社会互动、信任与股市参与

什么影响了居民的股市参与?采用2004年广东省居民调查数据,本文发现,社会互动和信任都推动了居民参与股市。股市低迷造成的普遍性股票投资损失会降低社会互动的积极作用,而社会互动对低学历居民参与股市的正面影响更为明显。此外,高收入、高学历、高年龄的居民股市参与也更积极。我们的研究为资本市场的发展架设了一个新的社会结构和社会特征的政策视角:加强社会互动、提高诚信水平,这些都是推动公众参与股市所不可忽略和或缺的。

Social Interaction, Trust, and Stock Market Participation

What determines household participation in stock market? Utilizing a unique household survey data in Guangdong Province in 2004, we find that both social interaction and trust promote household participation in stock market, although there is some negative effect by the stock market losers via peer group effect. Social interaction exerts more significantly positive effect on the stock market participation for households with lower education. Moreover, people with higher income, higher education, and higher age participate in the stock market more actively. Our findings provide a new policy angle, i.e., social structure and social characteristics, for stock market development. Higher levels of social interaction and trust are both necessary and important for increasing the rate of household stock market participation.