| With the development of economy and the improvement of residents' income level,the household wealth of our country has been fully accumulated.The classical portfolio theory holds that investors should participate in the risk financial market for portfolio no matter what their risk preference is.However,in fact,there is a widespread phenomenon of limited participation in the risk financial market among households in China.Real estate assets occupy a large number of household wealth,most residents only hold risk-free financial assets represented by bank deposits,and the structure of household assets is very simple.The question of household risk financial market participation has aroused widespread concern from the whole society.Scholars try to explore from the perspectives of participation ability,subjective attitude and background risk,but the limited participation has not been fully explained.At the same time,our country is facing the social background reality such as the acceleration of population aging process,the imbalance of gender structure and the improvement of population education level.It is urgent to carry out further research on the impact of these economic and social factors on household risk financial market participation in our country.Based on the above economic and social background,this paper will start from the perspective of demographic natural attributes(age,gender)and demographic social attributes(education),take advantage of the household sample data of Chinese household financial survey 2017,by using the Probit model and the Tobit model to clarify the impact mechanism of demographic age structure,demographic gender structure and demographic education structure on household risk financial market participation.The main research contents and conclusions are as follows:(1)From the perspective of the householder's age,this paper systematically discusses the influence of demographic age structure on the probability and degree of household risk financial market participation under the path of digital access level and digital usage level.The research results show that: In general,the age of householder has a hump relationship with the probability and degree of household risk financial market participation;Under the channel of digital access level,the increase of householder's age reduces the level of digital access,and thus inhibits the probability and degree of household participation in the risk financial market;Under the channel of digital usage level,the age growth of householder has a negative impact on the digital usage level,and reduces the probability and degree of household participation in the risk financial market;Further discussion finds that the number of children has a positive impact on household risk financial market participation probability and degree,in which the pressure of education expenditure plays an mechanism role.(2)This paper systematically examines the influence of regional demographic gender structure on the probability and degree of household risk financial market participation,and discusses the two influence paths: the level of real estate preference and the level of household conflict.The research results found that: The imbalance of regional demographic gender structure has a significant inhibitory effect on household risk financial market participation probability and degree;The imbalance of regional gender structure changes household's preference for the real estate with the characteristics of "status commodity",which makes the household less participate in the risk financial market;The imbalance of regional demographic gender structure inhibits the level of household conflict,which in turn has a negative impact on household risk financial market participation;The results of mediating effect test shows that the real estate preference level plays a mediating role in the impact of regional gender structure on household risk financial market participation;Further research found that the number of unmarried male children has a significant positive impact on the willingness of the household to buy a house.(3)From the perspective of the householder's education level,this paper systematically examines the impact of demographic education structure on the probability and degree of household risk financial market participation under the path of digital access level and digital usage level.The research results are found that: The improvement of householder's education level has a significant positive effect on the household digital access level and digital usage level,and thus improves the probability and degree of household risk financial market participation;In the results of mediating effect test,both the household digital access level and digital usage level play an mediating role in the positive impact of education level on household risk financial market participation;The further discussion results are found that after controlling the factors of household characteristics,the improvement of regional education level still significantly promotes household risk financial market participation,which may be caused by the improvement of household's digital access level.(4)In order to verify the robustness of the research conclusions in this paper,according to the research content of each research chapter in this paper,we will use the IVProbit model,the IVTobit model and the treatment effect model to deal with the endogenous problems of research results in this paper.And the Bootstrap method test,stepwise regression mediating effect test,variable substitution test and sub sample test are used to discuss the robustness of the research conclusions of impact mechanism part in this paper.(5)Based on the empirical research conclusions,this paper further puts forward the corresponding policy implications in promoting the popularization of the Internet,promoting digital equality,repairing the imbalance of gender structure and promoting education equity.And puts forward the future research direction in view of the limitations in this paper.The marginal contribution of this paper is mainly reflected in the following aspects:Firstly,this paper brings the digital usage level into the analysis framework of household risk financial market participation for the first time.By using the theoretical analysis of portfolio model under uncertain earning rate and econometric model test,this paper makes an in-depth analysis of the mechanism that the age of householder affects household risk financial market participation by inhibiting the participation ability factors such as household digital access and usage level.The research complements the deficiency of the existing research in this direction.Secondly,this paper systematically tests the influence mechanism under the two paths of real estate preference level and household conflict level: through "marriage market competition",the imbalance of regional gender structure leads to the increase of household real estate preference and the decrease of household conflict level,and then suppresses household risk financial market participation from two dimensions of background risk and subjective attitude.The research results form a useful supplement to the existing research.Thirdly,this paper examines the transmission mechanism of digital access and usage level in the influence of education level on household risk financial market participation.Discusses the mechanism that the educational level of householder has a positive effect on household risk financial market participation by improving the participation ability like household digital access and usage level.On this basis,this paper further analysis the transmission path that the regional education level affects household risk financial market participation through household digital access level.This research enriches the existing research areas. |
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