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本文采用“中国家庭追踪调查”项目2010年的调查数据,研究了个体心理健康特征对家庭股票投资的影响。研究结果表明:心理健康是影响居民股票投资的重要因素,以抑郁程度度量的心理健康状况对个体的股票投资决策存在显著的负向影响,并且在纠正二者之间可能存在的内生性问题后,这一影响依然存在。特别地,本文发现心理健康影响居民投资股市的可能的作用渠道包括认知差异效应、偏好效应和预算约束效应。本文的政策含义在于,政策制定者应充分重视居民心理健康问题与居民股票投资、金融市场发展之间的潜在关系。
This paper uses the 2010 China Family Tracing Survey data to investigate the impact of individual mental health on family stock investment. The results show that mental health is an important factor affecting residents ’stock investment. Mental health status measured by the degree of depression has a significant negative impact on individuals’ stock investment decisions. And after correcting the possible endogenous problems between the two, , This influence still exists. In particular, this paper finds that the possible channels through which mental health affects residents to invest in the stock market include cognitive difference effect, preference effect and budget constraint effect. The policy implication of this article is that policymakers should pay full attention to the potential relationship between resident mental health problems and resident stock investment and financial market development.