此外,夫妻户籍身份的不同匹配模式对家庭金融投资行为具有异质性影响,夫妻双方都为非农业户口的婚姻结合更有可能促进家庭投资风险金融资产。在已婚群体中,夫妻双方都为非农业户口的家庭投资风险金融资产的概率高于夫妻中至少一方为农业户口的家庭。通过构造一般非农和特殊非农样本检验新一轮户籍制度改革对家庭金融投资行为的影响,结果发现,一般非农家庭投资风险金融资产的概率显著高于农业户口户主家庭,而特殊非农家庭与农业户口户主家庭金融投资行为并不存在显著差异。这为进一步理解户籍制度改革的深化,剥离附着于户籍之上的福利待遇安排和公共资源分配提供了家庭金融方面的证据支持。(2)性别不平等对家庭风险金融资产投资具有显著的负向影响,并且这一负效应在我国北方地区和中西部地区更为强烈。这一研究结果从性别不平等角度解释了家庭风险金融市场的“有限参与之谜”,拓展了家庭金融投资相关领域的研究。(3)户籍身份差异通过二元分割的社会保障体系和金融素养影响家庭风险金融资产投资。非农业户籍身份提高了居民对城市社会保障的可及性和金融素养水平,从而促进其投资风险金融资产。社会保障机制可以解释户籍身份差异对家庭股市参与率和广义风险金融资产投资参与概率影响的30.42%和43.32%,金融素养机制可以解释户籍身份差异对家庭股市参与率和广义风险金融资产投资参与概率影响的5.34%和7.62%。签订正式劳动合同和市场化改革有助于降低户籍身份差异对城市社会保障可及性的影响,进而弱化非农业户籍身份对家庭风险金融资产投资的促进作用,为进一步推动劳动者合法权益保护和市场化进程提供了来自中国的微观证据。互联网使用有助于降低农业户籍身份居民与非农业户籍身份居民间金融素养差距,从而降低户籍身份差异对家庭风险金融资产投资的影响,为减少不同户籍身份群体间的数字不平等提供了实证支持。(4)性别不平等通过家庭收入和社会资本影响家庭风险金融资产投资。性别不平等程度越高的地区,家庭平均收入水平和社会资本水平越低,从而投资风险金融资产的可能性更小。以男女高中入学率差异衡量的性别不平等对家庭股市参与率和广义风险金融资产投资参与概率的总体影响分别有4.09%和5.80%通过收入机制实现,分别有7.86%和11.69%通过社会资本机制实现;以男女劳动参与率差异衡量的性别不平等对家庭股市参与率和广义风险金融资产投资参与概率的总体影响分别有4.68%和4.61%通过收入机制实现,分别有5.43%和5.63%通过社会资本机制实现。此外,不同于直觉,性别不平等并不会因为男性地位更高而降低家庭平均风险厌恶程度;性别不平等对家庭风险金融资产投资的阻碍作用在男性户主家庭和女性户主家庭之间不存在显著差异。根据以上研究结论,本文分别从强化居民理财意识、提高居民对社会不平等和金融市场的认知、推进户籍制度改革、促进性别平等发展等方面提出促进家庭投资风险金融资产的政策启示。更多还原

【Abstract】 How to increase the acquisition of property income,so as to improve residents’ lives notablely and promote the improvement of residents’ welfare,which is both a popular real social concerns and theoretical thesis.Investment in financial prodcts is an important source of residents’ property income.However,there are still limited participation and single investment structure in Chinese family,which is not conducive to the preservation and appreciation of household wealth,and prevents families from sharing the dividend of financial market development;besides,which reduces social welfare and economic vitality.With the development of social economy,China has entered a new historical stage of “promoting common prosperity solidly”.Promoting the steady growth of income,especially the increase of property income,is the key for residents to ahieve common prosperity.The existing studies have studied how to promote the comprehensive sharing of the fruits of economic development from the aspects of factor market development,social governance,social security,and income distribution,but raraly discuss the differences of residents’ welfare from the perspective of identity difference.With this background,this study analyzes the effect and mechanism of identity difference on household risk asset investment,which is helpful to expands the traditional explanation of the risky financial market “limited participation puzzle”.Different from the existing literature that focuses on the analysis of factors affecting investor behavior,such as demographic characteristics and background risks,this study focuses on the theoretical logic of the role of identity differences in household financial investment behavior from the perspective of “identity-rights”,and provides a new explanation from the differences of residency status and gender inequality for risky financial market “limited participation puzzle”.This study may also provide new thinking for realizing the win-win situation of increasing residents’ income and social equality and sustainable development.Rights have always been an effective way for human beings to express the ideal of social justice.The existence of identity culture and identity system hinders the equal distribution of social resources among citizens,which has become the topic of academic discussion.From the perspective of population development,this study constructs a“two dimensional model” of identity difference including: difference in residency status and difference in gender identity,that is gender inequality.Under such an analysis model,this study conducts a systematic theoretical model analysis and empirical research on how identity difference affects household investment in risky financial assets.A portfolio model incorporating identity differene is constructed on the basis of theory of classical portfolio theory and social stratification.It is proposed that difference in residency status affects household risky financial investment behavior through social security and financial literay,and gender inequality affects household risky financial investment behavior through household income and social capital.Using the micro survey data from Chinese families,through mathematical deduction,descriptive analysis,comparative analysis and econometric research methods,this study deeply discusses the impact and mechanism of identity differences on household risky financial asset investment.The main research conclusions of this study are as follows:(1)Compared with households with rural hukou,households with urban hukou are more likely to