发布时间：2015-06-02 来源：国际经济管理学院 [打印] 字号： T T T
摘要：According to the 2011 China Household Finance Survey, about 21.8% of Chinese households participate in the financial market; risky financial assets account for about 8% of total household financial assets. Limited participation and low risky asset holding appear as two features of Chinese household finance. This paper explores the effects of social network, as an important content of social capital, on household financial market participation and asset allocations in both the formal and informal financial markets. Our analysis shows that households with a broader social network admit a higher possibility of financial market participation and a higher fraction of risky asset holding. This finding is robust to various control variables and to the instrumental variable estimations. In addition, two working mechanisms are identified. On the one hand, social network directly helps households to obtain necessary information and raises their chance of financial market participation. On the other hand, social network functions as an informal institution that indirectly alleviates the negative impacts of risk aversion on household participation and asset allocation in the financial market.