职业声望与股票市场参与——基于CFPS数据的实证分析

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中央财经大学学报 ›› 2021, Vol. 0 ›› Issue (5) : 25-36.

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职业声望与股票市场参与——基于CFPS数据的实证分析

周战强, 孟佳昕

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Occupational Prestige and Stock Market Participation: An Empirical Analysis Based on CFPS Data

ZHOU Zhan-qiang, MENG Jia-xin

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摘要

国内外股票市场都存在“有限参与之谜”,在以往解释股票市场有限参与的研究中很少关注职业声望的作用。本文借助中国家庭追踪调查的数据,采用Probit模型,实证分析了户主的职业声望对股票市场参与的影响及其机制。结果表明,户主的职业声望越高,其参与股票市场的概率越大,这一结果在考虑内生性、替换核心变量、删除极端值等之后仍是稳健的。进一步机制分析发现户主的职业声望会通过认知能力和风险偏好影响股票市场参与。因此,采取措施增加职业的向上流动有助于促进我国居民参与股票市场。

Abstract

There is a puzzle of limited participation in the stock market at home and abroad.We analyze empirically the impact of a householder's occupational prestige on her participation in the Chinese stock market and its mechanism using a probit model with the data of the China Family Panel Studies.The result shows that the higher the occupational prestige of the householder,the more likely she is to participate in the stock market.This result is still robust after considering endogeneity,replacing core variables,deleting extreme values,etc.Further mechanism analysis shows that the occupational prestige of the householder affects her participation in the stock market through her cognitive ability and risk preference.Therefore,the government should take measures to increase the upward mobility of occupation,and this will help to promote the participation of Chinese residents in the stock market.

导出引用

周战强, 孟佳昕. 职业声望与股票市场参与——基于CFPS数据的实证分析[J]. 中央财经大学学报, 2021, 0(5): 25-36

ZHOU Zhan-qiang, MENG Jia-xin. Occupational Prestige and Stock Market Participation: An Empirical Analysis Based on CFPS Data[J]. Journal of Central University of Finance & Economics, 2021, 0(5): 25-36

中图分类号： F830

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