兄弟姐妹数量对家庭股票投资影响的实证研究

An Empirical Study on the Influence of the Number of Siblings on Family Stock Investment

摘要: 在经济转型期间，虽然消费对经济的拉动作用日益显著，但投资仍然是国家经济发展的重要推动力之一。本文利用中国家庭追踪调查的基线数据，结合中国家庭金融资产配置风险报告等数据资料，分别构建Logit和Tobit模型实证检验了原生家庭兄弟姐妹数量对家庭金融资产投资的影响。以家庭股票投资为例，结果发现，兄弟姐妹数量每增加一个，家庭参与股票投资的边际概率平均降低0.85%并且将以0.47%的边际效用降低家庭股票投资份额，也就是说原生家庭兄弟姐妹数量对家庭金融资产投资造成了显著的负向影响。文章的贡献在于：发现并论证了原生家庭背景对家庭投资行为的影响机制，并提出要重视把控原生家庭的质量并根据不同家庭的风险偏好进行金融产品创新。

Abstract: During the economic transition period, although consumption has played an increasingly significant role in stimulating the economy, investment is still one of the important driving forces for the coun-try’s economic development. This paper uses baseline data from the Chinese Family Tracking Sur-vey, combined with data from the Chinese Family Financial Asset Allocation Risk Report, and con-structs Logit and Tobit models empirically to test the impact of the number of native family siblings on family financial asset investment. Taking family stock investment as an example, it is found that for every increase in the number of siblings, the marginal probability of family participation in stock investment decreases by 0.85% on average and will reduce the share of family stock invest-ment with a marginal utility of 0.47%. That is to say, the number of siblings in the original family has caused a significant negative impact on the family’s financial asset investment. The contribution of the article lies in: discovering and demonstrating the influence mechanism of native family background on family investment behavior, and proposing to pay attention to controlling the qual-ity of native family and to innovate financial products according to the risk appetite of different families.