陈瀚斌,张浩

• 1:北京大学光华管理学院
• 2:首都经济贸易大学工商管理学院

摘要(Abstract)：

本文旨在探讨经济政策不确定性对家庭部门的金融参与行为会受到怎样的影响。本文基于2010、2012和2014年的家庭微观调查数据实证探究经济政策不确定性如何影响家庭的风险性金融产品投资。研究表明，经济政策不确定性增加会显著降低家庭的风险性金融产品投资额占总金融资产的比例。本文进一步对影响渠道进行分析显示：家庭的不确定性收入和债务负担会放大经济政策不确定性对家庭金融参与的影响。收入波动性越大的家庭风险性金融产品投资比例在经济政策不确定性增加时会有更大程度下降。在异质性分析中，本文主要讨论了家庭的互联网使用和家庭的社会交互程度两个维度的差异。结果显示，当家庭使用互联网以及家庭有更多的社会交往活动时，经济政策不确定性增加对家庭的风险性金融产品投资比例的影响更大。

关键词(KeyWords)： 经济政策不确定性;家庭金融;风险性金融产品投资

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 陈瀚斌,张浩

DOI: 10.16513/j.cnki.cje.2023.02.002

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• (1)表中展示的是中国31省级行政区(不含中国港澳台地区)的经济政策不确定性数据。