invest in risky financial assets,which explains the risky financial market“limited participation puzzle” from the perspective of difference in residency status.Different matching patterns of hukou between husband and wife have heterogeneity effects on household financial assets investment.Marriage with couples both having urban hukou is more likely to promote households to invest into risky financial assets.In the married group,the probability of investing in risky financial assets of households with both the couples having urban hukou is much higher than that of households with one of the couples having rural hukou.Further,we examine the impact of the newest registered residence system reform on household financial investment behavior by construction the samples with general urban hukou and samples with special urban hukou.It is found that the probability of samples with general urban hukou investing in risky financial assets is significantly higher than that of samples with rural hukou,while there is no significant difference between samples with special urban hukou and samples with rural hukou.This provides evidence for deepening the reform of household registration system,and further disposing of the social welfare arrangement and public resources allocation from household registration system.(2)Gender inequality has a significant negative effect on household risky financial asset investment,and this negative effect is stronger in norther and central and wester regions of China.This result explains the risky financial market “limited participation puzzle” from the perspective of gender inequality,and expands the research field related to household financial investment.(3)Difference in residency status affects the household risky financial asset investment through the dual social security system and financial literacy.The urban hukou improves the accessibility of urban social security and residents’ financial literacy level,thus promoting their investment in risky financial assets.This study uses the intermediary effect model to prove these two mechanisms.The social security system mechanism explains 30.42% and 43.32% of the effect of difference in residency status on household stock market participation rate and generalized risky financial asset investment participation rate,respectively;and the financial literacy can explain 5.34%and 7.62%,respectively.In addition,the indirect effect of difference in residency status on household risky financial asset investment is regulated by the formal employment contract and marketization process,which provides micro evidene from China to further promote workers’ legitimate rishts and interests protection and the proess of marketizaiton.This study also finds that internet use helps to reduce the impact of difference in residency status on household risky financial asset investment through financial literacy,and this result provides empirical surport for reduing digital inequality among residents with rural hukou and with urban hukou.(4)Gender inequality affects the household risky financial asset investment through household income and social capital.This study also uses the intermediary effect model to prove these two mechanisms.The higher the degree of gender inequality,the lower the average level of household income and social capital,so it is less likely to invest in risky financial assets.The impact of gender inequality measured by the difference in male to female high school attendance on household stock market participaton rate and the generalized risky financial asset investment participation rate is 4.09% and 5.80%realized by household income mechanism,respectively;and 7.86% and 11.69% realized by social capital mechanism,respectively.The impact of gender inequality measured by the difference in male to female labor force participation rate on household stock market participaton rate and the generalized risky financial asset investment participation rate is4.68% and 4.61% realized by household income mechanism,respectively;and 5.43%and 5.63% realized by social capital mechanism,respectively.Contrary to intuition,gender inequality does not reduce the average risk aversion of households by improving the males’ status.There is no significant differene between male headed households and female headed households in the negative effect of gender inequality on household risky financial assets investment.According to the above findings,this study puts forward the optimization path and safeguard measure of household risky financial assets investment from the aspects of strengthening the financing consciousness,improving residents’ ability of understanding social inequality and financial market,promoting the reform of household register system,and promoting gender equality.更多还原