摘要
文章采用2017年中国家庭金融调查(China Household Finance Survey,缩写CHFS)数据,以住房数量作为中间机制,实证检验子女性别对家庭风险金融资产投资的影响.研究发现:相对于只有女儿的家庭,有儿子的家庭会更倾向于持有多套住房,故家中抚养儿子更有可能挤出风险金融资产投资.异质性分析发现,在城镇家庭、大中型城市、人口性别比偏高和中老年群体中挤出效应更为显著.文章结合我国高出生性别比和高房价共存的特征,给予了"有限参与"之谜一个新解释.
The paper uses 2017 China Household Finance Survey(CHFS)data,chooses the number of houses as an intermediate mechanism,to analyze the impact of children's gender on household risky financial asset investment.We find:For families with only daughters,families with sons will reduce the investment probability and proportion of risky financial assets.The reason is families with sons will hold multiple houses.Through heterogeneity analysis,among urban families,large and medium-sized cities,middle-aged and elderly groups and areas with low sex ratio groups,families with sons are more likely to invest less on risky financial assets.Based on the coexistence of high birth sex ratio and high housing price in China,this paper gives a new explanation to the puzzle of"limited participation".
作者
吕学梁
马玉洁
LV Xue-liang;MA Yu-jie
出处
《科学决策》
CSSCI
2021年第7期43-64,共22页
Scientific Decision Making
基金
国家自然科学基金项目(项目编号:71471093)
国家社会科学基金(项目编号:17CJL009)
中国博士后科学基金面上项目(项目编号:2017M622123)
山东省高等学校青创科技支持计划(项目编号:2020RWE006)。
关键词
子女性别
住房数量
风险金融资产投资
children's gender
amounts of housing
investment in risky financial asset
