社会网络数字化对家庭风险金融资产配置的 作用机制及效应

The Mechanism and Effects of Social Network Digitalization on Household Risk Asset Allocation

摘要:

随着大数据、 区块链、 云计算等数字技术的发展, 人际交往逐渐从现实互动转移到网络交流 中, 社会网络呈现数字化的特点。 基于 2015、 2017 和 2019 年中国家庭金融调查的数据对社会网络数字化影 响家庭风险金融资产配置决策的机制及效应进行分析发现, 数字化社会网络对家庭风险金融资产配置具有显 著的正向影响, 具体表现在促进风险金融市场参与可能性、 参与深度以及增加持有风险金融资产多样性三个 层面。 通过中介效应模型检验发现, 数字化社会网络通过促进信息传递、 提高风险偏好和减缓流动性约束来 促进家庭风险金融资产配置。

Abstract:

With the development of digital technologies such as big data blockchain and cloud computing interpersonal communication has gradually shifted from real-life interaction to online communication and social networks have shown the characteristics of digitalization. Based on the data from 2015 2017 and 2019 Chinese Household Finance Survey CHFS this paper studies the impact of social network digitalization on household risk asset allocation and its mechanism. The research shows that the digital social network has a significant positive impact on household risk assets allocation which is shown in three aspects promoting the possibility of financial market participation promoting the depth of participation and increasing the diversity of risky financial assets. Through the test of the mediation effect model it is found that social network digitalization promotes household risk asset allocation by facilitating information transmission improving risk appetite and alleviating liquidity constraints.